TCN announced a sale of their 20% interest in the US multi-res portfolio for 315 million. The book value from their last annual report was 179 million so the book value was only 52% of the fmv. The use of funds to pay down debt and the evidence that the book value of the company is likely seriously discounted seems to make this company's shares a compelling value.
We would agree; the stock is cheap on many metrics, and has been hit hard on recession/rate fears. But it has shown it can make money and manage its asset portfolio well. (5iResearch)