Joe454 No, PLT's management is well aware of what they are doing. We saw the same formula used when the energy trusts were all the rave before the halloween massacre. Any that followed this method usually did not fare so well after their access to cheap financings dried up.
What a lot of investors keep forgetting is that PLT is drilling a finite resource. When the drilling opportunites on that resource runs out, there is still debt to be paid, and the more shares that are issued because of the DRIP, the less there will be for each remaining shareholder.
Yes, they can buy more properties, but unless they are extremely accretive, that won't balance out the depletion and dilution from over-distrbuting.
I realise that pole who hold share don't like to hea such things, but ignring the issues doesn't make them go away.
Of course, if we do get back to good pricing for nat gas, everything changes. And that is possible. I am just not convinced it is probable.
And igstar is on ignore for being pathetic.