02/25/24 05:20 PM EST

YOU JUST CANNOT MAKE IT UP! | 2.25.24 | (MPW)

Rob Simone, CFA

Takeaway: ~$150 million for the new HQ! Or roughly ~6-7% of the current market cap... I wonder how the bondholders feel about that?

We were buried in AHR ahead of tomorrow and saw this, and needed a little comic relief. You just CANNOT MAKE IT UP! ~$150 million for a new HQ, for a ~90-100 person *shrinking* REIT in Birmingham, AL. I guess we know now where some of the capex is going!

At least they disclosed it this time HERE. It saved us some time...

YOU JUST CANNOT MAKE IT UP! | 2.25.24 | (MPW)

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