Asset price would have to be downgraded by 20% or more before they would be close to reaching their 50% debt limit (thus forcing either asset sales or capital raising).
10 year bond is around 4.5%
Risk free premium 1-2% above bonds (Long wale, bluechip etc)
So based on the average cap rate of 5.25% you could expect a small valuation downgrade but nowhere 20% in my opinion.
Of course the risk is that rates need to go higher and that will affect things but there is still a reasonable buffer. If management is doing the right thing, they will be disposing of some properties to reduce debt now in a controlled fashion at or close to market value. Hopefully they confirm this at the meeting later this month.
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$3.25 |
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Open | High | Low | Value | Volume |
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---|---|---|
7 | 80780 | $3.25 |
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Price($) | Vol. | No. |
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No. | Vol. | Price($) |
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5 | 66009 | 3.250 |
4 | 24285 | 3.240 |
11 | 51945 | 3.230 |
4 | 16738 | 3.220 |
5 | 23368 | 3.210 |
Price($) | Vol. | No. |
---|---|---|
3.260 | 3768 | 1 |
3.270 | 3768 | 1 |
3.280 | 18895 | 4 |
3.290 | 33819 | 3 |
3.300 | 13128 | 3 |
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