Hi Paul -
I was re-reading your post on March 6, 2009 ( Message 25473417 ) where your wrote:"...EKS, I'm wondering if this downgrade of REITs today marked a bottom, or close to it. I've been watching several REITs closely since Marty Cohen's Feb 2 Barron's article identified some of his favs that he thought would survive.... ".
You also pointed out :"...In the article, Cohen said: "I have never seen REITs cheaper than they are today. The three largest REITs I recommend are SPG, BXP and AVB...all three are well-capitalized, in the S&P500, extremely well managed, well positioned from a property standpoint and with a lot of capital so they aren't going to be caught in a liquidity crunch." He did identify MAC as in a group with greater financial and operating leverage, and noted there is no guarantee they will make it through hard times. DDR he put in the same class....".
Here are the Friday Jan 30 prices from the Feb.2nd Barron's article with the Mar. 6th closing prices in ()AND now Today's prices five Month's later from your post.
SPG 44.44 (26.19) $66.32 up 156%
BXP 44.26 (31.73) $60.48 up 91%
AVB 54.68 (42.14) $67.80 up 61%
MAC 15.85 ( 7.17) $25.04 up 249%
DDR 4.81 ( 1.52) $ 7.94 up 422%
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DDR has had a good run this week as it seems to be the last one to rally from it's lows. Perhaps it is because their business is focused on retail properties and this is the sector with the most perceived risk from a deep recession.
I continue to hold several of the preferred series and some common shares for HRP, BDN and FR.
finance.yahoo.com
Good post and with hindsight we should have backed up the truck and mortgage the farm to load up on these. But this was March 6, 2009 and the market was in "melt down" mode and everybody was heading for the door.
EKS |
