anyone who's familiar with ARI's background knows that it has a few major, long-term European institutions behind it. Occasional spikes in volume occur when one of them adds to a position or when the company does some buying.
in yesterday's case it is obvious that either a major investor or the company has made a move to raise the floor for the stock
it has been trading far too low for a few weeks; last summer (after the office market had already softened) the company bought back stock at 22.75. with cap rates even lower now and with some improvement on the horizon, they obviously feel that the price is wholly unjustified.
like many others on this board, i would point out once again that the VERY CLEAN NAV of this company is at least $29, and that a slight undercoverage of the div with AFFO is pretty damn meaningless. AFFO can be manipulated down in so many ways that it is at best a function of how aggressive a company is in granting TI or paying commissions to get new business.
IN THE END IT ALL BOILS DOWN TO WHETHER THE COMPANY IS CREATING VALUE FOR ITS SHAREHOLDERS. TO THAT END, WE HAVE UTMOST CONFIDENCE IN ARDEN'S MANAGEMENT