What is the history of price movement before, during and after a secondary offering such as the upcoming 28MM share deal. At a substancial discount the new shares would seem to drive the price down in the short term.
Has anyone any news about how the secondary offering has been received? The article by Naked Capitalism would really suggest that this stock is headed south. The blatant disregard for any form of "ethics" is clearly suggested. Just look at the disparity of estimated earnings (FFO) for 2009 between the analyst and the company's own estimates - $2.32/share vs $1.83/2.06. Something stinks here!
As you wrote your post yesterday, thunder clapped loudly, rain clouds darkened the skies, and the bayous filled. Sadly, life ended in that storm. The only light were bolts in the sky, lamplight, TV and computer screens. This was a poor setting to grasp what was going on with the market for WRI equity shares.
Take counsel from WRI management that up to now had your faith. They own many common shares and have many lots purchased at much higher levels. In their judgment, these uncertain times encouraged them to look past dilution, to the benefits of liquidity. Trust their judgments. This is not a parlor game to them. They have a LOT OF SKIN IN THE GAME. The management did not agree to the dilution believing it will drive down the price of the stock in the short, medium, or long term.
Transient events could send the stock price in any direction any day. However, the basic situation is very positive.
Do check with an investment professional as free opinions are worth exactly the price you have paid for them.