CooperAt the end of the day I think the team is doing a good job operationally with a combination of renovations, thinking outside the box leasing to restaurants, and rezoning into resedential etc. And the unit price decline is obviously sector-based and particularly bad with office, no one to blame there.
The issue started with the SIB obviously, trying to submit 20m shares themselves, and most importantly leaving investors wondering "what's next?" with no overall plan to address the unit price in free-fall. If you were long D and didnt need the capital to tender for other uses, you are down 30% from that $15.5 marker with a MASSIVE up front tax bill. Obviously the non-tenderers (the real bulls) are bag holders here in a big way.
I thought post SIB the NCIB was be turned on if we fell back down but that doesnt seem to be the case.
The SIB did slightly stress the balance sheet so it seems like an additional asset sale or DIR should have been made going back to early summer.
DIR sold at $14.50+ in July as I was pointing out here would have been a solid exit, and would leave 30m excess to defend the share price down here.