Q: Please comment on CRTs Q2,2023 results released today after the bell.Add,Hold or Sell. txs for U usual great views & services
5i Research Answer:
Cash flow per share of 33c beat estimates of 32c. Revenue of $137.8M matched estimates. EBITDA of $105.9M was 1% better than expected. Revenue rose 4%; profit rose 37%. Cash flow per unit rose 7%, and the REIT added 187,000 square feet to its portfolio. It announced three new projects that will cost $22M. Payout ratio remains solid at 71.4%. Occupancy was 99%, with Canadian Tire representing 91.3%. The quarter looks fine; at 11X cash flow we would consider it a BUY for income.