A bit frustrating that a transaction as pivotal and important as this one has not seen too much disclosure, regarding future development costs, timing of said developments, near term dilution, and, importantly to shareholders, long-term cash flow impact.   

The $34.50 premium price baked into this transaction, i can only imagine, relates to possibly a tax free rollover (maybe Section 85 rollover), which allows the sellers to defer what is likely a monster capital gain.  So, the tax savings far and away exceeded the 10% premium on the units.   Optically ,it also makes the units at current levels look attractive.  Clever structure. Who were the sellers and were any related parties to Mitch and SRU?  

Overall, I was pleased with the announcement, as this is precisely the kind of strategic move i own SRU for.  The historical business, as a landlord to an array of both thriving and struggling brick and mortar retailers is not the way forward, and this announcement further moves SRU into the territory of "community owner", with all of its commensurate rewards (and risks).   

there are clear shortages of residential housing in the GTA, and immigration policies will only exacerbate this.  in addition, senior housing demand to an increasinglly aging population will only intensify.  personal services offered to a growing community introduces more revenue streams for SRU.   

Lastly, recognize that SRU historically always used partners in residential development for their expertise, and, as such, had an ownership stake well below 50%.   As SRU has clearly laid out on recent conference calls, this will clearly change in teh future, allowing SRU unitholders to benefit fully from the company's future strategic direction towards mixed development.  

Good luck to all...