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Cohen & Steers Quality Income R Message Board

  • murger4money murger4money Dec 17, 2008 9:50 PM Flag

    NAV $5.23 - MKT $3.81

    Any way you look at the market price of this bundle of assets it's being offered at a huge discount. 70-75c on the dollar.

    XRQIX appears to be about 30% leveraged to VNQ (as an approximation). In other words you could buy 1000 of VNQ then another 300 on margin and you have XRQIX. It deleveraged in November IMO.

    I think this 16% disti is conservative given what VNQ yields. The Fed needs to inflate RE. We've seen bottom IMO and XRQIX will continue to rise with VNQ.

    I'm pleased they maintain a 16% yield. A return to normal discount is +30% from here at current NAV + divy and you get 1.3x leverage to RE if you think we've seen the bottom.

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    • For those of us that are in at $14 and $16 and $18 this is a 3% yeild. Unfortunately this was the first fund I got into and I did not know better. I do believe however, the NAV will be up substaily over the coming year. I suspect over $10 by the end of 2009. As rates have come down worldwide this will eventually bring borrowing costs well down for these REITS and hence improve cash flow. As occupancy rates improve in 2010 with the new low cost of monet these REITS will be cash cows.

13.260.00(0.00%)Sep 29 4:02 PMEDT