PZN didn't have a choice on the OPCO fees. IRS requires them to be capitalized. The market, however (Litt, Cleo and all the anlaysts who follow(ed) PZN) did NOT capitalize them in their models. Ultimately, as I mentioned recently to NHY, the world views this as one company. The irony is that that's how Doc wanted it, and that's how he structured it to operate.
Yet at the same time, he wanted OPCO to be invisible, and for PZN to be judged as a realestate company. Ultimately, he couldn't have both. A little too fancy for the market.