Going from memory, rather than notes, there were
some other little "goodies" in the CC.
I
thought Doc indicated that they incurred $39MM of
financing costs in Q3 (mostly capitalized). Also wrote off
$9MM of previously paid financing costs that had not
yet been amortized. I guess Lehman is now out and ML
is in.
The broad range of alternatives ML is
looking at sounds pretty open-ended. De-REITING on the
list? Sale on the list?
Q3 margins are down from
Q2 at OPCO. Because of ramp-up, per Doc. "Adjusted"
margin is highest ever (compared to prior years'
"unadjusted", I presume).
ML has also been hired by OPCO
to raise money. Apparently (if I read the bold print
between the lines correctly), OPCO still can't cover its
cash losses, even with its own credit line and the
higher PZN fees.
The dividend flip-flop/delay is
great from a business standpoint, but just plain awful
in other ways. Demonstrates again that mgmt didn't
have a full understanding of what they were doing.
Prolongs the agony over SI and REIT status. We may still
be posting all the same stuff a year from now.