I wonder what the market value of their other properties are? Add up the value of the recent cash proceeds, existing property, and investments, subtract the debt and you still get a stock price double from here. Today's sale was a shocker of a number.
It seems they have very little other than this recently sold property. And the 10Q does show $14mm in debt- only a little of which is attached to the sold property. And don't forget capital gains tax on the sale of this property.
I think the price is too high at $16. I considered buying at $11 - dang!