Peter
AP.UN reported EPS of ($0.1842) and revenues of $138.455M, slightly beating estimates of $138.4M. FFO per unit was $0.598, a slight increase from its prior quarter, and AFFO per unit increased to $0.545. Management noted high demand for workspace in urban areas of major cities. Its dividend has risen to an 11% yield and the stock remains cheap. Sales of its UDC portfolio have helped bolster its balance sheet and liquidity. We think a drop in rates can help this name, but we would like to see more catalysts here to get more interested in the name. For now, its small size and office exposure is not overly compelling, and we feel these are getting reflected in the company's valuation.