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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (33558)	2/19/2009 8:01:07 PM
From: Grommit	Read Replies (2) of 78741

more on BDN. I can sleep soundly with this investment... seekingalpha.com As I said, the current dividend is yielding 25%, based on today's common stock price. and the preferred shares are yielding 18.5%. both seem "readily supported". a few highlights. From an overall leverage standpoint, we made very good progress during 2008. Coming into the year our debt to gross booked was just short of 55%. We ended the year with over $500 million reduction in our overall debt balances from 2007 peak levels. Our overriding objective remains bringing our overall debt to gross asset ratio to between 45 and 50% over the next several years. Moving towards these overall leverage targets may create some downward pressure on FFO. We expect even better CAD and FFO coverage ratios with our new $1.20 dividend guidance. In terms of 2009 guidance, we’re revising 2009 FFO guidance to now be in a range of $2.04 to $2.21. In terms of dividend guidance, we’re still holding at $1.20. We’re still expecting to pay an all-cash quarterly dividend, though our board will continue to evaluate it at its regular quarterly dividend set dates... Our board, while certainly recognizing the need for continual assessment, is a very strong advocate of the REIT model and that a cash dividend is a key component of that structure. As such, while we would never rule that inaction might be in our best long-term interests, our strong preference is to maintain our dividend at its current readily supported level and to continue to pay it 100% in cash.

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