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Strategies & Market Trends : Value Investing

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To: anializer who wrote (34526)	6/4/2009 12:03:16 PM
From: E_K_S	Read Replies (2) of 78747

Hi anialzer - Are you doing any reshuffling with your REIT common and preferred shares? Brandywine Realty Trust (BDN) said it completed a secondary stock offering (June 2, 2009) of 40.25 million shares of stock at $6.30 per share (it was over subscrbed too). From the offer, it raised $242.5 million in net proceeds. This helps their looming refinancing concerns for their $600 million revolving credit facility. I am not sure if I should peel off a few shares of my preferred and add to my BDN common shares. The preferred C series traded at a recovery high of $18.34 today. Up just over 100% from the low in Nov 2008 and March 2009 where it traded around $9.00/share. finance.yahoo.com The common dividend was cut and now yields 5.5% while the yield on the Preferred C series is still around 10%. I am tempted to stay with my preferred shares even though the tangible BV for BDN is around $18.00/share. My strategy was to lock in the healthy dividend by buying the preferred series but now there may be more "potential" value by owning the common shares. EJS

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