I sold off my entire holdings (500 shares) of FCT today at $2.10, for a small 5% gain. Reason was that the price had risen sharply following Brexit (most of the local REITs rose quite ridiculously), and was now beyond what I thought was reasonable.
Firstly, the Price to Book Value is now about 1.12x, which is a bit more than I'm comfortable with. In addition, the upcoming renovations and upgrading at NorthPoint, which is their 2nd highest income contributor at ~28%, will likely affect the yield in the short to mid term. Combining these 2 factors gives me a certain measure of certainty that the price will drop to a more reasonable level.
Unlike other divestments that I've made in the past, the cash I've gotten from selling FCT will be kept in reserve, until a price that will provide a better margin of safety presents itself, likely to be in the $1.9x range.
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