Thanks for that share!

The Boards of HR.un and PMZ.un decided to forgo all acquisitions and focus free cash flow on unit buybacks .... cuz they recognize that the return on the bought and cancelled units is higher than the return on new acquisitions. Also new purchases when unit prices are far below NAVPU are usually dilutive while the buybacks are accretive. If the current Board of SOT.un cannot see that they are not very well informed ... or they are on the take from the SLAM/Welch guys!

Our only hope is that the large buyer of units (>10% of outstanding units) will lead a charge against current management or even engineer a hostile takeover of the Board! Given that the current Board members received just slightly over 50% approval in the recent election process is indicative of the amount of dissatisfaction out there. Change is coming (fingers crossed)!

Cheers to all!

incomedreamer11 wrote:

Managment still want to be with SLAM fee and keep bying properties

instead giving money shareholders.

From confernece:

Steve Hodgson, Chief Executive Officer :

That's the question we discuss with our Board quite often. On the acquisition front—in the markets in which we operate—we don't expect a lot of transaction volume for the balance of the year. I think groups are still in price discovery mode and there's some volatility. Where we see some opportunities is in some smaller bolton acquisitions that are complementary to our existing portfolio, whether that be an asset that might be in one of the business parks that we hold assets in in Ireland, or something in the life science space elsewhere. That's what we're focused on, and it would be a recycling of capital. What we're working through with our board is the pros and cons of those small, strategic acquisitions versus buying back our own stock, which we agree is cheap right now. We don't view that as a strategy. We view that as a tactic. Our ultimate strategy is growth because it has many benefits in terms of diversification and getting to a lower cost of capital, but we do see the value when the stock's trading at such a discount.