SIB TimingThe timing is very curious for the SIB. We looked at the NCIB numbers a few days ago and it was clear that Dream Office would run out of NCIB room by middle of June and it would not be able to renew its NCIB until August.
It seemed that July would have made more sense for the SIB. That would also have been after the Annual Meeting. It's not like the unit price realistically stood much chance of recovery with no NCIB running in June-July when even the NCIB has not been able to keep the unit price from falling day after day. Why do it now? Why not have tried to get more for the DIR units which surely must have been possible by shopping them around to someone like Blackstone.