True North Commercial REIT T.TNT.UN

NCIB

[giovinco]

The fact that ncib stalled since July when share price went down almost 40% is not a good sign.
Wtf are they doing? Cfo was probably let go because she could not do fp&a properly. Problem with most cfos are that they only have accounting background and no finance, which is essential for cfo role.
Anyway, ffo metric looks ok so why are they not buying back shares is the problem.

[InvestSmarter]

Too much debt. They simply cannot afford to remove liquidity with 60%+ debt (probably closer to 70-80% after write downs) while banks will only offer 50% debt loans on office buildings. Someone mentioned 70% covenants, but that's on existing variable debt, not fixed debt on new/renewal mortgages. TNT is a stone throw or small write down away from 70%.  Taking on debt through buybacks at

[EstevanOutsider]

what you are saying is not what management is telling people. they have reported they are not having financing issues on existing mortgages. the trouble is access to new capital. my friend works at raymond james and had a meeting with the CFO, he was literally told the distribution was safe and refinancing was not an issue only three weeks ago (a week after i talked to him)

[CanSiamCyp]

Estevan: Appreciate your many posts on this board! Like you, I have held TNT.un for several years ... and had the confidence to buy more units a few months back ... but just not so sure anymore! Like you, I have never seen such a collapse in unit price when fundamentals seem relatively sound (unlike the case of SOT.un which has been royally scr3wed by the slime moulds a.k.a. The Welch Bros

[EstevanOutsider]

Thanks. I would not buy here without further clarification from management even though things seemed like they were going well. As noted I talked to the CFO last month and my friend spoket o him a week later and confirmed more of the same. Seems like a situation of price drives narrative and low interest, with poor coverage and poor understanding but still shaken frmo such a selloff. I would

[Compypaul]

So are you comfortable buying at these level, EstevanOutsider? I've been chipping away, but starting to lose my stomach for it. But "in for a penny, in for a pound" if I can find any sort of confidence from fellow investors.

[lebouclier]

I just bought more today. ill go in even more heavily if the Q3 reports are what I expect.