This means that they issue and redeem units or shares directly with investors on a regular basis, based on the net asset value of the units or shares on a particular day.
At Cornerstone, investors are receiving "distribution yields" of roughly 22% of net asset value, and the shares trade for much more than the value of their underlying assets.
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Such gains have boosted the net asset value of the REIT's shares at an average annual clip of 24% since 2003, Green Street estimates.
The review included addressing the investment performance of the company and the discount at which the company's ordinary shares traded to their net asset value.
Finance One will have to issue twice the number of shares it now has at a price 17% below its net asset value as stated in company accounts.
What attracts Fried to Home Depot is the combination of its value characteristics and its active share repurchase program that has produced a net reduction in shares outstanding.
The elimination of the dividend in 2008 caused shares to plummet and they have remained below net asset value since then.
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The Swiss franc has fallen against the dollar, however, and second thoughts have caused investors to dump the shares, pushing them down to a trading price of about half the net asset value.
The Swiss franc has fallen against the dollar, however, and second thoughts by investors have caused them to dump the shares, pushing them down to a trading price of about half the net asset value.
This morning it was just under 24p, up a bit on the day, but that is a staggering 55% below the value of RBS's net assets per share - and less than half what taxpayers paid for the shares when rescuing the group.
Of course, managers could always buy back their shares given the growing discount to net asset value.
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