I feel like Rip van Winkle. I wake up after a
couple weeks and look how the world's changed, vis a vis
PZN. Then again, even though stock's up 50%, maybe
nothing has changed (including Cleo's sparkling
personality).
PZN at 9 was a nightmare. PZN under 14 is still a
nightmare. Borrowing money to pay out dividends still is
stupid. Dilution to pay out dividends is still stupid.
Triggering the dreaded double tax on $265MM of retained
earnings is still stupid. All this for "better access to
capital". I've learned nothing in the past couple years
(since PZN was originally hatched) to convince me that
REITs are good.
If 9 is our new benchmark for
success, we're in bad shape. CCA was higher than that
(adjusted) four years ago.
Sorry to be a grump. I
just woke up.