CAR.UN focuses on residential rental properties located in or near major urban centers, and its portfolio is quite impressive with ~46,000 residential suites, ~12,000 manufactured home community sites, and ~7,000 Dutch residential suites. Its portfolio is diversified across Canada and it benefits from individuals seeking affordable rent as property values rise higher. The company has a market cap of $7.7B, a yield of 3.2%, a good valuation (price to book of less than 1), and good free cash flow levels. The company has a good interest coverage ratio, a strong buyback program in place, and has held up nicely relative to other REITs over the past few years. Overall, we like it for its solid execution, good fundamentals, and residential exposure.
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