Hey there,
Yes, I can confirm that the distribution was suspended. It paid the distribution in November because it was already declared in October, so they can't take that back. But moving forward it is suspended.
From their press release:
The REIT also announced today that the Board has determined to suspend the REIT's monthly cash distribution. The distribution suspension is expected to provide the REIT with an additional C$10.2 million of cash annually, which will be used for the paydown of debt and the funding of ongoing business operations. The suspension of the REIT’s distribution will be effective beginning with the REIT's distribution that would have otherwise been declared for the month of November 2023 and would have otherwise been payable to unitholders in December 2023. The Board will continue to monitor the REIT’s financial performance, operating environment, and progress with its Portfolio Realignment Plan to determine when it is appropriate to reinstate a regular cash distribution.
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Honestly, the suspension is not a surprise. Their payout ratio YTD was over 100% and they had among the worst debt loads in the industry. Not to mention, FFO was not enough to cover interest payments so at the end of the day, the suspension is a good thing to get their finances in order.
Mat