RE:Conference Call TranscriptI agree.
A focused but important call.
A key statement that spoke to the value of.our shares and the discount to nav:
“Over the past 12 months, we have disposed of more than $8 billion of real estate assets, generating $3.6 billion of net proceeds of our shares and at prices that were 5% about our IFRS carrying value. Utilizing just $500 million of those $3.6 billion of proceeds to repurchase our units and shares at a 30% discount to IFRS will create almost $250 million of value for our remaining unitholders.
There is no other investment available to us that will generate returns that high. Should our units continue to trade at such a discount following the completion of this offer, we will continue to dedicate more capital to buying them back”
I listened to the call-and there were some important questions and responses relating to the redevelopment of the shopping centres into housing and other uses. i Believe this can drive shareholder value, and is one area the market got it wrong in failing to recognize the value of the recent mall purchases given the skill of this team in unlocking value, redploying, and increasing the density of real estate.