SmartCentres Real Estate Investment Trust T.SRU.UN

Management comments on distribution pretty direct

[logicandinertia]

When pressed about the distribtion on the call, management couldn't have been more direct, and emphasized that they see the closing of condos/townhouses to persist for many years, providing a cushion for the distribution.  The actual quote was:

"..we expect this recurrence of FFO and cash flow from the closing of condominium and townhome developments to continue for many years to come. The cash flow generated from these closings further fortifies our liquidity position and also supports our distribution strategy.......this should also come as no surprise that we expect this condo and townhouse profit to be forthcoming now for many, many years to come. And so it's fair to say when our Board thinks about distribution levels, ultimately, they think about our payout ratio in relation to those contributions."