Very upbeat. predicitng full year FFO of .76 to .80; predcitions for 2012 to be discussed during next CC. Dividend payout goal is still 70-80% of FFO and increasing dividends is a priority with them (pretty safe to say it will be raised next quater to .14 IMHO); still evaluating warrants and no specifics on their plan. They did note the warrants are not cashless exercise and do not ratchet, so they consider them as a source of equity going forward (it sounds to me like there is not going to be a plan to incetivize exercise other than trying to get the stock price up above the exercise price). As far as capital matters go, they are looking at the warrants and possible sales of properties that they have fully turned around and are at the maximum potential; they still want to focus on distressed properties and turn them around. Over all I still like the plans I heard; I would like to see some action on the warrants, but they will probably handle those more agressively when they need the capital for expansion; I can wait.
yes, and the FFO you cite is not a run rate FFO. I estimate current run-rate FFO is ~$1/share. So, we might see $0.70-0.80 dividend next year. Put a 4.5% yield on that and you get $15.5 - $17.78 a share.