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Cohen & Steers Reit and Preferr Message Board

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  • joelndll joelndll Dec 8, 2008 7:00 AM Flag

    Let's clear up this NAV understanding.

    I was simply trying to establish the leverage.
    If I'm correct,the Asset Value is $12.90 and the $254,000,000 leverage divided by 48,000,000 shares is $5.29 or 43% of the assets, leaving an NAV of $7.61. As the price of RNP rises when the market rises, is it safe to assume that they will leverage more? This bodes well for rising RNP prices. In that case the buying opportunity for RNP is before the announcement mid December on the dividends.Just trying to evaluate my best opportunity regarding RNP.

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    • In the old days as the nav went up they would sell more Arps at some point to juice the return.However,the Arps market is gone.The trend right now is to reduce leverage and find a solution for the arps dilema. I would put a big ?? as to what is going to happen with this fund. We will know more shortly when C$S decides what direction they want to go.Regardless, with the big nav discount here on solid reits and preferreds, buyers are making out like bandits. JMHO RRW

17.29-0.33(-1.87%)Feb 5 4:02 PMEST