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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: jeffbas who wrote (9612)	1/11/2000 11:49:00 AM
From: James Clarke	Read Replies (3) \| Respond to of 78740

Of course tenant bankruptcies will have an adverse impact on cash flows. But the stock yields over 20%. If you want a number to think about, consider a dividend cut to the $1.85-$2.05 range, with that dividend being secure beyond a reasonable doubt. I don't think the stock trades at $12 after things stabilize, and until they do I can pocket 50 or 60 cents each quarter on a $12 share price. These tenant bankruptices were fully expected. It was not a probability calculation - I just assumed they were going under and the properties would re-lease at rents dictated by the underlying property economics.