TSX:TNT.UN - Post by User
Post by
EstevanOutsideron Feb 24, 2024 8:51pm
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Post# 35897567
$54 million in distributions per year to $0
$54 million in distributions per year to $0in less than one year. TNT now valued at 1/3 of what they'd pay out in distribution by Marketcap and not much has changed. Trading at $199 psf with a crazy high cap rate and very long leases with credit grade tenants. Good chunk of land in Vancouver/Victoria and good locations in Toronto with pretty easily to sell properties elsewhere.. except perhaps a few in Alberta which are leased to government tenants. Makes you think.
Drimmer is buying millions and he was buying at magntitudes higher. Price drives narrative. Colliers said Canadian vacancy to top out around 15% within a couple years - much better than expected. No new builds and population still growing.
Perhaps it's time to buy more of this at current lows. Market treating it like it is a terminal decline asset with no hope of rewnewing expired leases and no ability to sell or recycle buildings. Something we know isn't true as they have had good releasing rates and generally good ability to unload assets, even obsolete ones like the Laurier one sold last year to IIP.UN for conversion.