The latest 10K shows everything you want about geography and more. It shows each property's location, age, number of units, etc. As far as shareholder friendly goes, this is the only Yahoo board I'm aware of where the company CEO (Eric Bolton in this case) shows up with regular posts.
I've owned shares in the company since 1998. I've seen the ups and downs and don't worry much about whether the dividend is increasing. It's more important to know whether the dividend is covered and the coverage is increasing. For a while, the company was not covering its dividend with available cash flow. As the apartment markets turn around, and as dividends have not increased recently, dividend coverage has improved.
Zebraspit has it about right. I'm not selling, because I don't do much jumping in and out, in spite of the fact that you may see the price substantially (say 20%) lower before you see it substantially higher.
I like my Barclay's better, I think the underpinnings for future performance are more stable and predictable. Kind of like comparing a REIT fund to a stock fund.
FVL relies mostly on capital appreciation whereas Barclay's relies more on dividends. If the market heads down, Barclay's is going to hold up better. (Though if interest rates go up a lot, yours might do better).
Also, I never much cared for Value Line's momentum-based methodology. Their #1 timeliness rankings seem a little bit like rear-view mirror investing to me.
You might look into this fund. It yields about 7% and is trading at about a 12% discount to NAV. It is a fund made up of Canadian unit trusts (similar tax-wise to REITs, except non-real estate companies).
Nice going. I got out too early, but, IMO, it is overvalued at anything over about $33, where it would yield 7%.
You can go buy oil trusts that yield that and I like their growth prospects more. You can buy a fund of Canadian unit trusts, with risk diversification, and get about 7% and get good growth prospects.
Will we get a chance at $33 anytime soon? Maybe. We never thought it would get anywhere near this high in the first place, so we'll probably be surprised again in the other direction. Moreover, the recent rise seems to have very little to do with the company's fundamentals.
I'm out as of today as well. I've never owned a REIT with a 3 month chart like this one.
Owned since the low 20's and collected a nice divy for years but still remember 2001/2002 when we just held steady. Must say it's been a nice ride but don't want to over stay my welcome.
What's everyones idea on a re-entry point?
Thanks for that.
I was of the exact same mindset, but, alas, my 40 calls were exercised early this year -- like you say, so be it.
I, too, had a very low basis. I liked to think of the yield based on my cost, which put it over 10%, but, came around to the idea that it really has to be looked at current yield(the opportunity cost method), which was pretty modest given the risk/reward.
It is hard to find anything to replace it with -- I've had mixed success with some Canadian unit trusts.
I hope that MAA corrects so I can pile back in, as I feel at home there!
His predecessor, George Cates - the founder and a very down-to-earth guy, it seemed- used to post here a lot. Eric Bolton and some of the others continued that for a while, but, alas, it probably was a little gray as to whether or not this was proper or not, so Eric said he had to discontinue. However, I do believe he and some of the others read this board.
As far as a dividend increase, I am sure when the money is there they will increase it. The whole focus of the company is on being shareholder friendly. Cates, for one, still owns a lot of stock, so he is on the same page as the rest of the shareholders.
I'm on the sidelines with this one, for now. Hope to get another good buy point at some future date.