Q: Earnings came out yesterday. Please comment. Would you hold or sell at this time? Thank you for your guidance.
5i Research Answer:
Loss of 46c per unit was close to estimates of -47c. Revenue of $89.7M was 6% shy of estimates. Rents increased by 7.2%, with turnover at 13.8%. Occupancy increased to near 100% (residential 98.5%, commercial 100%). Net operating income rose 8.9%. But cash flow per unit fell 4.7%, primarily due to higher interest charges. Debt remains on the high side (57% debt/value). Overall, though we would consider results decent, and consider it a HOLD today.