Q 3The latest q was reported.
Couple observations. Rents are about a million higher a quarter than last year. This growth should continue as the portfolio renewals occur.
The company picked up half of a 40 unit apartment. Likely with Gsp. Bought an industrial property in Alberta for 7 million.
Sold a 50 percent Vancouver retail for over 3 million.
The jv contribution from the first Silverdale project has slowed down. Interest rate hedge was a slight negative.
They clearly stated they can pay a negative tax case result.
The Silverdale project is in a bit of a lull while zoning applications and infrastructure is planned.
Mission passed its development charges bylaw a few months back.
I spoke with the planner at the City. They have several large clusters in application.
Recent land package asks are in the million an acre range.
All the company jvs are listed at 77 million.
Clearly both are not reflected in the statements or market share price.
Book, adjusted for a full negative tax case loss is 7.50 a share.
MPC.C in the mid 5 has a margin of safety.