RE:Allied debt. Looks like i found it on the MD&A...
Dec 31 construction loan was $307m it is now 619m
Dec 31 unsecured debentures nil to now 302m.
This is the cause of the debt increase. Now the question is can income rental revenue from the developments help cover the cost of this new debt and probably more coming on line next quarter.
The well should be finished and coming online q4 2024. That is estimated 37.5-43.25m Noi
700 Saint Hubert be finished and coming online q4 2024. Estimated 4.6-5.5m Noi.
19 Duncan should be finished q4 2024. Estimated 10.5 to 11.5 m Noi
So at the low range that's 52.6m /4 qtrs = $13.15m /quarter.
So we are up let's just say 1b in debt for this $13.5m quarter. 1,000,000,000 x 0.07% interest let's say.. $70m / 4 qtrs = $17.5m.
Math is a bit off but this noi will not cover the costs of this added debt caused by all developments.
Need to look for occupancy gains in this name and construction costs under control or this name will continue to trade significantly under the $44 NAV as the Nav will continue to compresses as debt goes up and asset sales take assets down...
Just my analysis this could be the bottom. This could also mean a dividend cut is coming. Next quarter results are going to look scary with more debt increasing, assets declining due to sales and payout most likely over 100%..