(A dark lit room gives to a crescendo of light. Cain Hammond Thaler is seated in the middle of a high back chair adorned with geometric patterning. A long hookah pipe wraps around the side of the arm and the stem is curled between two long fingers of his right hand.)
Welcome my child, to the creature comforts of my 9th floor office. Sit yourself in that plush chair – may I get you a stiff scotch or gin?
(You silently move around the front of the Bergère and drop into the cavity with a soft *crinch)
I was just talking about AEC with some other visitors. Have you heard of them?
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Why yes! It is true that they just bashed earnings estimates with nary an effort.
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What’s that you say?
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Oh, yes, quite right. They defiantly rose beyond revenues expectations also.
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No?
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Well, at any rate, it was quite the quarter for them. I say their management continues to prove themselves most capable stewards of my money.
And what would have happened, had I listened to the naysayers and complainers?
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Hah! Yes, quite right. Good show, old sport.
(Cain lifts the stem of the hookah to his lips and draws, closing his eyelids momentarily. Somewhere in the background, the bubbling sound of rolling water is heard)
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(an exhale of breath brings forth a cloud of swirling white air scented with fruit)
True, FFO did hold steady this quarter. Of course, with no acquisitions, there was no increased depreciation to apply to cash flow.
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My thoughts?
Well, I believe the company was concerned with visibility of the future. They wanted to see some resolution on the state of the housing market and bond yields, among other things, before proceeding with any long term decisions.
Of course, now they’re back to buying up properties and landing deals.
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Yes, I had heard of their latest seven asset, $324 million acquisition. Why, that more than makes up for the few quarters of biding their time, doesn’t it?
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Just today, did you hear?
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They…
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..no, no, I mean to say…
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…well sure, but never mind that. They just issued another $115 million in notes this quarter. Their debt is quite secure.
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I would agree with that, good man.
Did you see that property occupancy remains at an astounding 95.8%!?
And they keep cutting expenses, at the same time as rates for their apartments continue to rise.
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Yes, very good!
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What do I think of the analysts that have harped on the company??
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Why I think they’re a very dilapidated lot…not much use from their work at all, is there?
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Hah! A shabby pack of uncongenial scabs!? That’s rich.
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oh my, I don’t believe I can write that which you just said…
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(chuckles)
(Cain sets aside the hookah pipe on a nearby table)
Now, you simply must try a sample of that de Jerez I was telling you about…
(Cain arises to barely conceal the seigneurial embroidery in the fabric of his seat. Before the image can be made out, the room darkens)
(Scene)
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Ha. Well done.
well, that was ridiculous.
A small glass of ridiculous with dinner helps the heart