You really don't think a 11.5% to stay, do you? Their DCF has been abominable, and as many have suspected, they came out with and SPO (424b5). Now the question is: Can a cut be far behind?
If you vote in box 1 for the gold ballot and box 2 for the white ballot you will have no problem with removing the Board. If you don't indicate a vote on the white ballot the Porkneys can challenge the results and make life miserable for investors, giving them more time to retain control.
Good points. If it reaches 12% yield and stays there awhile I would expect a distribution cut, maybe next Q. I think long term this puppy is a winner and I would start adding at anything below 24.
In other words they are sneaking in at the expense of the little guy. This leads me to believe that $25 will be the lowest we are to see unless the distribution is reduced. Then all bets are off. Does that make sense?
If the market had reacted to the registration it would have gone south already, which means that the drop to 25 was in anticipation of what they did. The actual sale, then, should be of no consequence, right?
I think that you are talking about the K-1 form which you received. That form deals with the distributions you have received and how they are treated tax wise. The K-1 is provided yearly at tax time. The purchase and sale of your units is another matter and your broker has the records for the capital gain, long term in your case. Hope this helps.
The Porkneys may have paid off Moody's to put out an alert for downgrade just as they tried to pay off MD politicians some time back and change state laws in their favor. They got caught and failed in that scheme. Now they are claiming that the downgrade is due to Corvex/Related wanting to get rid of the Board. No question; they are slick!
"RMR tried to make its keep the old fashiioned way, acquiring valuable assets, relatively stable income over the long term with some growth."
Either you are ignorant about what RMR was doing over the last 15-20 years, or you are a paid pumper for the Porkneys. They were buying properties and getting 1/2 of 1% PER YEAR, as long as CWH owned those properties. The Porkeys had to reveal it or they would go to jail. Guess were they mentioned it: in a footnote somewhere in a financial report. By last count RMR was raking in about $38M/year.
I wouldn't use their book value if I were you. A lot of properties have taken a dive because of age and disrepair. I looked up some and went to see them. The big reason they bought whatever was on the market was that RMR collected one half of one percent each year as long as CWH owned them. That fee was hidden in a footnote somewhere, because they had to reveal it.