I am not here to get into arguments with members of the board. But I would like to explain why I am a long term holder of CWH and also like affiliates, SNH and SIR. I have followed the RMR affiliates for over 10 years, studied their decisions, have a similar view of their overall investment philosophy(which is a long term conservative, income value philosophy). I think their decisions have intentions of being in the best interest of shareholders and who is to say their ulterior motives? There will always be some inherent conflict between large holders and the smaller retail holder, i.e juice the short term price that may be bad for the long term. Just one example. But I evaluate cash flow(ffo), share price, financial resources as a going concern. Do they produce a reasonable amount of cash flow/dividend over time? I suppose that is academic but this firm is consistently generating $3.75 + annually vs. a share price of around $17. The office market sucks as we all know and the drivers that make office reits a success have been poor for many years. Why rent when one can buy a foreclosed property on the cheap? Under the circumstances they haven't done that badly.
For income and value, I also like APU, FGP(note their increased use in schoolbuses, taxis, police cars, etc.), PWE. Lots of cash flow relative to price with long term underlying value. I will no longer be into the standard arguments....just providing a rationale....not short term, very long term, value, income, cash flow, financial resources...are my metrics.