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Strategies & Market Trends : REITS - Buying 1 - 2 weeks before going ex-dividend -- Ignore unavailable to you. Want to Upgrade?

To: James Kibler who wrote (1820)	4/22/2000 10:44:00 PM
From: Don Earl	Respond to of 2561

Just stopped by to put in a good word for my favorite REIT, HCM. Currently trading around $4 with book value at $8.59, with $3.19 per share of that in cash. The company had an investment go against them in October 1998 which they are recovering from after taking a non cash write down in the 3rd quarter last year. 4th quarter earnings and dividends were .10 and their last conference call gave that as a base line to grow from going forward. Currently authorized to repurchase up to 1 million shares, a recent PR shows recent repurchases of 78K shares. TCW group took a 9% position in the company around the first part of the year. They've also announced an agreement with the Small Business Administration to participate in the distribution of $1 billion in SBA loans. Their new subsidiary, HanoverTrade.com, will be an online brokerage of mortgage loans and other asset backed securities. The stock is just starting to break out of a double bottom in the low 3's and looks to be a good turnaround play with a 10%+ yield at current levels.