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Songbird, Forest City Shares Will Fly Says Third Ave Fund Manager


Shares of Songbird Estates are trading at too large a discount to the value of its well-situated London properties, said Ryan Dobratz, portfolio manager for the Third Avenue Real Estate Value Fund. Dobratz added that Songbird does not presently pay a dividend because it is still building out its real estate projects, but could potentially do so in the future. He is also bullish on shares of Forest City Enterprises due to its high quality assets like the Atlantic Yards project in Brooklyn. Finally, Dobratz is positive on PNC TARP Warrants, saying the unique securities will appreciate as the bank continues to compound book value over the next 4 years.