PRO Real Estate Investment 8 Convertible Unsecured Subod Debentures T.PRV.DB

RE:RE:Dividend cut coming ?

[incomedreamer11]

Managment just artificial increase AFFO using depreciation report on some office property

From TD 


Year                          2021A               2022A             2023E             2024E

EBITDA ($mm)          43.4               54.1                  52.8                   57.5
 
DPU                          0.45               0.45                     0.45                0.45

FFO/Unit                   0.44                 0.49                   0.44                0.52

AFFO/Unit                 0.38                    0.41               0.40                0.42

AFFO/Unit (old) – –                                                   0.41                  0.43

AFFO Payout Ratio 120%               110%                 113%             107%

Forecasts. Overall, we continue to expect stable and steadily growing cash flows and above-average NAV growth and stability, driven by our 3%/4% SPNOI growth forecasts for 2023/2024. However, with the two aforementioned vacancies, our 2023-2024 FFO/unit and AFFO/unit estimates mostly slipped 2% (2023E FFO/unit is -12%, reflecting the elevated G&A in Q1/23). Our NAV/unit estimate is -4% to $7.00