If management truly sees "promising acquisition opportunities" as they stated on the last call, you may get your chance to buy below $2.50. All they have to do is announce an acquisition, then decide to pay for it by issuing shares like they did last time -- promising that it will be "accretive" all while paying low cap rates for a fully occupied facility. They've already proven they don't care about the offering price, as they crammed down the shares despite a ridiculous drop between the announcement and the pricing. Either that or Mackey and Hoagland don't have the brains or the stones to yank an offering and Portnoy calls the shots.
It reminds me of that old joke -- a man asks a woman if she will go to bed with him for a million dollars. She says yes. He says, what about a dollar? She exclaims -- "what kind of woman do you take me for!?". He says, we've already established what kind of woman you are, now we're just haggling over price.
This management has already sullied their reputation as financiers.
you have to remember this was the first offering after the spin off which was done at $7.29 so 25% re-Cap @ $5.00 does'nt sound so bad considering you always have to provide an incentive for wall street support. We also have an un used credit line and big brother with deep pockets ready to lend. further delution below $5.00 I don't think so.