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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (6607)	4/7/1999 8:50:00 PM
From: Linden Doerr	Read Replies (1) of 78519

With REITs paying good divs, yet with people apparently bailing out of real estate stocks, it's hard to find anything to commend EIN to anybody. Looks to me like I'm the fool rushing in. Sometimes that can be profitable. Doesn't seem like it now though. Three years, we'll see (assuming I can hold on). Paul, a huge amount of their cash flow is getting chewed up by reversing deferred tax accruals due to the cross-over in book vs. tax depreciation on their leveraged lease holdings. It's likely to get worse unless they can get somebody to take the portfolio off their hands - something they hint they would love to see happen, but isn't likely unless some tax whiz really hits a home run.

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