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TWST: Dan, how do you see it?

Mr. Pine: I don’t think I have a terribly differentiated view from what has already been said. What I would add is that it really comes down to risk and return. If a company takes on more risk to achieve excess growth, it’s not necessarily a good deal for shareholders. And some entities will be more successful at finding opportunities than others. There will be companies that have logical, rational plans to add value because they’re good at adding value and servicing their tenants, and then they need to do a logical add-on business. And there are others that will do it badly.

TWST: Would you provide some examples?

Mr. Pine: I don’t know that we have many yet. You can certainly look at something like Public Storage’s (NYSE:PSA) pickup and delivery business as something that they came up with that was perhaps additive to their core business. This is, essentially, a new way to provide storage services to individuals and small businesses. Although the business plan appeared well thought out, it took a lot longer to reach breakeven than originally modeled. The moral is that even a good plan was still fraught with difficulties. And I’m sure that most new ventures will prove similarly difficult to bring to profitability.