Post by
SNAKEYBOY on Jul 13, 2023 9:10am
DZTRADER
With DZTrader back in business on this forum, he was very outspoken on the outset about their transformation strategy of playing stock broker and how it was sort of red flags for most REIT investors.
Now that its apparent how they are down 25% on FCR and 40% on Dream Office while cash is tight, and unable to exit without taking a hit, its never been more obvious how dangerous this strategy is, and untransparent for that matter.
Sure he can easily have bought something and had some paper gains, but it requires a bit of luck, and timing. It wouldnt have made him a genius if he bought something and had 20% gain in a few months, just bottom picked. Not gaining board control to pull levers then you're stuck with a REIT with no control, and will have trouble liquidating in open market if you built a big position.
All diverisifed REITS like HR, PRV, BTB are attempting to go very overweight res/industrial by sellng office/retail and making acquisitions, which could bode well for NAV gap close.
I expect the good thing in Arits for me is the indiscrimnate selling of properties to fund a NCIB which should eventually squeeze the price up to $11 as public float shrinks. But there is exection risk in owning a bag of public securities, like I might as well own an ETF.
Comment by
SNAKEYBOY on Jul 13, 2023 6:02pm
I don't blame manji for not having a crystal ball, but the way this year unfolded proves he's not smarter than the average Joe. And that scares me with regards to being overweight artis. They and Sandpiper were buying dream office at $25 +