I purchsed more share in HRP today at $7.78 per share.
HRP Properties Trust (HRP) is an office building REIT with 18mn square feet of space. Funds From Operations has been stable for the past year, although occupancy has slipped slightly. FFO Per Share at 29 cents a share is still above the dividend at 21 cents as of September 30 2007. The Company added $48mn in new buildings in the 3rd Quarter of 2007 which should help cash flow slightly. Debt levels are reasonable.The stock's at $7.78, just off its 52 week low, and yields 10.9%. Some investors are worried that the Company will cut the dividend but I don't see it. Even if I'm wrong, the downside is limited. HRP has a roster of quality buildings and customers, investment grade debt levels and a long operating history.
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