Liking Shipping REIT Seaspan, But Not At Current Prices

I'm a fan of income. I'm a fan of corporate entities that pay a minimal amount to management. I'm also a fan of global trade. Thus, it might come as no surprise that I'm a big fan of Seaspan Corp. (SSW) and shipping in general.

SSW is structured as a REIT and thus must pay out most of its income in order to avoid corporate taxes - a structure I agree with since its forces citizens to pay their taxes right away. Anyway, here's a blog by Larry MacDonald about Seaspan. I don't know where he gets the fact that Seaspan is trading at a 50% discount to replacement value, since they are in the middle issuing equity and of buying more ships. And while I think that Seaspan's recent equity offering will increase liquidity and thus its valuation, I'm also worried that the new equity issued may dilute earnings for a bit until the new ships can come online. I'll likely hold off on aggressively buying unless I can buy shares around or below the current offering price of $21.50.

SSW 1-yr chart:

Disclosures and confessions: I own SSW in my trading account and my IRA. I also own Greek shipper Tsakos Energy Navigation (TNP).