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I am not able to find the transcripts. I have asked my broker at Merill, don't have high hopes. If I get it will share it.

If there digital push is real, they are going to require huge capital, even assuming CLNY is going to be a general partner and CLNY bringing private REIT capital. I guess the main reason behind industrial sale is to raise capital. Separately tower REIT's cap rate are unbelievable they give a run to SaaS valuations. But the sector can cool by the time CLNY builds its networks. Zayo integration is a risk.

If the share price is not going to raise, CLNY may run out of levers to raise capital for their share of GP. And REIT structure means they have to payout cash. That makes me worry, at some point CLNY may choose to become a non-REIT GP structure with REIT subsidiaries and move the preferred's to holding company and waldanize.

It may seem far-fetched, but after AFSI I have to think hard before investing on preferred's.
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