The two tranches of preferred shares become convertible at 43 and 48, so expect another 11 million shares to hit the market around this level. Fully diluted this company has 100 million shares.

If this company wants to expand and build more cloud computing facilities it will need to raise more money. I doubt that they can raise debt with no cash to put down so they will either need to sell more stock or issue preferred shares with a cost of 6% plus any additional dilution (if there is any). These properties yield about 11-12% gross, subtract the cost of capital of 6% (minimum), subtract the maintenance needed 2-3% and you have 2-3% left for equity holders. That is not a good investment in the same way YHOO and AMZN where not good investments in 1999 trading at 1000 times earnings or that buying a house 3 years ago yielding 2% was not. Capital appreciation of a company ALWAYS returns to valuation (eventually).