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Canadian Apartment Properties Real Estate Investment Trust (CAR.UN)
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Granite Real Estate Investment Trust (GRT.UN)
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Dream Industrial Real Estate Investment Trust (DIR.UN)
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Alpine Income Property Trust Inc. (PINE)
Q: PINE, excepting its relatively small size, seems to have very interesting numbers. How does it match up to such REITs as DIR.un, etc.?
5i Research Answer:
PINE is a REIT that owns and operates a portfolio of single tenant net leased commercial properties, and it pays a yield of 6.7%. Its distributions have grown nicely over the years and the company has been quite active in repaying its debt. Revenue growth has been strong over the years, its debt levels are becoming more reasonable, and its valuation is cheap. Relative to other REITs, it is a smaller name ($259M market cap), but its fundamentals are strong and it pays a good yield. Largely, we would prefer a bigger name like CAR.UN, GRT.UN, or DIR.UN, however, its fundamentals are decent and it pays a good yield. We would be comfortable with the name.