Pure Industrial Real Estate Trust T.AAR.UN

RE:RE:RE:RE:PIRET now on BuyBack index. What is it ?

[mjh9413]

It had a 48.8% debt to GBV for the last 2 qtr ends. That should decrease with the rounds of unit issuance  they have had to pay off the bank debt from the Fedex'x Vaughan property development. The latter property adds C$8MM income pa starting April 15th and the Burlington Jersey development another C$1MM+ pa from the same date. My only concern is how the new unit issuances will impact AFFO per unit despite this rental increase but it seems as though it will mean the payout ratio will remain about 85%, or at least something less than 90%. (I also think they get a one-time payment of a couple or so million from completion of that Vaughan property but I might be wrong on this.)