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Strategies & Market Trends : Value Investing

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From: Grommit	2/26/2009 10:44:40 AM
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LXP. Solid earnings issued yesterday. I bought common and added to preferred. The common stock is yielding 21% and the (LXP-D) pref stock 23%. "This new (common) dividend level represents an FFO payout ratio of about 52% based on the midpoint of our 2009 guidance." Debt was reduced to a tolerable level last qtr. One Q&A from the conf call: Q: There’s a $3 stock price with 100 million shares you’ve got about a $300 million market cap give or take, and there is projected in ’09 about 130 million of cash flow between dividends and the $63 million. So the company is trading at about 2.5 times cash flow, did I miss something? A: No. finance.yahoo.com seekingalpha.com Maturities: ...we think we’re in pretty good shape. The two big mortgages that we have in our balance sheet debt that are maturing in fourth quarter... both of those properties are being marketed for sale.... If we’re unhappy with the prices that we get for those assets we can either use line capacity to pay them off or perhaps restructure those loans with the existing lenders. So I think in a relatively short period of time we’ve really changed the outlook tremendously just from the standpoint of working down our 2009 maturities. Our current guidance is for funds from operations per share to be in the range of $1.35 to $1.42 in 2009, and this range does not include items that should be considered non-recurring, such as lease termination revenue and gains on discharge of indebtedness. me: The dividend is 72 cents (21%), the stock is at $3.40 +/- LXP-D is $8.15 and pays $1.89 (23%). This is posting 33666. Nice number. :o)

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