Apr. 17 at 2:35 PM
$BDN BDN’s current assets once supported a 72 cent dividend. Largely the same assets of today (except for the disastrous addition of the Austin market). Austin was supposed to be the rocket fuel. It’s turned out to be toxic.
Dividend reductions and cash flow are now being directed towards debt payments. It’s a slow climb out of the ditch. I’m upset that such oversized leverage was taken when security of cash and assets was the objective for income minded investors.
But, at a
$500 mm market cap the assets under management are very cheap. BDN is now priced like it’s run by idiots. No faith in management. I’m long and stuck and hoping that the pain inflicted now upon investors can actually lead to a cure and health that gets this company back to reasonable financial metrics. My long hope would be 60 cents on a
$6 stock. It seems quite realistic once the fire is out.
