Cominar Real Estate Investment Trust Unit T.CUF.UN

Primary Symbol: CMLEF

Real Estate REIT - Diversified

Cominar Real Estate Investment Trust is a Canadian REIT involved in the ownership and management of properties throughout the Canadian provinces. Cominar's real estate portfolio comprises a mix of office, retail, and industrial and mixed-use properties. While industrial and mixed-use assets are the most numerous and command the most square footage in the company's portfolio, office and retail locations combined represent the vast majority of the portfolio's total value. Most of Cominar's properties are located in the Greater Quebec City and Montreal areas. The company derives nearly all of its revenue from rental income from its investment properties. The source of this revenue is largely split between Cominar's office and retail locations.

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Cominar Real Estate Investment Trust Unit

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Comment by slimjim11on Aug 27, 2017 1:53pm

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Post# 26626171

RE:NCIB

If I were in management's seat, I would set the buyback ceiling at that price where buying back the dividend stream yield is no longer my best use of capital at marginal cost of borrowed money. What is their current marginal cost of debt capital? I doubt it's as high as 8%. If, for example, it's 6% and the dividend is $0.095 per month, then the logical buyback ceiling price should be (12 x $0.095)/6% = $19. Anything below $19 improves the AFFO/unit.

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