TSX:SOT.DB - Post by User
Comment by
Sunsurfer12on Nov 10, 2021 4:22pm
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Post# 34111976
RE:RE:RE:BMO analyst update
RE:RE:RE:BMO analyst updateThe core problem is misalignment withinternal mgmt..Slate will say we have a bunch of Class B shares..reality is those are sunk capital they can never get back (practically speaking) without winding down the reit.
Mgmt has consistently been negative on shareholder wealth generation (e.g. buybacks in the $2s) as they wanted to build a war chest to make the reit bigger...
Bigger, bigger, bigger is all they focus on....now if it was internally managed i'd believe it..given external mgmt and associated drivers combined with their history for running up payout ratio %, and leverage in their acquisition thinking then this thing is doomed to repeat the dividend cuts and NAV disconnect of the past.
Theres just no joy here to be had in term sof dividen growth or capital growth for the last 5+ years..why not move to a reit where shareholders are aligned..e.g. love or hate Artis but at least his money is where his mouth is and we all sink or swinm together