Heard about the hype, and did some analysis on its most recent quarter financials.
trend of declining dpu year on year - checked.
trend of declining operating cash flow: not sure I did this correctly, but I believe I did. The cost of refinancing last year is shown as an operating cashflow, so I added that to the ytd operating cashflow for 2018, and the ytd 2019 is lower than that.
Oops - why would that be, considering they sold a golf course, recognized the gain, and also paid back less membership deposits? Still pondering over the accounting change for leases, but have yet to see how that shows up in the operating cashflow.
Don’t have a good feeling as it looks kinda fishy.
Perhaps someone can enlighten me.
Note: am no longer vested, and also don’t intend to get vested again.