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Glimcher Realty Trust Message Board

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  • ferdiefor ferdiefor Sep 11, 2000 6:01 PM Flag

    We hit 52 week high

    At $20 I would have to give serious thought to
    letting it go and wait for another cycle downturn to move
    back in.

    At this point the REIT market for the
    most part seems rational in terms of pricing these
    REITs on a yield basis. I'm not talking about
    underlying asset values, NAV or any of that other stuff that
    REIT mgmt's would love us to focus on in an attempt to
    have another wild runup of REITs ultimately crashing
    out at some premium to NAV level.

    With the
    exception of the highest profile REITs selling at premiums
    to NAV most of the market remains comfortably below
    (to my way of thinking which I concede is a minority
    viewpoint and not much liked viewpoint) their NAVs.

    If GRT were to get to $20 one has to wonder what
    market conditions allow for that to occur. It already is
    a 10% FFO grower that appears on the surface to be
    unappreciated simply because it is not in SF, NY, Boston,
    Atlanta, etc. If not market conditions then where is the
    rest of the REIT market priced in order for GRT to hit

    Thanks for your thoughts and I am very happy with
    what I have made near term and like my yield

    What about dividend growth? Do you see a dividend
    increase next year? How are they avoiding dividend
    increases for so long?