Plaza Retail REIT T.PLZ.UN

Not the best earnings

[McStockface]

There's always next year lol

[TimeTooSoar]

That's exactly what i was thinking... results were terrible. 

[McStockface]

Anytime you lead your earnings press release with "Looking back at 2023, I would like to highlight some of our accomplishments" you know it's not going to be good.

[EstevanOutsider]

what did you find bad about them other than the rise of interest rates? record high leasing spreads 8 % of PF expires this year 8 new developments coming online in 2024

[incomedreamer11]

Sold all my shares today. AFFO payout  118.8% ,  no sign to improve . Probability to cut distribution highl, will put money with REIT where AFFO payout less 90%- big choice of them.

[EstevanOutsider]

what do u calculate next year with the 2024 development properties coming online and a 9% hike on 2024 leasing expirations (mostly open air centers). should help a lot imho. that's around $3.8 million.

[EstevanOutsider]

a lot of the added affo costs come from maintenance which plaza said had been deferred from covid times. with the completon of a number of developments, have to wonder if this number could fall quite a bit b ack to historical norms. also leasing costs.  anyways, the developments coming online in 2024 + the leasing expirations should add around $3.8 M of NOI annualized based on my

[ScroogeMcDuck1]

The conference call was terrible audio quality and I could barely understand it.   What I gathered is that the results are a temporary blip due to tenant repositioning, not sure what that means, like perhaps they have sold some properties and tenants are moving to the new ones.  So there is a gap in income and increased expenses from these repositioning moves.   They didnt sound

[EstevanOutsider]

they said the elevated leasing costs (affo culprit) were from renovating old properties when tenant left to bring it up to speed and collect higher rent from a new tenant. also noted the gap between tenant swaps impacted affo. i have 182,000 square feet of new developments coming online in 2024 for plaza + 553,000 or so expiring. if you add those two numbers it should provide an incremental $3.8

[McStockface]

Guess we'll see if the insiders agree. They will be able to buy units on the open market soon. CEO has been buying in the last year.

[incomedreamer11]

Again, results are not great.AFFO payout above 100% same like last report . Capex up,leasing cost up, interest and development cost- up. Last report they promised to stabilize AFFO payout, no sign improvement Tomorrow ,I think, will be muted reaction from market

[TimeTooSoar]

Maybe next quarter will be the quarter we are waiting for..............................................waiting............zzzzz......

[pierrelebel]

It appears some investors like the results with the units currently trading at their highest price in over four months!