What is your most recent reit purchase/sale......as for me I bought 2 grocery anchored neighborhood centers, AKR and EQY/// and sold LHO
I bought GL on 3/02/02 for 16.28. I sold KPA on 3/05/02 at 11.00 followed by buying MHX on 3/07/02 for 16.80. Also, I sold a title company, STC, for 19.25 on 3/12/02.Mark
I recently purchased AVB for $49.75 a stub and BXP at $37 a stub.
MLS and EQY also.
Sold HPT, CPJ, EOP; bought SNH preferred, RAklee12
What is your most recent reit purchase/sale......Can't imagine why anyone would care what I do, but FYI, my last purchase was CPJ back in Jan. My latest sales (all within the last couple of weeks) have been PCL, HPT, and HCP (just trimmed a little from HCP, whereas I exited the others).My REIT portion is now more than 25% cash, and I'd love to find things to buy. Could someone please arrange a correction of, oh, 10% or so? Thank you!Ken
I'd like to find something to buy also....that's why I posed the question.......
I think this is a great thread!But, I would like to ask everyone who has responded why they did what they did. The action without the reason is not all that informative.Mark -- Tell us your thinking on GL, please. There's a juicey yield we could all love, if we could believe in its safety given the high payout ratio and soft office market.What have I been doing? I sold WRE due to over-valuation and bought KRC, because it was fairly valued according to Green St. and had a higher yield. I sold 2/3 of KPA-A position and diversified into ARI-B and PSB-F.I cheated on my non-REIT allocation and bought AIV-G and PSA-U with idle cash outside the REIT allocation that I couldn't think of anything else to do with.Bought ARE common for all the reasons Ralph has posted.Still hanging in with HPT. Eyeing HR and HCP and wondering if I should lighten up on them due to overvaluation. Eyeing NHP and its still-fat yield and wondering if I should buy more. What an opportunity it was to be able to buy NHP below 11 not so very long ago! I remember Barry Vinocur writing at the depth of the healthcare bear market something like "fortunes will be made in the better healthcare stocks." He was sure right.
In real estate:Most recent sale: LHO, reluctantly.Most recent purchase : CDX (a reoc, no yield)Prior to CDX I purchased HUMP. I am a lot more comfortable having people know I own CDX than HUMP, if you know what I mean. Not for grandma, for sure. Much more $$ in CDX.
I bought IYR (I shares REIT fund) recently because I couldn't decide and I'm lazy.
Jim(obviously the intellectual Jim)would like reasons.....here are mine......1)purchase of AKR and EQY----->I had no grocery anchored centers among my holdings, so it is an attempt to diversify by sector; I felt these were pretty defensive in a rather ambiguous(to me, at least)economic environment.....I couldn't decide between the two so I bought both......I think I bought at a decent price on a pullback...both are rather thinly traded, AKR more so than EQY, and I will look for further opportunities to perhaps add.....as for the sale of LHO---->I sold 1/3 of my holdings; it had come too far too fast and was back at pre 9/11 levels despite the fact that there was a dividend then and none now(or 0.01)....
I reduced my position in Developers Diversified (DDR), which I had overweighted in 1999 when it was out of favor. This defensive sector seems to have had a good run.I increased my position in Home Properties (HME) from a small position to slightly overweight. I like the niche that this company serves and the management's execution.
I bought HPT for the yield, and when prices went so high, I switched to SNH preferred going from below 8.5 yield for HPT to over 10% yield. The SNH preferred also seemed safer.I sold EOP because of a ML (I think) report that confirmed my concerns about their California and Boston exposure, and traded into RA. I take the point of view that since the market is more or less efficient, it doesn't really matter. I don't care that much for RA, but I try to stay fully invested.I sold CPJ because I thought management screwed up when they had so much trouble with bad debt. I already have MHC and SUI, so I wasn't sure where to put the money. I have less than 3% cash, so I don't feel a great urgency to spend it.klee12
I would like to ask everyone who has responded why they did what they did. Ok. On the sell side, it's pretty self-evident. Sold PCL & HPT for the reasons that have been disussed here - mainly, valuation (& payout ratio especially, for PCL). Sold 20% of my HCP because of the payout ratio, and the fact that I felt I was (and still am) too overweighted in healthcare in general, and HCP specifically. (Thanks in large part to jumping in early 2001.) But I'll most likely stick with my current healthcare holdings (HCP, HR, NHP), unless something dramatic happens.On the buyside, I took a small, initial position in CPJ a few months ago, because I wanted more exposure in manufactured homes (sounds so much better than "trailers" :). I already owned enough SUI, and felt that CPJ was a better value than MHC, due to its current (temporary, I hope!) problems. I'm a bit wary of those problems, as well as their payout ratio. So I don't know if I'll add to that position or not. On the plus side, they have the healthiest coverage ratios, they're the only one of the 3 trading at an NAV discount, and yet have a long-term growth rate (according to RSR) that's pretty close to the others.Ken
I sold HPT, (not alone here!) because I think their lease holders must be stressed and I made a nice profit. I bought SUI because they seem to still be reasonably priced and I had nothing in the sector. Ralph was so kind as to point out that EOP has really lagged and is priced similarly to the less blue chippy Highwoods, and while I feel I have enough EOP and the likes in the Vanguard Fund I picked up some and put Highwoods on sell if it breaks 28.5.I also got back into Pulte Homes, PHM, a home builder with a PE/Growth ratio that is outstanding. It jumped to 55 then dipped when the Fed recently met and did nothing, meaning rates have bottomed I guess. I got out at 52 and back in at 46, a rare active trading success. Its not a Reit but this is the Real Estate board. Anyone have any ideas on Pulte?
"Mark -- Tell us your thinking on GL, please. There's a juicey yield we could all love, if we could believe in its safety given the high payout ratio and soft office market."I have already listed things I like about GL in message 12123. Moreover the following from their last earnings release is relevant:"Despite a weak leasing environment, we have been successful in increasing rents on lease renewals because many of our expiring leases are at rates well below the market. As a result, we anticipate net rent increases on renewals or re-lets averaging around 10% in 2002. Based on current market conditions, we are estimating 2002 FFO per common share in the range of $2.16 to $2.20, and EPS in the range of $0.98 to $1.02. We further expect to maintain our $1.60 per share dividend in 2002."We remain confident in the fundamental long-term strength of our suburban office markets and anticipate a return to growth in the future as the business climate improves. In addition, we expect portfolio occupancy to return to more normalized levels, which would produce significant FFO gains. Occupancy levels for the Company's portfolio have averaged 93.4% since Great Lakes REIT became a public company five years ago, considerably above the current 88% level and the projected year-end level of 84%. We estimate that every one percent change in occupancy would produce a $0.05 change to FFO per share."With regard to last quarter's results:"On December 28, 2001, the Company paid a regular quarterly cash dividend of $0.40 per common share to owners of record as of December 14, 2001. The FFO payout ratio for the fourth quarter was 70.2%."Funds Available for Distribution (FAD) totaled $7.9 million for the three months ended December 31, 2001, or $0.48 per common share. FAD for the year ended December 31, 2001, was $31.0 million, or $1.86 per common share."The concern about GL is that they are in the suburban office market. I am a believer in the current recovery. I am a believer in GL management. Their debt-to-total market cap is around 45% with 78% fixed. Take a look at the entire earnings release to see a good, informative earnings report. What's not to like?Mark
Added to EQY today.
I sold FRT and bought DDR.
I sold PCL for reasons here discussed and the dividend hiatus pushed me over the edge. I bought SKT and KTR since the PCL money was a little loosey goosey anyway.
Here's more detail than you'd like. A full 6 month review!Right before the attacks, I decided to switch several REITs to own the 'blues'9/4/01 sell NXL9/10 buy MHX, AMB, VNO, SUS, HME, MHC, AVB, VNO9/10 sell FR, UDR, HCN, MAC9/20 buy WRE (dropped to meet my target)9/27 buy HPT-A (Hotels oversold)9/28 buy HPT (Hotels oversold)9/28 buy MHX (Hotels oversold)10/2 buy ASN (dropped to meet my target)11/6 sell SUS (buyout)1/16/02 buy CPG, ASN, AVB based on Green St NAV estimates & buy recommendations1/4 sell part of MHX (price too high)1/16 sell PCL when after it was added to the S&P. I figured after the nice bump, it wasn't going anywhere. I'm waiting for it to descend.3/12 sell JPR after buyout announcement3/28 sell CEI-A after buying it when it was recommended hereNext: sell KIM-A, WRE, HPT, MHX, HR when they start to show price weakness. For now I'm enjoying the ride!Next: sell ASN, AVB, CPG when they start to show price weaknessNext: buy KIM, SPG, PSA, PCL if they ever get cheap again
I guess I characterize myself when I say that my last REIT purchase was GL in October, 2001, and my last sell was GGP in October, 2000 (I bought it back in December of that year). I now have holdings in 35 REITs, all in positive territory. My problem: in order to buy another REIT, I'd have to sell one I now own, and I don't know what would be better than what I have already.As we know, REITs have generally reached healthy valuations. Question for this distinguished Board: if tomorrow you had $20,000 to invest in ONE REIT, which would it be, and why?
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