Shares are historically cheap on just about every metric, but acquisition metrics are also cheap. I know issuing equity for acquisitions will spark PTSD for a lot of long term oil investors, and the situation and pricing can be highly variable. Equity can be bought and sold depending on what improves the per share metrics better.
Maybe this is me high on hopium, but it's only dilution if you overpay (or really mess up the timing). With transactions in the WCSB at 2-3x 2022 NOI and shares trading at 3-4x, I'm ok with consolidating if it improves the company, not just makes it bigger. (Thinking specifically of TOU here).