TSX:PRV.DB - Post by User
Comment by
canadianon May 22, 2023 11:48am
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Post# 35459078
RE:RE:RE:Dividend cut coming ?
RE:RE:RE:Dividend cut coming ?Stop choosing what you want short seller! Stop spreading fake information
From earnings transcript:
Continuing on with same property income, net operating income and, as discussed during our last call, in Q2 and Q3 of 2023, our industrial same property will be largely affected by a six-month vacancy for our 100,000 square foot property in Montreal. Effective September 1, 2023, the property will be fully leased and cash flowing and at a 40% leasing spread to its current rents. On the renewal front, we continued to experience good momentum with 68.5% of gross leasable area maturing in 2023 successfully renewed at an average positive lease rate spread of 40.9%. 2024 renewals are also moving along well.
We had $10 and $11 rents on that property and renewed for 10-year deals for two tenants for the entire building, which originally was only 90% leased, for $15.50 and $15.75 a square foot. So 40% rate there. Another example is in Southwestern Ontario. We have a Woodstock property, 66,000 feet, $5.35 rent moved to $10.50 towards the end of November on another five-year renewal with no tenant inducements. And then for Halifax, we’re just seeing all the time rents of $6 and $7 being renewed at $10 to $13. So we’re seeing solid leasing spreads across our areas. Winnipeg, we did a few deals there and they were 17% to 20% spreads as well.