$52m debt is declining, and also covered by 2 properties ....This may not be fully understood by investors - existing or potential. The properties are on the balance sheet, but are somewhat hidden.
Page 11 of March 31, 2021 AIF lists all SXP facilities, and says 2 are owned by SXP:
Etobicoke 96k sq ft
Laval 139k sq ft
Based on very rough recent industrial property sales data, these 2 properties may be worth $273 and $170 per sq ft, or about $26m and $24m, respectively, for a total of about $50m (or nearly $2 per share).
Combined LT and ST secured debt at Sept 30, 2021 was $52m.
Potential buyers of 100% of SXP could sell and lease back the 2 properties to finance their acquisition.