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First Industrial Realty Trust Inc. Message Board

  • yukonwu yukonwu Aug 7, 2008 1:01 PM Flag

    Cheap Valuation vs Peers

    This P/E ratio is now nearing 4.5 vs peers at 10-12. Even if you discount income portion FR gets from property sales, it's way below peers. FR has limited exposure to debt maturity thru 2010, so why is stock getting dumped? Seems like great buying opportunity. What am I missing?

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    • July 23/2008 press release
      "A number of factors could impact our ability to
      deliver results in line with our assumptions, such as interest rates, the
      economies of the United States, Canada and Europe, the supply and demand of
      industrial real estate, the availability and terms of financing to potential
      acquirers of real estate, the timing and yields for divestment and investment,
      and numerous other variables. There can be no assurance that First Industrial
      can achieve such results for 2008.
      "Investors should note that our assumptions on both balance sheet and
      joint venture sales volume include select land sales. The disposition market
      for land is inherently more volatile than for other types of real estate and
      can be even more volatile in more challenging real estate environments such as
      the current one. Such volatility could negatively impact our ability to
      profitably complete select land sales that we anticipate for the balance of
      2008 and, therefore, our ability to deliver results in line with our

      So , providing guidance BUT , depends on interest rates, economy , real estate prices and assuming they can sell real estate.
      What else is there , armageddon, locusts ?
      Why bother giving hope(guidance) if your gonna cover your butt with a statement like this?
      Note , this is said at the end of the news which in legal terms means that the last thing said has the final word and negates the previous.

    • With almost 14 million shares short, i.e. 29.6% of total stock float, First Industrial Realty Trust is either experiencing significant stock manipulation or those with inside information know something that we don't know. Which is it?

      • 1 Reply to hhersk
      • Shorting is the only way to play the downside. I wouldn't want to be short a company that's paying this kind of dividend and has a solid track record of payment. Shorts are trying to beat a stock down that's already near 5 year lows and eating a huge divvy in the meantime. That is a low risk/low reward trade.

        I'm nibbling here, but nothing meaningful yet. Keep cash for the crash, but start scoping out your targets now.

    • I also wonder if having no options trading negatively affects a stock like FR when its crashing.

    • I've owned shares of FR for the past several years, and I'm adding shares at this point. Q2 FFO was $1.16 per share, which is at the upper level of their guidance.

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