Ann: Update Regarding Starwood's All Cash Takeover Offer for AOF, page-2

Ahh, don't you love biased perspective. If I follow their logic, the CHAB proposal should be discounted 8c due to distributions in the meantime, making the CHAB offer equivalent to $2.96 currently, i.e. lower than the current Starwood offer of $2.98. However, as a shareholder, I note nigh on 3 months have elapsed since that vote in November (originally scheduled for early November, i.e. 3 months ago), and so a further quarterly distribution (4c) or quarterly FFO (4.4c) should, by rights, be added to the price. That added to the theoretical CHAB offer makes $3.00 or $3.004, ABOVE what Starwood is offering. That's my biased(?) perspective on the matter. Having said that, I think an offer needs to be pitched above $3.10 to start getting any traction. For me, a shareprice above $3.20 is not unreasonable in the next few months if interest rates drop further.