APR Scotia commentOUR TAKE: Neutral. FFOPU came in at $0.237 in Q3/22, largely in line with Scotia estimate of $0.241 and consensus estimate of $0.245. Biggest news was disposition of Kingston property (Toyota dealership) comprising 25k sf of GLA and 2.71 acres of land for $18.0M at 6.1% cap rate, and recognized FV gains of $1.7M above IFRS value. Based on filings, we estimate sale price of $720 per sf. This was non-Dilawri tenant with a lease expiry in 2038. APR’s current portfolio implies $397 per sf and 6.54% implied cap rate at current unit price. Transaction provides a good valuation mark. However, we do think the property had above-market rents ($40+ range) – will look for more details on the conf call tomorrow. Insider ownership continues to move higher: Dilawri’s and TWC’s ownership increased to 30.2% (29.9% in Q2/22) and 19.3% (as per SEDI – 17.6% in Q2/22), respectively. SP NOI growth was 2.2% y/y in Q3 (vs 2.5% in last quarter and 1%-range in prior years) – clearly SP NOI growth has ticked-up due to higher inflation