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You are right that they beat my estimate. That they "elected" to be taxed as a REIT in 2009 is pretty meaningless - they had no operations and nothing to be taxed that year anyway, so it didn't matter what they elected. The turning point to me is when they started paying out the dividend in December 2010. Once that started, REIT status meant something. And yes, that came much more quickly than expected. The pace of investment has been torrid. Amazing.

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