"That said, the stock is selling off for several reasons: Inroads by online retailing and general weakness in department stores"
don't tell that to SPG or GGP, their stock is only flat to down 5% the last 12 months. As opposed to CBL down about 45%.
why couldn't the company divert cash flow to buy back pref shares or bonds? Or heck even common shares. We dont know how long these prices will last.
... and that is why I said "culture" and not structure.
No not revisionist history. Before the ONEX sellout, they were buying up stock, bonds and dealing planes on the cheap without issuing stock (at least secondaries wouldn't be considered then). They would also have a profit on any aircraft dispositions now and then. Seems like they are just ONEX indoor cats now as opposed to the earlier stewards of investor's capital.
Sad but true. Seems like the culture changed after the ONEX deal in 2012 if you ask me. More about management and less about shareholders. Ive slowly reduced my position here but still want to sell more. Hoped to sell at 20 / bucks a share when I invested in 2010. Now 14/ share looks good.
considering GSL will prob raise the divy to 12.5 cents a quarter or (.50 annual) there is an assumed min divy payout of 2.50 now over the course of 5 year which (happens to be about the avg charter duration left). I think its roughly safe to assume a buyer at this price can at minimum get there 2.50 back per share even if the container market is in the crapper in 5 years from now. Not a bad risk v reward.
isnt your thesis true for all containership companies then? They all are doomed. At least GSL has the longest charter duration out there at 5.5 years avg remaining.
you know you're not supposed to talk about NRP making money around here. Doesn't work well with ayscuew's constant fear mongering!
Interesting logic expressed by the board. I mean PPS has beeen wayyy under book for 6-7 years and that hasnt stopped them in the past from issuing dividends.