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

To: Grommit who wrote (33707)	3/4/2009 2:21:07 AM
From: Spekulatius	Respond to of 78735

re FR - well the entire market cap of the common (@1.9$)is only 84M$. They appear to have 2B$ in debt, but that does not include the JV that have about 1.5B$ in debt. Tangible equity is 800M$, but that has not been a reliable indicator of value for REIT's, since assets values for CRE are falling fast. A lot of leverage and the debt rollover for the JV's (400M$+) could do this one in really fast. Preferred is certainly better than common but with so little equity cushion, diluting the common won't help much.