RE:RE:RE:RE:RE:RE:RE:Would be interesting to seeit was variable debt renewed at the same variable terms, no? doesn't seem like news to me, unless i am mistaken.
not only is the debt maturity an issue - the lack of hedging has left this REIT far more exposed to higher interest rates than peers - which still haven't been fully realized in earnings (even in annualized quarterly figures). take a look at the % of debt not fixed here vs. H&R, PMZ, Riocan, Smart, etc.
Hope this help explains the valuation gap between AX and peers.
For me - the risk related to the debt does not justify the current discount assuming the REIT is agressivley paying down debt via asset sales at IFRS values while the stock is trading at a 50% discount to book (IFRS values).
SNAKEYBOY wrote:
I agree babybunny..the fact that they renewed 1 tranche of credit facility, sold 400 million at NAV didnt even make it budge. Thats insane!