Investment Q&A

Q: Hi,

In a diversified portfolio, what is a prudent allocation to REITs? If I wanted to be more aggressive, what would be the maximum exposure you would recommend? Finally, is it okay to focus this exposure on what sector in the REIT space, i.e. multi-family properties?

Thank you,
Jason

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Read Answer Asked by Jason on August 24, 2018

• Innovative Industrial Properties Inc. (IIPR $54.92)
  • $54.92 P/E (TTM): 11.27X Cap: $1.53B
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Q: Good afternoon,
I would appreciate your opinion upon this somewhat unusual REIt.

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Read Answer Asked by Peter on August 24, 2018

• Dream Office Real Estate Investment Trust (D.UN $17.20)
  • $17.20 Cap: $306M
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Q: Would you suggest holding off on REIT's until the economy (inflation) settles, or is the timing right for one of these REIT's? Better suggestions?
Also, for a newbie here, could you tell us what 5i considers a "full position"?

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Read Answer Asked by Stephen on August 24, 2018

• Nexus Industrial REIT (NXR.UN $7.95)
  • $7.95 Cap: $771M
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Q: Good Morning, Please comment on the results at Nexus REIT. Do you like for growth and income? Any comments on their recent purchases and development projects is also helpful. Thanks Rob

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Read Answer Asked by Robert on August 23, 2018

• Canadian Apartment Properties Real Estate Investment Trust (CAR.UN $41.37)
  • $41.37 P/E (TTM): 82.86X Cap: $6.55B
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Q: Hi Guys,
According to BMO, CAR.un is trading at 29 times AFFO. It normally trades at an average of 17.7 times AFFO.
Would this not suggest a very large over valuation and therefore a sell would be in order?

If you answer no, what is your justification for a buy at this valuation?
Thanks
John

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Read Answer Asked by John on August 22, 2018

Q: Hi 5i - I’ve come across this real estate related firm in some research. I’ve never heard of it, and I’m not sure why not, because it’s performance has been excellent. Could you please dig into the fundamentals and tell me what you think. Could you also explain what exactly they do. Thanks.

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Read Answer Asked by Noel on August 21, 2018

• WPT Industrial Real Estate Investment Trust (WIR.U $21.77)
  • $21.77 P/E (TTM): 4.06X Cap: $1.83B
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• Dream Industrial Real Estate Investment Trust (DIR.UN $12.41)
  • $12.41 P/E (TTM): 25.54X Cap: $3.62B
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Q: Can you please clarify your answer to Francis' question on a potential choice of an industrial REIT in Vancouver. Your answer alludes to Pure Multi Family REIT which is not industrial. Joe

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Read Answer Asked by Joseph on August 21, 2018

• WPT Industrial Real Estate Investment Trust (WIR.UN $26.81)
  • $26.81 P/E (TTM): 4.06X Cap: $2.25B
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Q: Hi Ryan Can I have your opinion on this reit and what letter grade would apply
Kind Regards
Stan

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Read Answer Asked by Stan on August 21, 2018

• Summit Industrial Income REIT (SMU.UN $23.48)
  • $23.48 P/E (TTM): 0.6X Cap: $4.46B
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• WPT Industrial Real Estate Investment Trust (WIR.U $21.77)
  • $21.77 P/E (TTM): 4.06X Cap: $1.83B
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• Dream Industrial Real Estate Investment Trust (DIR.UN $12.41)
  • $12.41 P/E (TTM): 25.54X Cap: $3.62B
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Q: What stocks do you see as the best opportunity in the industrial/e.commerce space trading on the TSX but with property anywhere?

Thanks so much for all of your great advice.

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Read Answer Asked by Amy on August 20, 2018

• Invesque Inc. (IVQ.U $0.10)
  • $0.10 Cap: $86M
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Q: What is your take on the convertible debenture sale closing Aug. 24? A good income portfolio addition?

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Read Answer Asked by William on August 20, 2018

• American Hotel Income Properties REIT LP (HOT.UN $0.47)
  • $0.47 Cap: $37M
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Q: Hot.un is hot lately. I saw you mentioned the CC in the last question. Did you manage to listen, if so what did you think? I am particularly interested in how the outlook has changed ( given the volume and uptick) and whether your opinion has warmed. I have room to add more given I am underwater but like the dividends.

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Read Answer Asked by Gerald on August 20, 2018

• Morguard North American Residential Real Estate Investment Trust (MRG.UN $19.03)
  • $19.03 P/E (TTM): 24.44X Cap: $1B
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Q: Hi Peter what do you think of recent results?
Thanks

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Read Answer Asked by Jim on August 17, 2018

• Dream Global Real Estate Investment Trust (DRG.UN $16.79)
  • $16.79 P/E (TTM): 4.7X Cap: $3.26B
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• Sienna Senior Living Inc. (SIA $17.93)
  • $17.93 P/E (TTM): 44.93X Cap: $1.65B
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• Pure Multi-Family REIT LP (RUF.UN $10.10)
  • $10.10 P/E (TTM): 9.6X Cap: $784M
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• Choice Properties Real Estate Investment Trust (CHP.UN $14.64)
  • $14.64 Cap: $10.59B
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• Dream Industrial Real Estate Investment Trust (DIR.UN $12.41)
  • $12.41 P/E (TTM): 25.54X Cap: $3.62B
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Q: What do you think of the mix of REITS I am planning to buy to represent the real estate portion of my portfolio which would be 5% total? Any suggested changes?

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Read Answer Asked by Carla on August 17, 2018

• Choice Properties Real Estate Investment Trust (CHP.UN $14.64)
  • $14.64 Cap: $10.59B
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Q: What do you think of CHP.UN?

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Read Answer Asked by Carla on August 17, 2018

• Automotive Properties Real Estate Investment Trust (APR.UN $11.89)
  • $11.89 P/E (TTM): 12.33X Cap: $584M
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Q: Hello 5i team:

Your opinion on their results released yesterday please.

Thank you

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Read Answer Asked by Jocelyne on August 15, 2018

• Realty Income Corporation (O $58.92)
  • $58.92 P/E (TTM): 54.16X Cap: $53.87B
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• H&R Real Estate Investment Trust (HR.UN $12.11)
  • $12.11 Cap: $3.33B
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• Canadian Apartment Properties Real Estate Investment Trust (CAR.UN $41.37)
  • $41.37 P/E (TTM): 82.86X Cap: $6.55B
  • View CAR.UN Profile
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• Chartwell Retirement Residences (CSH.UN $18.25)
  • $18.25 P/E (TTM): 83.18X Cap: $5.31B
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• InterRent Real Estate Investment Trust (IIP.UN $13.36)
  • $13.36 Cap: $1.86B
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• Cencora Inc. (COR $292.60)
  • $292.60 P/E (TTM): 31.13X Cap: $56.72B
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• Digital Realty Trust Inc. (DLR $167.06)
  • $167.06 P/E (TTM): 43.1X Cap: $56.97B
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Q: Instead of purchasing a piece of real estate, am thinking of REITs . Could you recommend a few for a 5+ years hold, both Canadian & US. Thank you. Fooklin

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Read Answer Asked by Fooklin on August 15, 2018

• Northwest Healthcare Properties Real Estate Investment Trust (NWH.UN $4.98)
  • $4.98 Cap: $1.24B
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Q: I have 1% in NWH.un since a long while. Healthcare equity income as a long term hold. Their recent deal appear to provide them with safety and growth.
Looking to buy more. Do you think management could be given credit for their vision and operational execution, and how would you rate it now for income?

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Read Answer Asked by Daniel on August 15, 2018

• Canadian Apartment Properties Real Estate Investment Trust (CAR.UN $41.37)
  • $41.37 P/E (TTM): 82.86X Cap: $6.55B
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Q: Hi,
Please provide your opinion on CAR.UN latest results. Also, is the debt level comparable to peer's.


Thank you

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Read Answer Asked by André on August 14, 2018

• Brookfield Property Partners L.P. (BPY.UN $23.29)
  • $23.29 Cap: $21.72B
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Q: I have a question about bpy.un.Can you comment on the prospects for BRookfield Property post the integration of General Growth this month?

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Read Answer Asked by Kim on August 14, 2018

• RioCan Real Estate Investment Trust (REI.UN $18.38)
  • $18.38 P/E (TTM): 18.97X Cap: $5.42B
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• Canadian Apartment Properties Real Estate Investment Trust (CAR.UN $41.37)
  • $41.37 P/E (TTM): 82.86X Cap: $6.55B
  • View CAR.UN Profile
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• Artis Real Estate Investment Trust (AX.UN $7.25)
  • $7.25 Cap: $700M
  • View AX.UN Profile
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• Boardwalk Real Estate Investment Trust (BEI.UN $70.03)
  • $70.03 P/E (TTM): 10.79X Cap: $3.73B
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Q: How would you rank the following REITS, in terms of long term holds? REI.UN, BEI.UN, AX.UN CAR.UN

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Read Answer Asked by steve on August 14, 2018