I do not understand why investors get upset over offerings. This company does not produce a product, the only way they can grow the company is to make offerings and put that new money to work. With higher long term interest rates and tiny short term rates, another offering is exactly what cys should be doing. If an MREIT is not doing new offerings under today's interest rate spreads, they would be missing a money making opp.
I totally agree with you, but the temporary affect on the value of one's holdings is frustrating, so you can understand why people get upset. The recent drop in BV may have been artificially engineered to accommodate these of offerings. By taking the hedge writedowns in this last quarter and not the appreciation in the offsetting positions they have setup a substantial increase in Book Value next earning report.