RE:NCIB - any reason why on pause since Aug22? Sorry to respond to my own post here, but one thing to note when I was going through the Q2-FS is that there's $110 million of restricted cash in relation to a 1031 tax deferred exemption.
1031 means that H&R has 180 days to find another property to purchase with the proceeds of disposal from their other properties and they will defer the taxes. So they need to spend this money, otherwise face negative tax consequences.
They are likely going to spend this in the sunbelt, but I'm hoping they're not looking at doing a larger acquisition.