Since it is a sin for a REIT to have significant idle funds, I wonder what IRT is doing with its $33 million in cash. $3 million went back to RAS buying back some prfd shares. The property they bought could have been done with 100% cash for now, so that a nice chunk of cash it at work. Still that leaves almost $20 million idle. Can they lend it to their parent company, RAS? They obviously should do that so they get some type of return.
I didn't know that there was enough available information to know that it was a good deal. We know what they paid, we know they have 98% occupancy. I assume they got it at a reasonable price relative to cash flow, but how do we know? Did I miss a bit of info?