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

To: Grommit who wrote (30583)	3/10/2009 5:32:12 PM
From: E_K_S	Read Replies (1) \| Respond to of 78673

Hi Grommit - In your earlier posts on REITs, you listed CBL & Associates Properties Inc. (CBL) as one you followed. You liked their price/FFO metric and based on their recent Feb 2009 earnings they still generate decent FFO and have been quite successful refinancing their LT debt. Since your posting their preferred series have dropped in value (from $8.00/share to $5.50/share) and now yield over 32%. The common shares were up over 40% today to $3.00/share on 2x the avg volume. The common shares goes x-dividend Friday March 13, 2009 and the preferred series goes x dividend Monday March 16, 2009. The company stated that to conserve cash, the common dividend will be paid 40% cash and 60% as a stock dividend, Preferreds will be paid in all cash. Both the common stock and preferred series hit an all time low this week, I think there might be a good short term trade (w/ one dividend capture) available. The George Soros Fund started a a new position sometime around Dec 31, 2008 according to their SEC filing. Management currently owns 20% of the common. Do you still watch CBL? I am not too excited about the Mall sector but management has seemed to produce good YOY results in a very tough environment. Their forward looking forecast is not too optimistic but manageable still resulting in positive FFO. Any opinion on this one specifically with the preferred series as the investment? EKS