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Agreed. I noted after last quarter about the lack of affo per share growth over the past several years. The operational performance, as measured by Retirement segment margin, lags peers and guidance this year shows a bump to margin but not substantive. Top management (CEO and CFO) are not operational execs, but rather accountants. I have seen this many times in the past, when CEOs without operational experience focus their attention on deals to illustrate their "worth" and "value add" to the board. Some can also enjoy the butt kissing they get from investment bankers. I also note that management compensation , as laid out in the management circular, indicates that they are benchmarked against similar sized REITs. As they get bigger, so does their compensation. perhaps I am seeing the glass half empty. Maybe they see a once in a generation opportunity to strike when the iron is hot, given the dynamics around aging population and negligible new builds .
time will tell. I remain long Sienna, Extendicare and Chartwell.
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