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Thomas Properties Group CEO Buys Big into Company Shares
Posted by: Dianne Tordillo (IP Logged)
Date: January 14, 2013 02:49PM
President and CEO Jim Thomas, of real estate company, Thomas Properties Group (TPGI), has reported purchasing 43,400 shares of the company, reported Jan.10 on GuruFocus Insider Buys.
The transaction totaled $229,152 at an average price of $5.28.
Thomas is an avid purchaser of his own company’s shares. Since 2008, he has continuously increased his holding, buying 24 separate times and not selling once. Today, he has more than 3.1 million shares of Thomas Properties Group.
With a market cap of $319 million, Thomas Properties Group is a Los Angeles-based company that owns, acquires, develops and manages office properties, as well as mixed-use residential properties nationwide. It focuses on acquiring and owning such properties through strategic joint ventures, property development, redevelopment, property management and leasing activities.
Gurus who have stakes in the company include Third Avenue Management, who owns 16.63 percent of the Thomas Properties’ outstanding shares, followed by Manning & Napier advisors, who owns 1.18 percent of the company’s outstanding shares.
CEO Thomas has served on the board since the company was organized in 2004 months before it became publicly traded in October 2004. Thomas founded Thomas Property’s predecessor company, TPG in 1996, serving as Chairman and CEO.
Prior to founding TPG, Thomas was co-managing partner of real estate operating company, Maguire Thomas, before Maguire divided into two companies, thus forming TPG.
Besides its CEO, Thomas Property Group’s insider activity is also splashed with ongoing share reductions from co-Chief Operating Officer, John Sischo, whose sells almost match the number of times Thomas purchased company shares since 2008. Having reduced his holding more than 20 times, Sischo has only reported purchasing shares four times since that year. Sischo currently has 282,692 shares. (Market Overview)
Thomas Properties Group stock currently trades at $6.49, up almost 4 percent Monday afternoon. The company is rated 4 in Financial Strength and 2 in Profitability and Growth. In one year, the stock increased 63.49 percent in market value, and 72.55 percent in three years.
With a dividend yield of 1.5 percent, Thomas’ final payout for 2012 was $0.02 per share of common stock, distributed in November, which represented a 33 percent increase in its quarterly dividend.
In recent news, Thomas Properties Group announced several days before the year ended that it finalized its transfer of 49 percent partnership interest in Philadelphia-based 2121 Market Street Associates. Totaling two transactions, the net proceeds came up to $12 million.
“We intend to use these proceeds as part of our new corporate strategy of investing in both new and existing assets that generate current cash flow and are consistent with our core business of owning and managing first class office buildings” Mr. Thomas said.
Besides serving as management for real estate companies, CEO Thomas has also served as chief executive and owner of the Sacramento Kings NBA basketball team, from 1992 to 1999.
To see Jim Thomas’ full list of trades, visit his GuruFocus Market Overview page.
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Stocks Discussed: TPGI,