Treit, my comments are hypothetical and I do not have numbers to back. I think it is a fruitless exercise to try to tie numbers to it as there are too many assumptions. The company is too young. The deals and jv' s are all unique. As such each equity issuance needs to be evaluated on its own merits. What has everyone upset is the overhang the share issuance have had on stock price. I believe the overhang we are seeing today relates to shares issued year / years ago. Which was Very much needed at the time. How do you expect the company, a holding company, to acquire assets which drive growth without issuing equity. it is all about accretive equity. Evan at this stock price equity issuance is accretive, which demonstrates the exceptional growth rate and huge opportunity.
At some point you have to think management knows what they are doing. What Needs to happen is structuring the equity so It does not cause an overhang.
I am sure people are sick of hearing from me on this. Sorry.
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