Post by
EstevanOutsider on Mar 01, 2024 1:28pm
call summary
-cominar still paying in units but that could change by next year as cominar is in discussion with lenders which may allow for full or partial payment on the maturing pref
-exploring growth opportunities that manji thinks can grow ffo & lower the payout ratio
-in active discussion with more asset sales to reduce leverage and bolster liquidity
-all mortgages are full recourse
-no trouble refinancing
- expects $10 million NOI from 300 main on a stabalized basis
-300 main @ 70% occupancy on 1st half, 2nd portion to be released soon
-- expects rate to come down, which will be helpful on variable debt
Comment by
garyreins on Mar 01, 2024 1:35pm
Manjis capital allocation bets are scary (dream office bought over $20 with dividend cut). He said 3 years ago he would allocate to boost NAV and FFO and look what happened. I rather he just fulfil his commitement to close the gap and close up shop