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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (32886)11/27/2008 6:04:51 PM
From: Grommit  Read Replies (5) of 78702
 
REIT. Here is some data I have on a few reits. TBV is tangible book value. Pls let me know of any errors in the data.

I am avoiding FR and LXP due to debt levels. BDN may be OK. BDN says that the new lower dividend is "very secure", financing is secure thru 2009, and that lease renewals for 2009 are on schedule. (Others say 2009 lease renewals are minimal, which sounds better.)

I agree with not being thrilled by CLP's geographical concentration, and their retail exposure. But their payout ratio is grand. Nothing is perfect.

If you are going to invest, you have to assume that there will not be an economic meltdown. Otherwise, hold cash. 



	HRP	CLP	DRE	MPW	BDN	FR	LXP

TBV/sh 11.40	24.60	19.60	9.66	19.00	25.10	8.52
Stock Price 2.59 5.70	8.16	5.80	5.23	7.99	4.42

Price/BV 23%	23%	42%	60%	28%	32%	52%

Dividend 0.84	1.00	1.94	1.08	1.20	1.00	1.32
Yield	32%	18%	24%	19%	23%	13%	30%

Debt/Eq 1.0	1.2	1.5	1.0	1.8	2.1	2.7
				
FFO 09	1.01 1.81 2.32	1.22	2.19	1.60	1.50					
P/FFO-09 2.56	3.15	3.52	4.75	2.39	4.99	2.95

Div/FFO-09 83%	55%	84%	89%	55%	63%	88%
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