Canadian Apartment Properties Real Estate Investment Trust T.CAR.UN

RE:RE:RE:Normal Course Issuer Bid

[Mephistopheles3]

If I was management, I would do share buybacks at this point as their leverage is completely fine right now as you could see by the last large acquisition being done without issuing shares and they are big enough to be able to buy the $800M - $1 billion annually with FFO/leverage.  Shares are at something like a 17-20% discount to NAV right now.  

Thanks for pointing out the automatic purchase plan, I didn't see that before, so it's possible that they are buying back, but we'll only find that out for sure in a few days.

I'm not sure if there's internal dynamics / drama going on at CAR lately.. the long-time CFO moved on a few months ago and Michael Stein recently retired. If you go through the proxy voting for the BoD in the last couple of years, one interesting thing you'll see is that the entire BoD gets voted in at 100%, but Michael Stein keeps having 25% of the votes withheld for him, which is a major block (likely the estate of Thomas Schwartz, the co-founder who is the only potential shareholder of that size) . Also the Ireland management contract was pulled last year as well.  There's a bit of a backstory or drama behind the scenes...  I don't think it's major or anything, but I'm always curious to know what's going on in case it will be an issue.