RE:RE:RE:No one is talking about...In a myriad of outcomes the debs are fine.
It is the units that are the wildcard.
If GA really goes for blood and acts in his sole interest, the units could end up being worth +/- 30% less than the current price, short term, possibly fine over the long term.
If GA does a transaction that benefits him more than unit holders, but isn't too egregious, the units end up > current price but nothing spectacular.
If GA runs the REIT, sells some of the assets, comes to terms with lenders, which is feasible, he has been here many times before, the units are worth 3, using NOI parity with TNT.UN, similar size /type REIT. Thereafter, SOT > TNT; SOT not burdened by asset management agreement like TNT,. GA will drive NAV growth, preservation and crystallization, as opposed to asset accumulation to drive management fees (TNT/old SOT).
Unit holders should pray for the latter outcome. I have it as least likely of the three.
We will know very soon.