Your analysis is seriously flawed on many level. To list a few: Assets are shrinking!?!? you mean with the recent acquistion of I think it was 28 properties from the highland portofolio?
They actually just raised the dividend, so you are actually getting a good bang for your buck at 5%.
Errrr... I'ts actually trading below book. Remember GGP and Bill Ackman?! Where did you calculate you asset value?
And BTW when it was at $1 (when I bough it) people were also wary about it, the pro's bought.
I haven't been keeping up with the day to day of the stock, I never even heard of it til last night.
When I said assets are shrinking, that is, look at the total assets and total equity for the end of each quarter or year, and you'll see the number moving in the wrong direction. Its at around 800 million right now which is just around market value. When market value was half the amount (stock price was lower) it may have been worth it then.
By the way, total equity will shrink even if you buy ten billion properties, because in order t buy assets you need to give up other assets (cash) or assume more debt (liabilities). Losing cash and adding debt are both bad signs for a company.
They also haven't made profit in forever, which also is fundamentally not a good sign.
CMIIW, but in the quick look over, it is hard to see anything special about this company. There are hundreds just like it, at better prices too.