RE:HR laggingYes. Management stated many times in their letter to unitholders (see the 2021 annual report on their webpage) they are fully committed to buybacks. I expect the buybacks will be active until a 15% discount to NAV (15.05-15.25). NAV will keep rising with every unit bought back so that target will keep rising. PMZ around 15.50 (30% discount) is where it should be trading as a comparable discount to what HR is (26-27% discount), but is still also too low for their strong balance sheet. HR should trade at a much lower discount to NAV, possibly a premium to NAV. A 10-15% discount to to NAV is a good fair value for HR. 26-27% is way too low for HRs quality. Take advantage before it's gone IMO.
deornoth667 wrote: Share price is lagging. I thought the point of the PMZ spin out was to generate more shareholder interest by getting rid of "problematic" mall assets. Has management commented on the lack of SP growth this quarter?