In a statement made today, Mitchell E. Hersh, president and CEO of the Cranford, NJ-based REIT, notes that the firm has liquidated its stake in CarrAmerica, realizing a $15.06-million gain and a $902,400 dividend payment during the first quarter of 2006.
"As we previously stated," says Hersh, "we made an investment in CarrAmerica at a time when we thought the company's stock was significantly undervalued. We are pleased that our investment on behalf of our shareholders has paid off substantially."
From a bit more of a distance, other observers share Hersh's enthusiasm. "Based on our metrics, we believe shareholders are receiving full value," says financial services firm Stifel Nicolaus & Co. Inc.'s, John W. Guinee, who issued a report yesterday on CarrAmerica with colleagues David M. Fick and Eli N. Fleminger. The Washington, DC-based office REIT has holdings, interests and or operations in 285 office properties accounting for about 26.3 million sf in 12 markets across the country.
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