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Sun Communities Inc. Message Board

  • dar200 dar200 Mar 26, 2013 4:32 PM Flag

    Magic dividend announcement

    I am amazed at the reaction to what I considered an expected dividend announcement, The stock closed on 3/21 before the announcement at 46.18. Today, 3 trading days later, it closed at 49.31......an increase of 3.13 or 6.78%.

    Yeah, yeah, the new 5.75 million shares are going to cost 3.6225 million before they produce that cash flow. But, imo, Shiffman would never decrease the dividend when he gets asked at every CC when's the next increase. I did not expect an increase, but a decrease was unthinkable to me.

    Nevertheless, I'm happy to see a new all-time high. Whoever paid 49.31 right at the close bought a 63 cent dividend and paid 48.68 for the stock, also an all time ex-div closing high. 2.52/48.68 = 5.18% yield, some of which is tax deferred return of capital. Thanks, Uncle Ben.

    Also, the new shares will not hurt the per share numbers for 1Q too much because they will only be counted for about 13 days. On a weighted average basis 5.75 x 13/90 = 830,556 new shares added to the denominator.

    I won't pay much attention to ffo and fad per share from the press release. I'll compare the total dividend dollars (based on outstanding shares and units) to be paid to total ffo and fad dollars.

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