RE:RE:RE:Earnings Highlights They already declared December's dividend so I don't know if they're going to hike before Covid is over. Snake said they should some of the 1 billion in liquidity to buy back shares but I don't know if they'll want to pass the 50pct debt/equity mark... I'd like it if they brought down the share count by leveraging to the 50pct mark. they're down to 47pct now. I didn't see any comment on the office portion of River Landing but the rest looks like it willl be fully leased by middle of next year. If we could avoid closing the malls in Canada, we will make out like bandits with all the extra cash coming onto the balance sheet from the dividend decrease. The payout ratio has now dipped under 50pct which is crazy... talk about a safe dividend! We're able to buy this REIT for around 50pct of the precovid price and it's almost performing at the same level overall. The whole office story has no legs as the leases are in place for crazy long... the only soft spot is retail but their tenants are reporting an average of 88pct of precovid numbers. The next 6 months will be rocky but in a low interest rate environment this can easy get back to 22 by Q1 22. I'm hoping the new government program will further improve FFO next quarter since they won't be eating the 25pct of rent.
I wish we had these numbers last week when the market was rocking, we could have added another 10pct gain. Run rating 1.60 FFO+ for an 11.70 REIT... crazy good.
GLTA!