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

To: Richard Barron who wrote (2252)	2/13/2002 10:38:58 PM
From: zebraspot	Read Replies (1) \| Respond to of 2561

I would suggest on MAA_a that you consider switching to the MAA common shares. They yield about the same (9%), but are safer, IMO. The preferreds are callable, so there is no real upside left in them. You also have event risk (in case another Hicks, Muse/ Walden Residential hostile deal comes along against preferreds), and, as Rich points out, they are really only a bond proxy, so there is downside if rates head up. That said, I'd wait until the earnings report and conference call on Friday 2/15 to make sure there were no negative surprises in the 4Q. Since they didn't pre-announce, things are probably OK, but, probably coming in on the low side of expectations. Stock could go lower then.