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Alpine Global Premier Propertie Message Board

  • ex_hacker202 ex_hacker202 Jan 14, 2011 2:12 PM Flag

    AWP may be a keeper after all

    Some highlights from the just-released annual report:

    Last year there were four U.S. stocks in the top ten and one from Brazil. This year there are three Brazilian stocks and three U.S. stocks among the top ten. Singapore also has two stocks, up from one last year.

    For the end of the calendar year 2009, the Fund paid a 26.56 cents special dividend. As of December, 2010, we anticipate paying another special dividend of 30.5 cents. Both last year’s and this dividend are partly derived from an aspect of the U.S. tax code which focuses on a classification called passive foreign investment companies (PFIC). PFIC income is not actual income from a company but rather a derivation of the company’s stock appreciation during the Fund’s fiscal year. Please note that if we do not again experience such strong price appreciation next year in many PFICs, there will likely not be a special dividend of this size.

    Fund’s Board of Directors has chosen to make this special distribution payable 10% in cash and 90% in additional shares.

    Some number crunching I just finished:

    Income and Expenses
    Dividends: $49,916,220.00
    Net investment income: $39,150,214.00
    Net investment income plus dividends earned (from Annual Report): $89,066,434.00
    Total Realized losses (from Annual Report): ($26,883,351.00)
    Net Income minus realized losses: $62,183,083.00
    Total divs paid in 2010 (from Annual Report): $68,536,746.00
    Total Expenses (from Annual Report): $10,768,057.00
    Total divs paid in 2010 plus expenses: $81,246,116.44
    Net Operating Loss: ($19,063,033.44)

    NAV 11/1/2009 (from Annual Report): $766,196,341.00
    NAV 10/31/2010 (from Annual Report): $889,753,302.00
    Change in NAV fiscal year 2010: $123,556,961.00
    Net unrealized appreciation of investments (from Annual Report): $179,826,844.00
    [I don't know why the NAV change reported by Alpine differs from the simple subtraction calc I did, Diff in NAV change is off by $56,269,883.00, or 31.29%]

    Current and old data from CEFConnect:
    Current Distribution (Monthly) (As of 1/13/2011): $0.0330
    Avg. Earnings Per Share (As of 10/31/2010): $0.0619
    Avg. Earnings Per Share (As of 4/30/2010): $0.0348
    Annualized Distribution Rate on NAV (As of 1/13/2011): 4.71%
    Total Return on NAV (12 months) (As of 1/13/2011): 20.63%
    Avg. UNII Per Share (As of 10/31/2010): ($0.1704)
    Avg. UNII Per Share (As of 4/30/2010): ($0.2367)

    So I see a mixed bag here, but mostly some good signs:

    1) Negative UNII number has improved, increased by $0.0663, 28.01%
    2) Earnings/shr is up $0.0271 (77.87%) to $0.0619, almost double the monthly div of $0.033. I expect once they get back to positive UNII we may get a div hike. By my calcs, they should be back to even within 6 months of 10/31/2010, or around April/May of 2011.
    3) They've shifted part of their portfolio to focus more on Brazil, which is exactly what I'm doing in my IRA.
    4) The year end special div is derived from accounting tax rules, basically the increase in value of their foriegn holdings. If global/emerging markets continue to improve, I see no reason why they won't be paying another special div next year.
    5) The made a killing in GGP, which rose by 347.51% during the fiscal year, too bad they sold off half of it too soon!

    And some unexpected news on the special div:

    The special distribution will be paid 10% in cash and 90% in additional shares. No option to take shares or cash, or a mixture of both, like they announced earlier. Looks like we'll all be getting some free money in our accounts at the end of the month! And we're almost back to pps prior to the ex-div price drop and way above the recent intraday low of $6.91 on Dec 29 (tax loss selling?), so yeah, I'm calling this free money!

 
AWP
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