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CBRE Clarion Global Real Estate Message Board

  • confuse_me_with_the_facts confuse_me_with_the_facts Nov 18, 2008 5:10 PM Flag

    Conference Call

    Replay will be up on th ING site tomorrow

    Interesting comments

    Usual ones about the terrible state of the entire market but did get into specifics as to why the div cut- based on income from now, how they are dealing with leverage pretty much it's just what will be left of the ARPS remaning at the end of the month - about 300m and pretty much just have to ride this out. Fund manager a big shareholder himself and believes in the fund and bought more shares as recently as last month.

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    • thanks for the feedback. I missed the call but am glad to hear the fund manager bought more shares. Gotta love that. The million dollar question is-IS THIS THE LAST DIVVY CUT? If I knew for sure id buy on margin. I have a lot of my moms retirement money in this and I am sick, because until this goes back to 9 or 10 bucks, I cant get even. Jeez, this was a no brainer if they didnt cut the divvy. Now I am wondering if my canroys and junk bond funds wil cut their divvys too. Its a nightmare. Did he say excatly why the divvy was cut? Oour divvy depends on rental income to a great degree, yes? so why has NAV and divvy gone down?

      • 3 Replies to MINCE38
      • confuse_me_with_the_facts confuse_me_with_the_facts Nov 19, 2008 3:59 PM Flag

        they said they will review the div on an ongoing basis but they feel that this is a sustainable div based on their expected cash flow and they feel that what they own will continue to pay divs so they can maintain this present div.Sounds like they havae thought this out well. They still feel strongly that the CEF concept is viable one. I was impressed that they started to deal with the ARPS issue early on as opposed to PFL which has delayed their div while deciding what to do.

        there were several callers that sound similar to your mom's situation and the fund manager sounded like he cared. I guess he should since he has over 50k shares himself.

      • Yes, Mince, this is the last div cut. The next step is div elimination which will occur in 4 months to a year.At that time the stock will drop from the 2.80 range 40 to 50%.It will languish there until the end of the severe worldwide recession or liquidation.

 
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