Balance Sheet Strength All should recall that the purpose of the leaseback was to maintain a strong balance sheet while growing the portfolio. The new Calgary center (Nov. 1/15) is 97% occupied and the new Edmonton center (Apr/16) were built with the proceeds from the sale. Comparing the increased revenue as a result to the additional lease expense the gain is evident. Meanwhile the debt remains about half of the shareholder equity and the balance sheet remains stellar. This company remains as a model of efficiency while growing in a measured manner. Trading at less than half of NAV.