RE:Dropping ball on NCIB All healthy REITs have available capital through credit facilities. One could in theory financially engineer a higher NAV, FFO and AFFO per unit by tapping the available credit to buyback units -- assuming meaningfully accretive at a ~60% discount to NAV.
Selling assets adds a level of execution risk that this Managment has proven is not an issue - and allows us to do the aforementioned financial engineering without increasing debt metrics - assuming less than half of proceeds are used for the buyback. Perhaps I should request a call with Tom and simply hear what he has to say regarding the matter. Perhaps he has a compelling reason why he is not even buying back a *modest* amount of units at this level.