What better place to put funds. Diversied, safe, trac record of increased dividends since early 90's, trusting board with southern integrity not your typical wall street slicksters, with great dividend investment plan. Owned since beginning. One of my best performing holdings.
I doubt that TCR investors will approve this deal. And I doubt that it makes much sense for CLP either.
The best that can be said for this deal is that it shows that Knight knows when something is good for him personally and that CLP knows that Knight is screwing his shareholders and that might mean that it is a good buy for CLP. But I suspect that after owning TCR for a while CLP investors will be quite sorry their management was so gullible.
A bad deal for TCR investors and the beginning of the end for CLP investors. Misery loves company.
I work in Huntsville, AL, where CLP owns 5 properties, and have visited CLP properties in Birmingham, Decatur, and Auburn, AL. Based on the high quality of the properties, I'm happy being a shareholder.
CLP is a substantial developer, rather than just a buyer of real estate - they have re-developed several malls, and built properties from scratch. They also manage properties for others. They have a strategy that shifts their balance among retail/office/ apartments according to how the economy is doing. Since interest rates are going up, they are shifting to more apartments - I assume because it will make home ownership more expensive and thus drive demand for apartments. Occupancy is in the mid 90% range, which is about as good as can be expected.
I'm close to retirement, and I'm not looking for huge growth so much as inflation-protected dividend income. Since rents should rise with inflation (in general), owning CLP fits my needs. If your investment goals are different, it may not fit your needs as well.
I live near Myrtle Beach and have frequented the mall there owned by CLP(Colonial Mall in North Myrtle Beach, SC). It's a nice property in a great location. Myrtle Beach is growng like mad....so the property is a valuable asset I'm sure. The Carmike theatres there in Colonial Mall are very busy and popular. The mall is located not far from 'The House Of Blues' on Highway 17.