Outlook is fabulous in 2022, 2023 and beyondThe 15 office buildings which will be sold will stay in our fold
and generate good rental income until cash is needed for
development. The apartment collection in the sun belt will
grow quickly; 12 new buildings will commence soon.
Rents are rising in the USA. The leaseup of the new complex
in Miami (River Landing) implemented 6 rent increses during the
process (about 40% in total is what I recall). The Long Island
property is now more or less fully leased but past incentives
will cost about $6m in 2022 and less in 2023.
$20 a unit may be within a few years.
In Oakville, a large building has an end of lease recently.
The prior lease of about $5 or $6 is replaced with a new
lease @ $14 a sq ft
Their NAV calculations are conservative.
For example, even the office buildings with long leases may sell
for over the current IFRS NAV.
Don't go anywhere
mat