Unfortunately, management cannot shake their addiction to the fees they generate by acquiring new properties - instead of investing surplus cash into an NCIB. At such low market prices cf. their stipulated NAVPU, it is a no-brainer that buying back their own units would be more accretive to shareholders than acquiring new properties. At present, HR.un and PMZ.un management are fully committed to buybacks. But the Welches want their acquisition fees! Sigh!

Detailoriented1 wrote:
Payout ratio of 74% in the quarter so dividend seems very safe. NAVPU of $8.71 which compares to current price of $4.61. A $3.00 gain or 60% share peice increase could happen and we still are not at NAVPU. Yield is currently 8.71%. A large Shareholder has amassed more than 10% of the company recently and is likely working behind the scenes to make significant changes to the share price. There is lots more to support the stock but the above keep me excited about this one and it is especially nice to see the current earnings remain strong during volatile economic times. GLTA. I think this will be a very interesting quarter for all of us.