LOOKS LIKE THEY NEED MORE TIME TO SURVIVE They extended it as they probably don't have 2/3 vote which is amazing since armoyan and slam own shares
these clowns put themselves in this position through the greed of fees and now want to dillute sharehodkers while they sell off properties and below acquisition prices
Management's short-term target is to reduce the REIT’s total indebtedness to below 65% of its gross book value by executing on the portfolio realignment plan to decrease leverage and generate equity to pay down the REIT's revolving credit and operating facilities. The success of this strategy is dependent upon debt market conditions for borrowing, as well as the characteristics of the underlying assets being financed. If this strategy is unsuccessful, debt principal repayments may need to be funded by operating cash flows, additional draws under the REIT’s revolving credit and operating facilities, or by issuances of equity or debt securities, and if such funding is not sufficiently available and the REIT’s gross book value declines further, total indebtedness may increase further beyond 65% of the REIT’s gross book value.
The amendment is intended to provide greater flexibility to the REIT, which (among other things) regularly refinances its existing indebtedness as part of its ordinary course of business, and while management pursues the portfolio realignment plan to decrease leverage. This need for this flexibility has become increasingly important, and management expects that trend to continue. For example, the REIT has recently been presented with accretive leasing opportunities that management and the board of trustees believe could be executed on in the near term, but which the REIT may not be able to pursue without the flexibility to incur additional indebtedness in connection with tenant inducement obligations.