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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (31491)	10/3/2008 11:01:48 AM
From: E_K_S	Read Replies (1) of 78688

First Industrial Realty Trust Inc. (FR) - First Industrial Realty cuts 2008 guidance Friday October 3, 9:50 am ET First Industrial Realty lowers 2008 guidance as tough capital markets hurt asset sales biz.yahoo.com From the article:"...First Industrial now expects funds from operations, or FFO in the range of $3.45 to $3.75 per share, down from its previous range of $4.70 to $5 per share...." =============================================================== Stock off 20%. The FFO reduction represents a 27% decrease which is pretty substantial. I continue to watch the REIT stocks but will wait a bit to nibble at some shares. My favorites continue to be BDN and HRP. finance.yahoo.com It looks like there has been some forced sales in some of these preferred shares too. I am looking at the HRPT PPTYS TR PFD D (HRP-PD) which now yields about 12.5%. This series trades the most volume. Series D Preferred Dividends A distribution of $0.4063 per Series D Cumulative Convertible Preferred Share will be paid on or about August 15, 2008, to holders of record of Series D Preferred Shares at the close of business on August 1, 2008. ). I am going to watch the FFO for both BDN and HRP to see if the problem with FR is company specific. I suspect it is industry wide. HRP ows a lot of property in Hawaii where rents can actually be raised. This is a pretty good option in this environment, EKS Peeled off 40% of my NYB bank shares for a small gain. 3% of the portfolio is still in this stock as this company has little or no exposure to non-performing loans. My concern is that any future growth may be small to zero if the economy moves into a long sustained recession. I plan to peel off additional shares if the stock move higher as the "good" regional banks rally.

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