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Anthony Alfidi
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Anthony J. Alfidi is the founder and CEO of Alfidi Capital, an investment research firm in San Francisco, California. Alfidi Capital publishes free investment research with honesty and humor. Mr. Alfidi holds a Bachelor's degree in human resource management from the University of Notre Dame... More
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  • AMB Property Still Losing Money  0 comments
    Feb 4, 2010 12:45 AM | about stocks: AMB, IYR
    In the ongoing debacle that is commercial real estate, AMB Property reveals the end of a bad year:

    The year’s losses, primarily the result of impairment charges in the first quarter, more than quadrupled the $6.8 million loss in the previous year. In the fourth quarter, the situation eased as demand started to turn around. Fourth quarter losses came to $10.1 million, compared with a $199.2 million loss in the fourth quarter of 2008.


    I do pay attention to companies in my backyard, like San Francisco-based AMB. Investors looking for contrarian plays might be inclined to consider a stock like AMB as a turnaround possibility. I'm more skeptical, given the company's negative net income two years running. Their long term debt has also been increasing for three years, which IMHO is not a good sign in a recession.

    I seriously think the real estate sector has further to fall.

    Nota bene: Anthony J. Alfidi has no position in AMB at this time. He is long puts on IYR as a bet against the entire real estate sector.

    Disclosure: No position in AMB; long puts against IYR
    Themes: commercial real estate Stocks: AMB, IYR
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