RE:share price below book.You never want to see share price below book for an extended period of time because their ability to finance becomes more difficult as issuing below book lowers book value going forward. Forty years ago the top energy analyst in Canada working for Nesbiit at that time said this. Typically they issue above book and it drives book higher. Anti dilutive. Back then book value was actually a metric as were payouts gauged on earnings and not AFFO. Using AFFO and paying out 100% brings you closer to the edge of a cliff such that things better not go wrong or the share price of what should be a conservative low beta investment will act like a REIT during crunch time.
splurge