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CBRE Clarion Global Real Estate Message Board

  • fxdudeinmia fxdudeinmia Feb 11, 2011 7:41 AM Flag

    Yesterday's mindless selling

    Yesterday, IGR fell 30 cents, or about 3.75% for absolutely no good reason and it will bounce back quickly. The net asset value of the underlying assets fell 2 cents, or about 0.25%.

    s You can see from the prices below that on 2/8, investors bought IGR as high as $8.40, which was paying a discount of less than 5% to nav which for IGR is expensive. The selling yesterday was probably the same undisciplined investors who bought 2 days ago, and yesterday sold at any price. A 9.33% discount to nav for IGR is very cheap. On February 2, the nav was 8.78 vs yesterday's 8.79 and the price of IGR was 8.29. Given that reit's remain firm, there is no reason for IGR's weakness to be more than a one-day-wonder and IGR's price will quickly move back to it's more normalized 7% discount to nav.

    Over time, I expect IGR to close the discount to nav to closer to 2-3%. With a 6.77% yield here, it's very attractive.


    Date Share Price NAV Premium/
    Discount
    02/10/2011 $7.97 $8.79 -9.33%
    02/09/2011 $8.27 $8.81 -6.13%
    02/08/2011 $8.40 $8.83 -4.87%
    02/07/2011 $8.36 $8.81 -5.11%
    02/04/2011 $8.15 $8.78 -7.18%
    02/03/2011 $8.23 $8.80 -6.48%
    02/02/2011 $8.29 $8.78 -5.58%

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IGR
8.54-0.02(-0.23%)Sep 19 4:02 PMEDT

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