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Highwoods Properties Inc. Message Board

  • bobwas98 bobwas98 Feb 26, 2003 9:30 AM Flag

    Inevitable Dividend Cut?

    It looks like the fourth quarter CAD (53 cents) did not cover the dividend. A cut this year is probably unavoidable. The substantially lower FFO forecast for 2003 means that full year CAD will be substantially lower that the $2.72 for 2002. The earnings report seems to have both positives and negatives. Other than the CAD, other negatives include lower operating income from existing properties. Rentals are being turned over at lower rates and the Worldcom and US Airways situations are still unresolved.

    There are some positive points. The company seems to think that they've seen a bottom in their markets and lease activity in the fourth quarter was the highest in awhile. In addition debt has decreased and the company has some cash to redeploy from sale of properties.

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    • they should cut the div; they keep it because they think too macho

      if they hold the div too long, they'll go down in flames like another southern piece of crap - Post Properties, which held its div until it had to cut it over 30 percent

      i'd limit the div to the mandatory payout until the economy turns around; use the spare cash to buy back shares at a disc

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