i agree with you in respect to the company needing to have a vision and go there, whether that be flogging the direct assets and doing what you said or moving into something else
i dont think they can be at a point where they have a foot in multiple camps - development, direct property and fundies. you cant be jack of all trades plus the subsequent governance concerns would be too great (look at whats already happened)
they do have a proven history as good managers of other peoples money (the long term TPT IRR is pretty good) so i guess thats why they are following the fundie path
what i meant by my post was, at these price levels, the market is already discounting the funds management to 0 and then putting a 30 cent in the dollar valuation on their NTA
most of their peer group is at or slightly below NTA now, and looking at GMG (which is a similar fund focused REIT, albeit 300 times bigger, stronger and financially sound) is trading on an NTA premium
food for thought
TCQ Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
