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Glimcher Realty Trust Message Board

  • koooljazz koooljazz Nov 29, 2001 11:02 AM Flag

    GRT vs HCP

    Am just starting to look into REITs and I've narrowed down my first purchase to GRT or HCP. I'm leaning toward HCP because their balance sheet is reputed to be "squeaky clean".

    Question for you seasoned GRT investors.. is there any reason you'd advise GRT over HCP? Would appreciate any ideas you'd care to share.

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    • I have owned HCP for several years. Have owned GRT for shorter period of time.

      GRT is fairly stable with no expectations for dividend growth. They are engaged in a long term capital recycling program to get rid of slower growing ppties in favor of larger retail mall/center/outlets. Goldman Sachs has GRT in its income portfolio model. They like the stock longer term and they believe there is strong safety in the dividend. They also feel like the Street.com writer who wrote about GRT yesterday that there is not too much exposure to any one retailer going forward.

      HCP is top of the heap in healthcare reits although VTR owners can make an excellent case for VTR going forward. HCP may be hitting the end of its ability to continue raising the dividend every quarter by one cent/share. I am a long term holder and believer in HCP.

      GRT is a stable stock in the mall reit sector but by no means is a top tier player. They have a lot of capital recycling to do which will reduce ffo near term. They have no new developmts on the boards for 02 and appear to be focused on getting empty space leased up and getting properties ready for sale and also take advantage of certain ppties that can add square footage at high ROIs for us.

      I suspect that GRT has quite a juggling act. Time sales to coincide with increased ffo from the new Fashion center and do certain redevelopmt to also help cover for lower ffo that will result from capital recycling near term.

 

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