Starwood and MGI Properties will be dropped from
the Morgan Stanley REIT index following the close of
trading January 15th. Four REITs will be added including
PZN, La Salle Hotel Properties, Philips International
Realty and Host Marriott.
It probably a little burr in the pants of Wall
Street that Doc arranged his own equity financing with
HSBC. AND it comes in as regular as money from home
too. Each month.
The way Doc's going he'll only
need the Wall Street firms if he's looking for a free
lunch and invites one of the turkey's to come in and
pick up the tab.
Notice how Smith,Barney and JC
Bradford just picked up research on CPV, of course with a
"buy". Kissy,kissy. Expect a secondary there
I've mentioned this in other places but I do find it
very interesting how Bob and Doc are cutting out Wall
Street and their little monpoly down there. For years
places like GE relied on Investments Bankers(IB) to
underwrite their commercial paper. Now they place it direct
with money market funds. More and more companies are
"cutting out the middleman". Wall Street in the past has
held research over the companies head to get IB
business. BUt more and more firms are realizing, IMO, it's
not worth the price. The IB's are starting to hit a
point, IMO, they have to do research just to justify
anyone talking to them.
I've read that REITs can also offer a tax
advantage to investors in the sense that as much as half of
their cash distributions (dividends) may be
sheltered.....does anybody have any information on this and whether
PZN dividends qualify?
the Christians outlasted the Romans. Faith in Doc
is based on his track record and demonstrated
vision, not wishful thinking.
Everyone has limits to
their abilities. Has Doc reached his? Maybe, but maybe
not. I still have money on him.
And what does
gender have to do with it? Or was it gander?
any case, this duck still is the market leader and is
still growing. Seems like even lame ducks deserve the
chance to heal.
yet another problem with the "Research" section
of Yahoo!. The Analyst's RATINGS, FFO/EPS
projections and LONG TERM GROWN RATE PROJECTIONS can be quite
dated. Presently for PZN, Research shows 11 of the 12
Analysts covering PZN have input FFO projections. Problem
is, we don't know how old they are. I have seen
specific situations where 2 of 6 Analysts following a
stock have way outdated numbers which skew the
"average" or "mean". Also, I noticed the LONG TERM
Your sharing your info regarding what NB
Montgomery Securities (NBMS), Legg Mason (LM), and Putnam,
Lovell and Thornton (PL&T) had to say re: PZN a couple
of months ago is appreciated.
If PZN began
1999 with 101.9 million fully diluted shares
outstanding at say, $23 per share and NBMS expects a 12 month
target of $32 while LM is looking at $33, on an assumed
straight-line appreciation basis, the averaged price for 1999
would be on the order of $28.
If, as I
understood what Doc had to say about HSBC's $600 million
investment for FY99 being in equity, @ an averaged price of
$28/share, its $600 M should buy it about 21+ million shares
If PZN is starting out 1999 with
101.9 million shares outstanding, it seems to me it
should finish up 1999 with about 123+ million fully
diluted shares outstanding.
How does NBMS come up
with only 106 million fully diluted shares
Is only about a fifth of HSBC's $600 million FY99
investment to be in equity and the bulk on debt? Why is this
not adding up?
Not only does MK have the good fortune to have
been selected by a spouse whose stock picking
investment acumen will probably sustain him in his
retirement years, provided he continues to do what he
apparently does best (and he doesn't even have to support
PFE to do that), but his memory is evidently good
enough that he doesn't need to sew name and address
labels in his garments (as does yours truly) and leave a
trail of bread crumbs when he ventures out of his
And he's wide awake at night wonderin' if he's in the
With regard to Doc's "80/20" bit
in the CC, that's the way I remember it.
respect to the reasoning behind Doc's comment in an April
'98 press interview about his surprise at PZN's
initial price punishment by the market, I can't answer as
to what was going on in his mind at the
I'm still trying to figure out what was going on in
the head of our Commander-In-Chief in the Oral
The "special dividend" will be a disbursement of
CCA retained earnings. It will be declared, I
believe, sometime in early December to be paid near the
end of December.
I have no idea what the
"record date" will be but probably end of November, or
what ever is standard procedure. It will go to share
holders of record on that date, not to any previous CCA
share holders who have since sold. The amount of the
dividend is still debatable but many belive it will be in
the range you mentioned.
Anyone with better
info. please feel free to correct/ammend my memory on
People forget that Doc started out running a
management company, no Real estate. Over the years it's
become apparent to Doc (and his competitors) that owning
the property is a good way to go. Doc, IMO, has
taking the next logical step in his progress of
converting a management company into a real estate
management company, turn it into the structure of choice by
RE operators, a REIT.