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Thursday, January 15, 2009

Real Estate: Vornado, Dividend Cuts,


Expect more of these. Dividends cuts until there are no more dividends as vacancies skyrocket, asset prices drop and financing continues to shrivel up.

Vornado (VNO) is a component of Real Estate iShares (IYR). Ninjas trade IYR via the ProShares UltraShort Real Estate ETF (SRS).

Vornado Pays 60% of Dividend in Stock, Saves Cash (Update1): “Vornado Realty Trust, the fourth-biggest U.S. real estate investment trust, will pay part of its quarterly dividend in stock to preserve cash.

The 95 cent-a-share dividend payable on March 12 will be made 40 percent in cash and 60 percent in stock, according to an e-mail today from the company.

“In recognition of the current state of the economy and capital markets, the Board of Trustees has determined to augment the company's best-in-class balance sheet by paying this dividend in a combination of cash” and shares, the company said.

Vornado last year lost almost a third of its market value as financing to purchase real estate dried up in the credit crisis. Paying part of the dividend in stock will “protect against uncertainties in the capital market,” the REIT said.

Today's announcement will save Vornado about $390 million of capital, it said. Shares fell $3.53 to $50.65 in New York Stock Exchange composite trading.”

IYR: "I've started scaling into SRS because I'm not confident that IYR will make it that much higher." -01/07/09 TheFinancialNinja

SRS: "Picked some up below $50. Looking to scale in... " -01/07/09 TheFinancialNinja

Short Real Estate: Looking Good: A drop to $30 on the Real Estate iShares (IYR) is probable before an oversold bounce becomes a possibility. The ProShares Ultrashort RealEstate (SRS) ETF is an easy, fun and dangerous way to play out your most Bearish fantasies for real estate.

Related Posts:
Short Real Estate: Looking Good
Nibbling Short Real Estate, Again

25 comments:

Anonymous said...

Sushi,

be very careful with SRS. It has a significant bias to the downside.

SRS should only be used for very very short time frames.

If you need further clarification you can email me.

Quads4444

Philippine Homes For Sale said...

Agree with Quads. Be very careful with it! I'll send you an e-mail regarding this stuff. Anyway, thanks for sharing your rAgree with Quads. Be very careful with it! I'll send you an e-mail regarding this stuff. Anyway, thanks for sharing your real estate articleeal estate article

St. Louis Commercial Buildings said...

be very careful with SRS. It has a significant bias to the downside.

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Vornado endure year absent about a third of its bazaar amount as costs to acquirement absolute acreage broiled up in the acclaim crisis. Paying allotment of the allotment in banal will “protect adjoin uncertainties in the basic market,” the REIT said.

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