One more note; I believe that the first year partial takeover synergies (around £7m) are offset by one off costs of running two systems & severance costs in the current financial year. I just realised I haven't mentioned that particular cancelled/lagged benefit effect before in any of my discussion of this stock. The takeover synergy benefits, as with the buyback effect on share count, should come into full force in the following year.

Similarly, keep in mind that a poor set of results is still going to happen for the current financial year despite the good 'harvest' this week, because improvement in letting for Empiric also lags into the next financial year.

And wait - it gets worse! - if they succeed in selling off assets this year, they will lose a bunch of earnings immediately (and from their highest yielding assets, oof!), yet won't be able to deploy it into buybacks for a while *and* those buybacks won't fully count till a full year has passed (double oof!)

You're basically being paid to hold through a year or two of total misery with this stock :-)

Run the numbers though, see how the earnings play out current year, next year, year after; add in buyback effects at low prices; and add in some amount of NAV reversion once things stabilise.

And keep in mind, this stock is a wonderful way to diversify away from AI, Trump, etc into a new and far less exciting collection of problems.

TRS