RE:reviewed Q4 results again, not expecting divi increase 2022
Really good point, thanks for pointing that out. This explains the second distribution in Feb of 2021. I was suprised by this reduction because Mrt is making enough to justify at least .04 per month, overall debt is 52% of gross book value, which is not a problem. But with mortgages needing renewal, with leverage ratio of more than 80% for 2022 and more than 60% in 2023, this changes things for the next year or two. Management is really conservative, and of course new this was coming, and so reduced the distribution more so they would have an extra cushion until they are through this. Also, as you noted, increased capex, especially for redevelopements. Short interest is still above 2.3 million as of Feb 15, I guess shorts feel they are safe for a year or two.
Having said all this, the distribution on todays price is 4.5%, which is not bad, but will likely be 9% or more on todays purchase sometime in the next year or two.