You can't buy this stock in any volume without chasing it. It is hard to buy for insiders as well. Just hang in there. You are reinvesting your cash flow in valuable property and not paying taxes. It is the best of all possible real estate deals.
That was a nice purchase if you paid $5.40, as that was the low of the recent sell-off. I think the sale of non-core properties adds to the safety of the company a bit (less debt), especially since they sold a center with a K-Mart, and another with a closed Rite-Aid. Centers with those problem tennants obviously arent the most desirable, and if they got decent prices they can recycle the capital to better properties or uses. I added to my position at $5.50 to $5.60. Next I would like to see some insider buying to confirm our analysis.
This is still my biggest and safest position. Just sit back and wait for $10 a share and a 75cent div. They are doing nothing wrong. I am still buying more when big sellers appear and beat up the stock. I got my last block at 5.40.
I buy this because real estate prices are too high in the Boston area where I invest.
The quarterly earnings release should tell us about gains or losses on property sales. I guess that these were good sales prices, as CTA had no need to sell them, and simply took advantage of unsolicited offers (according to their last teleconferrence call which indicated they had a couple of such sales pending) The 3 centers had annualized base rents totaling about $3.9 million according to the 2001 10k. Thus they sold them at 10 times rent roughly, and of course dont forget that some of the rent has to pay for property upkeep and repairs. It might reduce FFO slightly, but it deleverages the balance sheet also since debt is eliminated.