Q: Peter and His Wonder Team
I thought their Quarterly Report was positive but the stock is down. What am I missing? Thanks!
I thought their Quarterly Report was positive but the stock is down. What am I missing? Thanks!
5i Research Answer:
Cash flow per unit of 49c beat estimates of 45c; leasing spreads improved and same property net operating income rose. But it did take a $209M writedown on Hudson Bay and trimmed its guidance because of it (by 4c per unit). This hit offset benefits from its residential sector. The stock is down less than 1% which we would not consider abnormal.