What are you talking about? They just pay the rate they have always paid on the debt. It is not like it is going up.
I'd say they have been given a gift...
Lower the stock price. Get options priced at these levels. Sell when stock price doubles.
Rinse and repeat... When FFO adjusts for these share buybacks the market will take notice. It seems like that is all that will take this higher.
So why rail against a company that has a net asset value of 29 and is selling for 19? Time to buy was last week. Time to keep buying if your are the company.
It sure is looking like the dynamics of the share price has changed - How the market lost all sense is anyone's guess, but it sure was nice while it lasted.
We are now at a 17% yield after dropping below 17.64.
Isn't 17% that magic number for returns the company is getting on a lot of their PE Investments? I say ditch the PE investments and put that capital into share buybacks NOW! :-D
Are hedge funds still selling? Why would people wait until today to sell? I just don't understand the logic in all of this. Right now we are standing on the precipice of a 17% yield - Apparently no one in the market believes in management. No one believes they will follow through on the multi family sale. No one believes they will buyback an amount of shares that might actually become effective.