RE:RE:MAJOR slump for REITSThe value proposition here is mouth watering - still not as good as H&R REIT imho - but, captivating nonetheless. (I've done the math - see @alphafortuna). When the Snakey's of the world cry, it only means real investors are holding and accumullating.
Snakey would believe the NCIB is a mechanisim to prop up the unit price, whereas I'm sure many here understand, its simply a tool to increase our (unitholders) % ownership over the underlying assets... to suggest the SIB was a failure because of where unit price is, is just foolish. The only thing foolish was the impatience of doing it all at once (bidding against one's self), rather than doing it slowly and methodically at a lower price. Truly a greedy gambit by Cooper to extract liquidity using the equity here, while the Snakey's of the world (children with investment horizons and attention spans of a goldfish) cheered him on.
Implied cap rate of 8.5% and the taxable capital gain has already been paid out (it's behind us). Just wow for anyone who wants to own downtown Toronto real estate *chef's kiss*