TSX:SGR.UN - Post by User
Post by
logicandinertiaon Feb 24, 2021 7:14am
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Post# 32644638
Another pretty solid quarter
Another pretty solid quarterhave never liked the external management structure, but the way this team has stickhandled thru a difficult Covid year should be applauded. Certainly looks like the distribution is sustainable, which was my key question thru 2020. After going thru Q4, some takeaways...
1.Despite COVID, same property NOI grew in 2020 and forecast to grow in 2021.
2.Distribution (on absolute basis) increased in 2020.
3.Less than 5% of leases up for renewal in 2021.
4.They sold high in 2019 and early 2020, and bought low (spring of 2020 and jan 2021), in terms of relative cap rates.
5.Debt renewal completed at attractive rates.
6.Have now received virtually all of the deferred rents provided during 2020 due to Covid.
7.Payout ratio for AFFO declined again in Q4 to below 100%.. The property purchases closing this quarter will further bump this down.
8.Record total and new leasing volume in 2020.
good luck...