Cominar REIT (CMLEF) decided it was probably not a great idea for its investors to have a quiet Christmas. On December 18 it announced a radical transaction to sell its properties. Management had previously guided on this quite differently. First the properties were supposed to be sold in multiple tranches. Second, this would begin the middle of 2018. Based on this new information we reanalyzed the REIT's potential cash flow, dividend coverage and forward valuation.
The Announcement
Cominar Real Estate Investment Trust ("Cominar" or the "REIT") (TSX: CUF.UN) announced on August 22, 2017