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Strategies & Market Trends : Value Investing

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To: Mike 2.0 who wrote (5387)	12/5/1998 1:26:00 PM
From: James Clarke	Read Replies (2) of 78748

I like PSA even more now than when I first mentioned it. They are building scale in a business with nothing but little guys, and are finding creative ways to take advantage of their size. The numbers in their core business have been outstanding, but the stock has done nothing for a year and a half. Other REITs I particularly like would be Colonial (CLP) and Chelsea (CCG). Colonial is a conservatively managed Alabama property company which has expanded into other Southeastern markets. It is diversified among retail, apartment and office property. Chelsea is a factory outlet mall owner, and simply the best in its business. Its properties are outstanding and blow away the competition. I consider both stocks pretty cheap based on the value of the assets they own, and the skill and integrity of their managements. Both yield around 8% (that's what you don't get with PSA). Hope that is helpful - I really do believe that value investors should be buying REITs now because nobody else wants them, and we're talking about real property and real dividends, not some hyped up story about future potential. Jim

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