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Highwoods Properties Inc. Message Board

  • d72764 d72764 Feb 26, 2003 1:57 PM Flag


    I thought the most interesting thing in the press release was the comment that we may have seen the bottom in the cycle. I hope this is true. If this is the case - there is no need for a dividend cut and a cut would do more harm than good. I would much rather have a consistent high dividend than a lower dividend with the hope of someday getting stock price appreciation based upon growth that may or may not happen. If I wanted to invest in "growth" stocks (greater fool stocks), I would go look for something other than REITS to invest in. Of course my investments are mostly in IRA's so I get no advantage from capital gains, if I was investing in a taxable account then trading dividend income for capital gains might be more appealing.

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    • another southern reit (this one apts) with no barriers to entry and no pricing power in a soft market) spent all of 2002 paying out in excess of affo - didn't keep stock from tanking until the nominal yield was 13 percent 'cause everyone knew they'd cut the div (which they did in 2003)

      HIW should do it now, use the spare cash to buy in debt on the cheap, and stop deluding themselves and their investors

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