TSX:SOT.DB - Post by User
Comment by
Capharnaumon Apr 21, 2023 2:57pm
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Post# 35407824
RE:Capharnaum:
RE:Capharnaum:I've slowly thinned out my position as I kept losing confidence in the management. I did switch most of what I had left to the 5.25% debenture (which they amended to 9% and conversion of $5.50).
By the numbers, it's cheap and undervalued. If I had any confidence left in the management, I'd probably buy shares at this point.
Unfortunately, other than shuffling properties and racking up fees, the management hasn't done much for shareholders. FFO/AFFO are constantly on the decline. Promised improvements (ie: the Chicago properties) have never materialized. They sell properties to sink the revenues into other properties that have lower income revenues. They lack a long term plan of increasing the value of the properties. The strategic initiatives never amount to anything more than "let's keep doing what we do", which unfortunately seems to be grinding down the value for the shareholders, as per their history. You would think that at some point they'd figure out it isn't working out for the shareholders... unless they do not truly care about them.
I wish shareholders could see/envision some form of outcome or time-frame. For the time being, it just looks like the management will keep ignoring shareholders. I have to wonder what value they really bring to the REIT to justify their compensation.