Q: Hello 5i,
I see that DIR.UN just reported on Aug. 5. No questions have been asked since July and the last report was Sept. 2024 when you had it as a "B+".
Do you see yourselves updating the report any time soon?
Any recent changes in your thinking on this one? Was the recent quarter notable in either a positive or negative manner? Or, was it just a "steady as she goes" kind of quarter?
Thanks!!
Cheers,
Mike
I see that DIR.UN just reported on Aug. 5. No questions have been asked since July and the last report was Sept. 2024 when you had it as a "B+".
Do you see yourselves updating the report any time soon?
Any recent changes in your thinking on this one? Was the recent quarter notable in either a positive or negative manner? Or, was it just a "steady as she goes" kind of quarter?
Thanks!!
Cheers,
Mike
5i Research Answer:
Yes the report is due for an update. We are often a little slower on REITs because their business is exceptionally stable (usually!). In the Q2 both cash flow per unit and revenue beat estimates, but only marginally. EBITDA was 6% better than expected. Payout ratio improved three points to 68.7%. Occupancy increased 0.60% to 96.0%. It was an uneventful but slightly positive print. We continue to like its valuation and prospects overall.