Now that we might actually have four up days in a row (general market as measured by DJI), I find myself unwilling or unable to step up to buy shares of companies that have moved up from their lows. I am now so used to volatility, I just expect to be able to get chances to make buys once again at stocks' lows.
I'm saying I agree with your comment:
"FSP is more attractive, but I am neutral on FSP at these prices."
I just look at the stock price now somewhat over $12/sh. and see that it was $8-$9 just a few days ago. Figuring volatility isn't gone and I might get another chance at this and other stocks, it is just too tough for me to really look at it or step up for it, or for most other merely attractive stocks that have jumped up.
===============================
I reread Grommit's quote on HRP and looked at the transcript. As of Nov 5 anyway, management says:
"We currently have about $2.9 billion of debts outstanding, which represents a conservative 48% of total assets. We have no significant maturities until 2011. We continue being compliance with all debt covenants, and we currently have ample room under these same covenants.
As of September 30th, we had $303 million outstanding on our $750 unsecured revolving credit facility. This facility is provided by diverse group close to 30 participating banks and matures in August 2010. We currently paid interest at LIBOR plus 55 basis points. At our sole option, we have the right to extend this revolver to one additional year through 2011...
...Assuming all the (in-process) sales occurred as scheduled (Edit: That could be a wrong assumption these days -g-) and we used the proceeds from the sales to repay our revolver. We have the full $750 million available under our revolver in 2009. Unlike some of our competitors, the HRP is in excellent liquidity position and we are well prepared to take advantage of unique opportunities to build long-term value for all stakeholders in our company."
=============
Although I'm not so sure exactly what I am reading in the above paragraphs, it does (as designed) leave me with the impression I don't need to be worried about HRP's leverage through '09, maybe '10.
----------------
I sense that all these commercial property company stocks are beat down to levels not seen in a decade or more. They can't all go out of business. (??) Otoh, maybe they all can eliminate their dividends. I'm betting that stock prices are so low that business declines and dividend cuts are mostly baked into the prices. HRP I'm not so familar with. FR, FCEA -- I just can't believe or can't comprehend that they'll go under. Although Mr. Market says there's a probability that they will. |
