Do you have the full figures on their incentives? Obviously increasing, but they are not so keen on discussing in their presos - obviously.
Shares have been dumped hard following announcements... I don't think mgmt has been too terrible in past 12 months. Occupancy & WALE maintained, sold a few assets recently. Could they provide more visibility on what the effective rents are doing? I don't give a rats about the 'face rents' they could be $1,000 a meter for all I care.... can only deliver free cash from from Effective rents (net of tenant incentives).
NTA and Cap rates 6.0% and $2.20. Market still not believing this. I think Shares dumped mostly on the dividend cuts for FY24, but this is conservatie guidance, and they should hold back some cash at the moment... want to protect lending covenants.
COF Price at posting:
$1.33 Sentiment: None Disclosure: Held
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