True North Commercial REIT T.TNT.UN

TNT selling 3650 Victoria Park @ $44.5 million

[EstevanOutsider]

https://www.collierscanada.com/en-ca/properties/3650-victoria-park-avenue/can-3650-victoria-park-northyork-ontario-canada/can2013684

To put it into perspective, the sales price implies it's worth 5.2% of the overall debt & 3.2% of overall PSF. It's also nearly empty as TD vacated, making it easier to sell with 15% occupancy. The REIT is trading overall at $209 PSF and this properly implies $291 PSF.

Do this a couple times and pay some debt, buyback some shares & TNT will be a beast once again when interest rates come down a bit and office gets back into vogue.

[lancebryant]

I would agree with this and I think the sentiment is largely there, It will take some time for this to play out though and some of the wheels might come off before this happens. TNT is in much better shape then equally market capitalized REITS at this stage of the game yet its trading it a very serious negative premium to those comparables. Comparing it to Slate for example is laughable, Slate

[EstevanOutsider]

slate has much lower quality assets than tnt in ontario. slate also has assets in ireland and chicago, a lot of them...... luckily TNT issued a lot of equity in the past for acqusitions so they have a lot of assets with less bank debt then they would have otherwise which makes it less risky considering they have a lot of assets which could be sold to reduce debt leverage here IMHO.