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Opinions Charles Dillingham
KEYreitKRE.UN.TOBUYJun 09, 2009
Strip retail and stand-alone retail. Numbers surprised the market. Fairly stable business. In a year or so they have a big debt that matures but they should work your way through this. 16.2% yield. (He owns some of their convertible.)
Charles DillinghamOwned
$5.25
Stock price when the opinion was issued
income trust
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DON'T BUY
He has been Short this stock for some time. They had a big concentration of tenancy to Prism, which has had financial troubles and they are disclaiming leases and has some short-term capital issues there. Very high risk and he does not believe the yield is sustainable.
Jeffrey F. OlinOwned
income trust
WEAK BUY
Some shopping centers but also a lot of sites for convenience stores including KFC, etc. Parent of KFC has gone bankrupt. Although properties are still good, there have been some issues because of this. Improving and have managed to buy some things. Doesn't know if it is worth the risk as he hasn't looked at it closely enough. Yield of 13.2%, which could indicate a cut at some point. (Owns some convertible debentures.)
Charles DillinghamOwned
income trust
DON'T BUY
Their parent company, which owns about 50% of the tenants, is in serious financial trouble. He has held off buying although he does own some of their convertible debentures.
Charles DillinghamOwned
income trust
COMMENT
Owns some of the convertibles but hasn't followed it. Thinks it may have a debt issue that may have to be cleared up before too long but numbers are reasonably good. 12% distribution.
Charles DillinghamOwned
income trust
COMMENT
Illiquid. Challenged at times. He owns some of their convertible debt. Proving to be survivors. Still have a big debt hurdle coming up that puts a cloud on them for a little while. Probably okay. 11.6% yield.
Charles DillinghamOwned
income trust
COMMENT
Debt is a serious challenge. They have improved. He owns some of the convertibles but hasn't owned the stock for a long time. Numbers are better and reasonable management.
Charles DillinghamOwned
income trust
