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Post Properties Inc. Message Board

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  • post_looks_10a_brass post_looks_10a_brass Mar 26, 2006 5:19 AM Flag

    Why is PPS appreciating?

    I don't know why it went up so suddenly either... ?:|

    Several things crossed my mind:

    1) At first, I thought maybe a take-over, like AML.

    But an insider sold 25,600 shares last week:

    so I doubt they're in takeover talks.

    2) Price/Book was under 2.0 so I thought maybe its a corporate raider (like Icahn?) accumulating shares with the intention of forcing the management to unlock shareholder value by converting more apratments into condos.

    But then the housing market is cooling off, so it's unlikely that it's a raider either.

    3) Then I though maybe it's just a big mutual fund seeking shelter in a "safe" dividend paying stock at a time when the market is at a multi-year high.

    Which made sense to me, so I sold common stock to lock the capital gains, and bought preferred shares instead to catch the higher dividend coming up.

    With oil prices creeping back up and with the market at a multi-year high, preferred REIT stocks that pay over 7% seemed like a decent place to park some money.

62.97-0.14(-0.22%)Jan 27 4:03 PMEST

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