The May 2004 oversold condition would be a great buying opportunity, for any good reit. The thing that seems to be driving CLP lower now appears to be the merger. I confess that I sold my position. While I understand the argument for apartments it just seems Cornerstone is weakening the original balanced concept CLP had that I once liked.
The acquisition of TCR changes significantly the balance of their business model and introduces uncertainty. Having said that, they bought TCR at a substantial discount to value. If they can strenghten TCR's operating performance (a big question) the acquisition could be a significant enhancement to CLP's balance sheet and the value of CLP stock. To me, that's the dilemma. I'm going to hold on for a while and see what happens.