TSX:TNT.UN - Post by User
Comment by
sclardaon May 06, 2022 7:23pm
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Post# 34663801
RE:RE:RE:excellent earnings
RE:RE:RE:excellent earningsmjh9413 wrote
True but property space re-rented between 2H 2022 and dates in 2023 and 94% rate is real for qtr even if adjusted by fees. They also issued TM shares at $7.34 each and DRIP share payments at $7.09 in qtr (so 12e reveals). Also Unit options are curtailed but those outstanding are just about in the money for potential (~$3MM) cash influx. Better than I expected and with Drimmer at helm full time I'd say things will be steadied to !00% or less payout ratio rather than go other way.
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I hope you are right. I dont like to count shares issued under DRIP etc. as income even though it is distributions that they dont have to pay it adds to shares outstanding and increases the amount that has to be payed in distributions. The same with options.
That being said as time goes by and they get higher rents on new and replacement leases and the full effect of new property purchases come into effect it should help the payout ratio.
With the shareprices recent drop i have started buying a few shares and will buy more. At the current shareprice the distribution yield is around 9.2% Even if in the worst case they had to cut it 10% to get the payout ratio down the yield would still be over 8% for a company with nice assets and some of the best tenants you can get.
What more can you ask for?