Bought more.I got a lot of stock today. Average $4.35. You have to go back to April 2021 for a similar price point.
My reasons for the investment.
1 Rates will continue to fall and cap rates will likely stop going up. The portfolio will go up in value
2 Lease renewals will be a touch harder, but, still come in at higher levels than prior. Conventional revenues are going up.
Several redevelopment files will start a positive news cycle.
3 Port Coquitlam should see some positive news. Its been 3 years.
4 Mount Pleasant is now 4.5 to 6 fsr. thanks to the Broadway Plan
5 Rupert is likely 3 fsr for over 800,000 sq feet thanks to the Rupert area plan.
6 The residential with Grant St. seems inspired, it will lead to several scale redevelopments.
7 Mission should get a go ahead on Nelson St. for 110 units. The marketing should indicate price points and margins for Silverdale Loftus. I believe they think prime land is worth 2 million an acre.
Loftus is 130 acres.
8 Loftus when it starts will start a significant JV contribution that will in effect be ongoing, not one off. I believe Silverdale is worth several times the market cap.
The JV profits will provide ongoing cash flows for the other development JV's that will create compounding growth. Management and the board are seasoned and smart.
9 Buying at 60% of stated book.
Finally, Mr. Grippo paid $5 for 640,000 shares a month back.
he knows way more than I do.