More shares issued. Another hotel (to be renovated) bought. And another quarter of big executive salaries and bonuses with zero return to shareholders.
2012 common dividends????? Nope, we are working to GRADUALLY reduce our leverage.... blah, blah, blah.
Let me translate. We are going to continue to pay ourselves outsized pay for the size of our firm. We won't return anything to shareholders since the board is in our back pockets. And we think we can get away with this for at least the next 4-5 years as long as every once in a while we buy a hotel and promise something good might happen way out in the future!!!!
No, actually borrowing money is how REIT's finance their growth.
And now they are issuing shares YET AGAIN!!
Its nonsense. How many times have they issued shares the past three years? Are we are at 5 or 6?
Management has incredibly diluted shareholders, pocketed huge salaries and bonuses, ELIMINATED the dividend, bought and sold the same hotel within 8 months earning zip, and created zero additional value!!!!
Its beyond a joke, and an excellent example of what is wrong with our corporate governance structure. Management has effectively hijacked the company and enriching themselves. Meanwhile the shareholders have received nothing and actually seen their holdings diluted seemingly every other month.