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1) The debt covenant has become irrelevant now that they have met the FFO number required by it. It was only useful to try and forecast a possible dividend cut.
Apr 29 12:41 pm
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All Comments by Richard Woon »American Campus Communities: Debt Covenants and Dividends, Part II [View article]
2) I'm only trading the stock so that's all I care about.
3) That has been the thinking. Until now, I saw very little evidence of synergies. This quarter they were able to cut costs significantly. I can only give them props for that.
4) That's the basis of my short position - they paid too much. However, I was looking for a catalyst to send the stock lower. I was hoping that would be a dividend cut. I know they have not taken enough of a hit in this area. Give their dorms a 33% haircut and see what you get?