To me, whether CHC is a REIT or isn't a REIT is irrelevant. What's important is that CHC deals with mortgages and has to borrow money in an environment of rising interest rates. That's what's important. If you think being a REIT is important, I'm willing to listen.
Everybody borrows or lends money in an environment of rising or falling interest rates. The fact is that interest rates are as stable and low as they have been in years. CHC has been diversifying their revenue stream and I think that if they issue some of the new stock it will definitely be for those purposes. I do not think that CHC is subject to the same pressures that REITs are subject to. I do think that CHC is subject to government policy and law more than REITs are. Yes, I do think that many think of CHC as a REIT. It is not a REIT and never has been. For a REIT to perform like CHC for their investors, the return must be considerably higher because of the tax advantages of CHC. Your post does make some interesting observations about REITs although most of the post is quoted.
I think part of the problem is that analysts tend to group like kind investments. They include CHC with REITs, because there are not a lot of similar investments to group it with. There is MMA? But who else? For comparison purposes, what other investments would you group CHC with? And what would you more properly label it?