There is more protection in URFPA than URF.Should they need to...

There is more protection in URFPA than URF.

Should they need to sell off all assets due to no RE being appointed, URFPA would be paid first, before equity holders.

Also, if they don't convert (very very unlikely), URFPA holders are entitled to $100/unit.
At the very least, you continue to get interest payments if conversion is delayed, too.

Price of URFPA conversion is basically the same as URF.


Nevertheless, the upside (assuming management's own timeline of 2-3years) is significant, given the very limited downside. You'd need ~20% price drops from here in NY real estate to hit breakeven.
Just selling off properties and buying back shares looks like a winner. Any of the above that occurs with URFPA conversion either turns out to be nothing (already priced in), or means you could possibly (unlikely) get $100 per unit and higher interest payments.