Opinions and insights on alternative investments with a focus on real estate securities.
Tuesday, August 17, 2010
10-Q Season Is Here
How exciting! I will be reviewing select 10-Qs over the next few days and will pass along any interesting information.
3 comments:
Anonymous
said...
I'd like to hear comments on the special stock dividend recently declared by Wells Timberland REIT. Any opinions on the long term health of this outfit?
I saw the press release but have not read any recent filings. My opinion is that the dividend probably had to be approved by the bank, which is a good sign. I also think that it is more of a payment to investors for sticking with Timberland than the start of a cash flow stream. I feel the long term is positive for this REIT. Its lone property has held its value, which is positive given the real estate market the last three years. It has refinanced its debt and is close to achieving a loan to value that will remove lender restrictions. Most Timberland investments never pay regular distributions, and need to be viewed as long-term, total return investments. I will read the 10-q and post any information I find important.
3 comments:
I'd like to hear comments on the special stock dividend recently declared by Wells Timberland REIT. Any opinions on the long term health of this outfit?
I saw the press release but have not read any recent filings. My opinion is that the dividend probably had to be approved by the bank, which is a good sign. I also think that it is more of a payment to investors for sticking with Timberland than the start of a cash flow stream. I feel the long term is positive for this REIT. Its lone property has held its value, which is positive given the real estate market the last three years. It has refinanced its debt and is close to achieving a loan to value that will remove lender restrictions. Most Timberland investments never pay regular distributions, and need to be viewed as long-term, total return investments. I will read the 10-q and post any information I find important.
The Wells Timberland distribution was a 2% stock dividend, and did not require bank approval. Investors will receive extra shares, not cash.
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