Thanks for the analysis. Here is some further info. that I have accumulated.
Debt as of 6/30 under the $250 million credit facility was around $163 million, but there are covenants in the facility that limit what BOY may draw down. They will not disclose the limitations, but the full $87 million is not available.
The dividend coverage is tight. They are expected to earn FFO of about $48 million in 1999. They are paying a dividend of about $34 million and they have capex planned for 1999 of about $25 million. They plan to spend about $13-14 of FFO on capex and borrow the balance.
I have beeen trying to find a reliable estimate of NAV for BOY. Do you have any idea??