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.