Casino REIT by Penn National
November 17th, 2012 at 6:53:12 AM
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Comeback of Real Estate Investment Trusts, the darlings of the sixties?
The shares gained 28 percent to $48.23 at the close, after enn National said yesterday it will spin off at least 17 properties into the first casino-focused REIT.
“This process will unlock the tremendous value of our real estate portfolio,” Carlino said today on a conference call. “This is just strictly our view of how we can best take the assets we have and make the most of them.”
Bloomberg Text here.
The shares gained 28 percent to $48.23 at the close, after enn National said yesterday it will spin off at least 17 properties into the first casino-focused REIT.
“This process will unlock the tremendous value of our real estate portfolio,” Carlino said today on a conference call. “This is just strictly our view of how we can best take the assets we have and make the most of them.”
Bloomberg Text here.
November 17th, 2012 at 9:26:59 AM
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Very nice investment move... cheaper capital-base. I see this as win-win, especially with the $5+ / share cash payout to shareholders, and an $11 gain / share.
Some people need to reimagine their thinking.
