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REITS(canadian)
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MOB Presentation Q2 vs Q3: Valuation of Brazilian Properties Q2 Presentation: Q3 Presentation: Doesn't seem to make much sense. Using the Brazilian NOI (in CDN $) from the respective MD&A's: Q2: Q3: Annualizing the quarterly Brazilian NOI implies a Q2 cap rate on the Brazilian portfolio of 7.9% and a Q3 rate of 8.2% - based on Canadian dollars, so currency move is already baked in. Somehow these implied cap rates (and related property valuations) do not seem realistic. Inflation is ~6% and nominal rates are up ~250bps (Brazil) since first Brazil investment and cap rates have compressed? That said, there's a lot of stuff that's hard to understand in MOB's MD&A/financials. A much longer post died due to a scripting error - not sure if it was Mozilla or IV. The Interest Subsidy from NWVP and the deferred class B distributions due to NWVP - subsidy added back to AFFO though no cash payments actually made, and no off-setting amount for the deferred distributions in table Due from/to Related Parties (~$10 million, was not dripped). |
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