Well put Killeen.
I like the increased stock buyback.
If the credit market wasn't frozen LXP would be a takeout at the current bargain basement price. It might happen yet. I know if I were management I'd be looking for $'s to take it private. Talk about a no brain er!
On December 17 you claimed I was an alarmist. The stock closed at 17.81 that day. We are now pennies away from 16. So it looks like my concern has been vindicated while you continue to look like a Pollyanna with blinders on. There is no question that the lack of transparency and the enormous varience between what we were told a month ago would be the special dividend, versus what we are being told now, is weighing heavily on this stock. And today's announcement increases the concern. How can they be a week from announcing the special dividend and not know within less that a 100% range how much it will be? And before you tell me the overall market is pulling us down, let me remind you that on a relative basis we are again down 3-4 times as much as the market.
BTW, I see they are increasing the number of shares authorized for the buy-back. That's great! We're down $5 a share on what they've already repurchased and now they are pouring more money into the repurchases to try to support the stock price. It hasn't worked so far and based on their past performance, I'd just as soon them distribute the cash as a dividend.
You are right. The market is dragging down LXP and all REITs. LXP is a strong buy for total return. A buck or two special this year and another buck or two next year is great. Take 16.5 and subtract 4 bucks and you're paying 12.5. With FFO of 1.35 which is the lowest estimate (1.82 the high, 1.57 average) LXP can pay a regular dividend of 1.25 (probably more) next year. AFFO for LXP is historically about 10% greater than their FFO. You pay 12.5 after the special and get 1.25 or more regular dividend. That is a dividend yield of 10% +++++++ If all you get is a 2 buck special that still gives you a dividend of 8.6% +++++
LXP is a no brainer strong buy.
So tell me oh great seer, what is dragging LXP down? If it isn't the lousy credit markets and it isn't the declining ffo and it isn't the number of expiring above market leases and it isn't the fact that the vacancy rate is rising and will continue to do so as the sell off more fully occudied properties, what is it? I guess you and fireguardian and a couple of other pumpers are just that much more precient than the large holders who have sold off millions of shares the last six months as this stock has nosedived. As I said before, the market goes down and LXP goes down. The market goes up and LXP goes down. It's great to be an LXP owner.
BTW, the announcement that the gains to be reported this year will be far less than we were told just a few short weeks ago does not lead to much confidence in management's proclaimations regarding future operational or financial performance. I suspect that has just exacerbated the downward price pressure. And that announcement certaintly could have given us far more details as to why the huge variance from what we were just told in the cc.
You should post more rosie_o_don..., etc., etc., etc. How many I.D.'s do you use? At least you don't post garbage. You're the first one, as ima_troll_buster, who tagged Alindallas2000 correctly as an "alarmist".
Not that it matters any more than $1.57, but I still see $1.82.
Any analyst number is immaterial, because it's Mr Market that counts and Mr Market is saying less than $1.00 when pricing LXP stock at less than $17. None of them can be counted on in my opinion. Analysts are bought and Mr Market is Short.
Notice the quick run up in LXP whenever REITs switch to positive territory and Shorts cover.
alindallas < It is difficult to see why it has continued to fall as percipitously as it has.>
bunkcrasher previously posted, "It should be selling at more than 17. In my opinion $22 is not high. Mr. Market's pricing of LXP at $17 a share is saying FFO is going to be $1.00. I think the Mr. Market who is doing the pricing is a bunch of Short Traders and not Investors."
Now Mr. Market's pricing of LXP around $16 is saying FFO is going to be less than $1.00. I say, "No way Jose."
That's no bunk. It's just simple math.
Bunkcrasher has posted, "I think $1.60, which is the current consensus according to Yahoo, is low but still reasonable. .. so $1.82 is not unreasonable [IMO]... There are a number of Analysts who have $1.80 and more."
The difference between you and most other people Alindallas is that most other people don't have to be called on it to correct it.
bunkcrasher, "I've since bought at $16.40..." That should be $16.60.
alindallas < I mis-typed. I meant ...>
alindallas you mis-type a lot.
It's good to see you again. I look forward to your "mis-types" every time LXP is trading down with the market. I can count on your bash posting when LXP is down just like I can count on night following day.
alindallas < ... if it drops below 20--er, 19--er, 18--er, 17, that you are going to back up the truck and load it up >
I didn't say anything about buying until I first bought at $18.20 This is what I said, "I bought LXP for $18.20 and today for 17.40 and an average of 17.67" This is what I last said, "I'm looking for, fingers crossed, $15+/-."
I've since bought at $16.40 for an average of 17.03. I'll take more at $15+/- but time is running out for Mr. Market to gift me with more.