Nic, I think 22c is a bit low as NTA should be in the 55-60c range at the next financials. The refinancing was a positive in my opinion. Would be nice to find some Chinese buyers for those buildings but cap rates may fall for this valuation in any event. With US unemployment down to 4.9%, and premium grade NY office filling, let's hope some lessee's have had to accept RNY's secondary offerings.
There is still some risk that they may raise equity if the office space vacant doesn't fill more quickly which does put downside on the share price for me.
RNY Price at posting:
22.0¢ Sentiment: Buy Disclosure: Held
