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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (43196)9/21/2011 3:44:22 PM
From: E_K_S  Read Replies (2) of 78661
 
Hi Paul -

Corporate Office Properties Tru(NYSE: OFC)
Digital Realty Trust, Inc. Comm(NYSE: DLR)
CoreSite Realty Corporation Com(NYSE: COR)
Government Properties Income Tr(NYSE: GOV)

With the Market down by 216 points (-1.86%), I upped my position in GOV by 30%. Stock yielding 7.9%. Goes ex-dividend 10/7/2011 for $0.42/share.

I am having a hard time finding the value proposition in Corporate Office Properties Trust (OFC). They do offer some three different preferred series (H;J & G) but none of them are selling below Par which is where I would want to buy at. The common shares do not seems that attractive to me when I compare with GOV. The stock is trading as if a Secondary is coming shortly but their preferreds seem to be holding their prices.

I have started tracking their preferreds to see if they attract some selling in advance of a secondary announcement.

The only possible value proposition when I compare to GOV is that OFC is off by more than 40%. If you compare the same time period with Digital Realty Trust, Inc. Comm (NYSE: DLR ) OFC is off by even a larger percentage. One can make the argument that OFC is more similar to DLR as they build specialized U.S. Government and Defense Information Technology data centers. The value proposition is that these data centers carry a higher premium and through buying OFC you own these properties at a discount when compared to DLR or COR.

finance.yahoo.com

I am watching but not convinced. I continue to own shares on DLR, COR and GOV.

EKS
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