Currently there appears to be a keen seller lurking offscreen, so it might trade at 4c for a while. But I have no idea how many shares are to be sold.
RNY has only traded 23% of issue over the last 100 days, despite all that related party baying a few months back. Quite a small number compared to other REITs. I suspect the problem at the moment is a lack of buyers or the volume would be higher.
I guess the market is waiting for some clarity on the near term refinancing and the JV partner status?
I hope ICR can be maintained above 2x.
RNY Price at posting:
4.3¢ Sentiment: ST Buy Disclosure: Held