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

To: sportsman who wrote (24058)	6/5/2006 10:46:39 PM
From: Paul Senior	Respond to of 78673

TSY: Not for now it doesn't concern me. But it would be better if the company's div. were covered by ffo or affo. Dividend keeps coming along every month. "As of March 31, 2006, the Company owned 2,009 properties held in the core REIT portfolio of which 97.7% percent were leased based on carrying value. The weighted average remaining lease term of the Company's real estate investment portfolio was approximately 10.6 years, with more than 80 percent of the Company's lease expirations occurring after 2011." The rents seem to be there. I just hope the div. continues as steady as in past years and as steady as they imply the rents are. But, I'm no expert, and I could be very wrong in my hopes/assumptions.

To: sportsman who wrote (24058)	8/9/2006 1:36:24 PM
From: Paul Senior	Read Replies (1) \| Respond to of 78673

Oops, looks like I was wrong on TSY. This reit gets some of its income from the gross sales of the fast food places that rent its properties. Well, with the gas/economy, the fast food places are seeing less sales, so TSY income may drop enough to cause TSY to cut its dividend. It does look to investors (and to me) like TSY is setting itself up now to cut. That's dropped the stock to new lows. I'm not expecting defaults by the lessees, and I am guessing a dividend cut expectation is now built into the stock price. I'll up my losing position on the assumption that the company's geographically diversified, the properties still have value, and that people will eventually accommodate to gas prices and the economy and that TSY will be okay. finance.yahoo.com