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Strategies & Market Trends : Value Investing

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To: Grommit who wrote (36445)	1/13/2010 10:03:26 AM
From: E_K_S	Read Replies (3) of 78740

Hi Grommit - What's your take on this announcement last Friday (1/8/2010) by First Industrial, L.P..? First Industrial Realty Trust Announces Tender Offer by First Industrial, L.P. for up to $125 Million Aggregate Principal Amount of Certain of First Industrial, L.P.'s Outstanding Notes finance.yahoo.com =============================================================== They are even offering a premium for their Notes. The preferred series benefit since the senior debt is being paid down therefore less future risk of default. I suspect the company is working towards refinancing their overall debt, maybe even working towards a secondary offering of the common. I continue to hold my FRpK & FRpJ shares. They are yielding 10.1% at current prices which reflects a slightly higher risk premium than other REIT preferred shares (ie HRPpB yields 8.75%). This is well below the yields offered in 6/19/2009 of 15%. EKS

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