Is is interesting to watch how the analysts have chased the share price, consistently underestimating changes in cap rate and therefore NAV.   And once again, begrudgingly nudging up price targets to reflect the realities of the market.  The WRI-KIM merger at a high 5s cap rate suggests that, upon closing, there will definitely be a gain booked for Slate's latest deal.  Upon re-reading the last quarter transcript, ever more confident that we see cap rate for SLATE GROCERY continue to come in.  In this case,  'naive' retail investors like us seemed to gauge the opportunity in Slate Grocery much more accurately than analysts over the past year.  Note the US$11.55 implied NAVPU based on the 7% cap rate, which is around CDN$14.25...

On spread expansion:  "And tenants are doing well. So, we feel like we are entering an  environment where we can push spreads and bring them at or above our historical run rate."

On potentially booking a gain when closing the $390mm transaction shortly: "I think that is a fair assumption. Once we close, we will go through the typical process, our fair value rigorous discussion, going through net operating income and leasing assumptions, cap rates that are supportive of the values. And I will come back to that comment. We bought this portfolio for $127 a foot, half of the portfolio is located in Dallas and New York metropolitan statistic areas. That is not an entry point that you see very often into the number one and number four markets in America. So, it is fair to assume that there will be some gains booked once we close this deal. "