Results More asset sales during Q4, in addition to the previously announced sale of the Corus building for $230M, we sold an office property in Dallas for $7M, and industrial property in Phili for $37M. Appears we will sell the remaining US industry for a pretty penny (currently marked at a 5.3% cap rate per H&R) to simplify the industrial portfolio to purely Canadian.
FFO and AFFO down slightly q/q after normalzing for sale of option FFO down to 0.299 from 0.310 and AFFO down to 0.245 from 0.251. Both metrics are back where they were in Q2. Very stable.
NCIB appears to be firmly shut-off (0 buybacks in Q4). FCF seems to be squarely directed at debt and developments. Incredible honestly that our balance sheet has *barely* contracted dispite the meaningful sales and writedowns.
A solid year imho. Looking forward to hearing from Tom tomorrow AM. Cheers.