Further, strip out the SBY .06 shares, if they distribute them as projected/expected, or about $1.13 at 12/31/12, and you have a BV of only 10.41. (BV was 11.54, not 11.45.)
My bet is that we get an SPO above BV (accretive) soon after the SBY distribution, possibly even before, and before Mr. Market catches up with TWO. Once next divvy is declared, and it's only a regular divvy, I think, possibly with the SBY shares, might get some people to re-sharpen their pencils on this. I'm thinking the buying opp is after all this dust clears.