Q: If not already asked: What are your thoughts about DIR.UN’s earnings?
5i Research Answer:
Cash flow per unit was 26c, matching estimates. Revenue $121.4M, slightly better than estimates. EBITDA of $91.5M, 7% ahead of estimates. Cash flow per unit increased 5.8% year over year. NOI rose 3.1%. Net rental income increased 6.8%. Total assets were stable at $8.1B. Payout ratio dropped four points to 69%. Occupancy dipped marginally to 94.5%. We would consider the results fairly solid in light of industry conditions. The stock remains very cheap at 9X cash flow.