Good morning Charles;
Hope you had a pleasant Thanksgiving! I really appreciated your views on the market in general. I guess that I'm feeling a bit more suspicious than you are, probably because I'm older and remember how easily and quickly things can change when everyone heads for the door at the same time. Though I started being suspicious about two years ago, when I began to switch to Reits, I haven't missed too much by being a bit more conservative. I'm doing some year end adjusting in my portfolio, and yesterday sold some of my EGP, and some of my RMR, and sold some of my CRTM at a loss to reduce my capital gains. My gain in RMR was a double (sold at 26 7/8), which is not bad for a "defensive" investment. I'm not writing this to you to boast, but rather to tell you about a new Reit that I have uncovered. The symbol is FAC, and if you go to Yahoo Company Profile you can read the companies recent two year history at their Home Page Corporate Reports. All the quarterly reports and Edgar Filings are there. This is getting too long a letter, but I'll only tell you this to whet your interest. The company has just restructured, new management team with good credentials, the dividend is 12.5%, with about 70% being treated as "return of capital". I think their new dividend of $1.00 looks secure, and FFO should cover it. They have increased their credit line and have been expanding some of their 36 shopping centers, and opened a new one in Branson. Bottom Line! If new management does just an "average" job, the stock should go from 8 to 10 in the next 12 months, and with that dividend it looks like a winner to me. I started buying it yesterday! If the market does correct, I'll be more comfortable in this kind of investment. Hope I didn't bore you, I do get excited when I discover something that looks good. Keep in touch Charles, I enjoy your point of view. By the way, how young a guy are you?
Greg |
