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CommonWealth Reit Message Board

  • jason_wisdom jason_wisdom Mar 5, 2013 11:13 AM Flag

    Just sold the rest of my common

    I bought HRP when the price was $1.75-$1.90, (the same day it went to $1.57) then continued buying more all the way up to $7 believing the still-below-book value would continue going up.
    Then I sat in pain for years watching RMR continue to dilute shareholder value away, literally and through spin-offs, hoping for I don't know what.
    Today, just now, I unloaded the last of my common. Sold it all this week between $22.50 and $24.25. Probably should have put in a limit to sell everything at $25, but oh well. I consider myself very lucky. It is clear to me this RMR management does not have investors in mind or in heart. Barry Portnoy started the company so I suppose he and his son can milk it for all they can get away with. I just will not be part of it any longer.

    I still do have some preferred-D's. The company does not appear to be going bankrupt, they can't dilute these or cut the dividends, and I averaged $10/share for it way back in 2009-2010. I might as well keep the annuity going.
    No personal charge, I will check in from time to time just out of curiosity to see how this drama plays out. Who needs soaps when you are an investor in CWH. I haven't been the most frequent poster, but have been monitoring these boards regularly just because I was invested. But I honestly feel relieved to be out.

    Sentiment: Sell

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    • It feels good - doesnt it! I also liquidated - owning my first shares via HPT in 2007. Bought down, then down more, then down even more. Took the "pop" to correct a bad situation and get my skin back.
      Over all - the dividends worked out well and total return actually became acceptable - Thank you Mr. Meister and Blau for the price catalyst!.
      There are a lot of 4% yielders out there without the bagage of RMR attached. CWH always was a yield story for the home investor. That is no longer true with the "pop". Let the commercial real estate pros play with this one. I can relax more with a 4% yield from stocks like INTC, DBD, LRY and a load of Pharma.
      Who needs this Portnoy poopy!

      • 1 Reply to squidunker008
      • Yes, most of the money I made on this was through dividend payout. net appreciation was very low, although... probably 10-20% total since late 2009/early 2010 which is not bad. Also sold some covered calls along the way, 30% of which went to uncle sam but I digress...

        I literally have not researched or bought any new companies in almost two years, so I am quite rusty about looking up new logos. In the past six months I cashed out of two of my largest holdings, so now I have to re-member how to research good companies. Dusted off The Intelligent Investor earlier this week. INTC is on my radar but not until it goes below 20. If GE was still 20 I would have strongly considered that.

        Sentiment: Sell