On Wednesday the S&P 500 was down 1.0% while Toronto was essentially unchanged.
West Fraser Timber was down by 3.0%.
Shopify was down 2.9%.After the close the Melcor REIT released Q4 and 2024 results. As expected profits and cash flows were down due to higher expenses. But the report certainly does seem to be cause for panic. The REIT has a lot of debt coming due in 2024 and that is problematic. But it appears that they have substantial equity in the buildings involved and should be able to renew the debt although at higher interest rates.
Overall, I’m hopeful that the units will now stabilize or hopefully increase somewhat in value. That will depend partly on how analysts react to the news and to the conference call tomorrow.