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Alpine Global Premier Propertie Message Board

  • noquit4me noquit4me Dec 21, 2010 9:21 AM Flag

    Yes on Bonus

    paying .305 bonus on 1/28 ex is 12/29 -- great news?

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    • Yes ... have been long AWP with an entry price average of $6.10 ...hold approx 2,600 shares after dividend reinvestments ...

      Started looking at the fund last Decemember after the special dividend announcement....and frankly thought to buy the fund to at least capture the Dec special dividend ...

      Subsequently ....have reviewed the detailed info / holdings and strategy of the fund ....and formed an opinion that the foreign real estate holdings had been strongly devalued in the 2008-2009 market melt-down ...fund management sharply reduced the dividend as they were unsure of the real estate market ...they later raised the dividend by 10% as the situation stabilized .... so I decided to hang on ...get paid monthly at a reasonable rate and hope that a subsequent special dividend would be announced in December ....( proved out )
      The negatve UNII mentioned by other posters is troubling ....and when the next report is published ...with updated data ...may have to reduce or just liquidate ...but that remains to be seen.

      The fund is trading at a serious discount to NAV ...except that real estate is notoriously difficult to appraise ...so perhaps that is warranted ...and the comparatively "thin" trading volume makes this fund prone to price swings more than others ....

      Overall ... am long the shares with a nice total return ....but have some concerns ....will let this play out while collecting the dividend stream..." get paid while you wait " and be ready to liquidate should the UNII concerns prove out.

    • May I have the specific link?

      Thanks.

      specsit.

    • i have followed "dan" since he started writing on cef's...he has been "right" about 50% of the time...but i do like his posts as they provoke thoughts!

    • Hey SpecSit....what do you think of that article that was written by Dan Plettner that was posted?

    • So, do you have a position in AWP now?

      specsit.

      I am long AWP.

    • i think the reason that the special distribution did not raise the shareprice much is only 10% or so is going to be cash..rest is paid in shares

    • that the special dividend announcement hasn't increased the stock price more than it has. I know that this is a lightly-traded stock, but I would have thought there would be more activity.

    • Bumps up the annual yield from 5.5% to 9.4%, in fact it's so huge if you add up all the divs for the year that special div is 77% of the total payout! ($0.033 x 12 = $0.396)

      Unfortunately a one time event....

      "Under U.S. tax laws and regulations, certain foreign companies that generate substantial amounts of their gross income from passive sources or passive assets such as investments, may be considered "passive foreign investment companies" ("PFICs") for U.S. tax purposes. The Fund invests in certain foreign companies that may be considered PFICs. Certain of these companies may be passively managed while others may be actively managed but due to their types of assets or income may be PFICs for US tax purposes. The PFICs are marked to market on October 31 of each year for taxable income purposes, in accordance with U.S. tax regulations. Any such share price appreciation of these PFICs is recognized as ordinary income in the value of the Fund. Decreases in the share prices of PFICs reduce ordinary income but only to the extent of previous increases in the same positions. This marking to market of the Fund's PFICs may increase or decrease the amount that the Fund is required to distribute to shareholders.

      This distribution consists of a portion of the ordinary income recognized from passive foreign investment companies ("PFICs") held by the Fund during the year. The Board of Trustees considered available options, and approved the elective stock distribution for the following reasons:

      it is deemed income recognized as a consequence of the PFIC status of certain holdings of the Fund but which has not actually been received; the fact that this income was the result of a mark to market which may reverse in future years; and to avoid the negative impact of raising cash or altering the portfolio to pay related special distributions "

 
AWP
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