Dear Charles, I originally purchased EASTGROUP (EGP) in November and December of '94. At that time I paid $18.375 and $18.75 for it. They are a real estate REIT, with a mix that has been slowly changing to commercial industrial space. They buy and sell constantly and have been consistently creating Cap Gains, using the formula of Buy-Refurbish- Sell. My original holdings now return about 10.50% and I look for continuing dividend increases next year. You can read about their third quarter report at the "YAHOO QUOTE" site. After entering EGP for quote, drop down and read the news earnings report. The capitalization is under 6 million shares. I feel as strongly about this stock as I do about RMR. David Hoster,CEO, is on a strong acquisiton growth path, and I have great confidence in management for the long term. I feel that the stock should reach $30.00 before end of '97. About 2 1/2 years ago I started getting into various REITS, and have done quite well, buying, dropping, adjusting, etc., but this EGP is a definite keeper for longer term.
The only speculation that I am holding, at the moment, Curtis Mathes (CRTM), which though has dropped since I bought it (and is now really cheap...1 1/4) I expect that about March or April it should be going up. (Hopefully).
Yes I did really answer your letter at 5;00 AM. I am an early riser down here in the beautiful Florida Keys. Enjoy talking to you.
Greg. |
