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Strategies & Market Trends : Value Investing
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To: Grommit who wrote (33566)2/21/2009 1:52:57 PM
From: Spekulatius  Read Replies (2) of 78740
 
Grommit -re BDN

I can sleep soundly with this investment....
If I owned the common, i would not sleep well. BDN is liquidity challenged. They need to come up with about 1 Billion $ (In Y2009 & Y2010) to fund their development pipeline and maturities. Besides that occupancy is falling very fast when you annualize the QoQ drop.

I do think they make a good move to sell properties and buy back their own bonds at a discount but it may be too little too late. As far as NE office REIT's are concerned, when adjusted for leverage (looking at EV versus market cap) CLI is still cheaper and has no problems with debt maturities. That said i do agree that the BDN preferred looks interesting.
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