I obviously misread the market when I got out last spring. However, I have yet to misread BIP. Despite the continued climb in unit value - they have continued to have decreased FFO/ share and continue to blame it on secondary issuance.
The aforementioned notwithstanding they may in fact raise the dividend - as it is clear they can return 100% of the FFO as dividend. Any additional funds necessary for acquisitions can always be acquired by new unit issuance.
I would still like to see some of their more recent acquisitions begin to produce additional FFO/profits before I reinvest. Just the same, the price continues to climb and the dividend continues to be paid - I just don't understand it (not the first time).
think in terms of cost of capital, need for income for retail investor and to liability match for institutional money; despite hits and misses with raised capital in turns of ROI, such is life. BIP still well run, diversified income player. The type of company which is coming into the radar of those savers, retirees killed by ZIRP.