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CBRE Clarion Global Real Estate Message Board

  • eliacal eliacal Mar 2, 2008 8:49 PM Flag

    Scary annual report

    Given the dire implications of the very frank annual report that we just received for IGR (see http://ww3.ics.adp.com/streetlink_data/dirMC3586/sa5061.pdf), it would be interesting to hear reactions from long-time holders of this splendid fund. A reduction of the monthly dividend is clearly a possibility, and the big special payouts of the last two years are also likely to fall by the wayside. That being the case, the share price might well fall beyond its recent lows. So the overwhelming question one faces is hold, sell, or possibly even buy more in the event of a drop? Is the crisis short term or long? The fund managers are definitely to be commended for their forthright annual report--a substantial difference from many financial managers and a good reason for continued trust. But is that enough to sustain what now appears to be a risky investment?

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    • not sure what your smoking but I checked the home page for IGR and they show NO annual as being sent yet this year....ALSO I tried the :funny" link you supplied and gues what??? Nothing.... Take a hike...

    • Some of the latess purchases by insiders ??
      INSIDER TRANSACTIONS REPORTED - LAST TWO YEARS
      Date Insider Shares Type Transaction Value*
      12-Dec-07 FERGUSON T RITSON
      Officer 2,000 Direct Purchase at $17.66 per share. $35,320
      11-Dec-07 BARTHOLDSON JOHN R
      Director 1,420 Direct Purchase at $17.18 - $17.25 per share. $24,0002
      11-Dec-07 SUTTON RICHARD L
      Director 5,500 Direct Purchase at $17.93 per share. $98,615
      28-Jun-07 CAMPBELL KENNETH
      Other 1,500 Direct Purchase at $19.48 - $19.48 per share. $29,0002

    • The market comentary section was interesting.

      I've listened to some Q4 domestic REIT conference calls, and they all seem to bear out some of the comments. There doesn't seem to be a problem with earnings, FFO, occupency, or dividend coverage of the individual REITs.

      The report is dated Dec 31, however it looks like they declared and paid the normal dividend in Feb. Sicne they announced it Feb 11, I assume they would announce the Mar dividend by Mar 11. If that's still not cut, that gets them 1/2 way through the period they were concerned about.

      This generaly this tends to read to me as more panic than real damage to the REITs.

      I would take 2 approaches to this.

      (1) Dollar cost average. Don't buy all at once.

      (2) Don't just buy IGR. Maybe split the funds between IGR, RWF, and AWP. These are all global real estate closed end funds. RWF is run by Cohen and Steers, which is a good company. AWP is run by alpine and is slightly different in that it hasn't used leverage yet, but it does use dividend rotation to enhance yeilds. (Some diversity of strategy/implimentation is good too.)

      This is assuming you are set on global real esteate. There are other domestic real estate closed end funds and then the individual US REITs themselves.

      The SRS board is interesting for monitoring negative REIT sentiment.

      • 1 Reply to cn21713
      • What concerned me today was another Bloomberg report addressing the failed ARPS-auction. I believe the report said the failure rate currently was 70% with no sign of improvement in the near future. Apparently the credit fiasco has finally rippled into the closed-end fund business. These jokers won't be happy until they bring the whole "house of cards" down. Somebody needs to go to jail for this.

 
IGR
9.09+0.02(+0.22%)Aug 28 4:02 PMEDT

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