Trading at half their book value and continues to decline because the management is compensated for buying properties, NOT for generating shareholder value. So it is to their benefit to dilute shares by issuing more shares at any price, even below book, to raise cash to buy more properties regardless if it is a good move for shareholders. They have actually fooled some clueless shareholders into voting their shares in FAVOR of multiple dilutions! Basically the fox is guarding the hen house. I wish I had known all this before I ever invested. And I could have bailed earlier this year at a profit but stubbornly held on hoping something would change. This totally stinks. I hope some other investor comes in with a buyout offer for the whole shebang and the price could virtually double overnight.
probably next year or more - I will be getting a letter - advising me to enter my name in a class
action suit against CWH - which will be very deserved to CWH - but not to me - as the lawyers
ALWAYS manage to get a won case = penny's to the shareholder - and thousands to the lawyers.
waiting in Seattle - so glad to be out of CWH !
Seems every time it goes under another whole number, it bounces for a day or 2 back over that number. Then resumes heading for the next whole number, which now is $13. Now back to where it was in Mar of '09. There aren't too many REITs or stocks you where's that's the case... or maybe I should say "basket case".
Seeing how CWH has been dropping day after day,I don't feel so bad now for selling right after they cut the divy a few weeks ago. Sold at $14 in the AH. I still see this falling below 10 bucks in the near future. GLTA!
CWH is awesome - at setting new lows!! Day after day, week after week. The "Market" loves consistency and gets it with CWH - for short sellers. Portnoy and friends are almost as good at destroying shareholder value as - - Ken Thompson and friends were with Wachovia Bank a few years ago. Ken still is the best I ever saw at loosing shareholder's value in a firm!!!
Ken, by the way, is a director the past few years with Hewlett Packard, working his business expertise magic there. Maybe Mr. Portnoy can go to HPQ as a director also. Once you destroy a company once, and get well compensated for it - a repeat performance is easy. Ask Ken Thompson!
Just wondering out loud if Vanguard's announcement it will be changing the benchmark it uses to compare their index funds against would result in reducing their CWH holdings. I doubt it, but if it did, it would be just another nail in the coffin being prepared for CWH.
The entire Office Reit sector has been underperforming the past several weeks. Investing in Office reits will not pay off until the economy turns around and hiring by new and existing companies drive the need for more office space.