Q: Hi, Could you please comment on AP earnings. Thank you
5i Research Answer:
Per unit cash flow of 54c marginally beat estimates of 53.2c. Revenue of $155M beat estimates of $152M. EBITDA of $98.3M beat estimates by 8%. Per unit cash flow fell 16%. EBITDA fell 4.2%. NAV was $41.25, down 9.5%. The company expects NOI growth of 2% this year. Nothing dramatic here, and we would like to see those declines reverse. But at 7X cash flow the units are very cheap and reflect this issue at least somewhat.