Q: Can you comment on the quarter vs expectations. I thought results looked very strong with a nice NAV increase q/q but market didn’t care? Thanks
5i Research Answer:
The market yawned, but it is up 22% in the past year. FFO per unit was 95c, ahead of 93c estimated. Revenue was $145.2M, matching estimates. EBITDA of $89.4M was 15% ahead of estimates. NOI rose 16% and rental revenue rose. RBC raised its target price to $88 from $86. Occupancy is very strong at 98.8%. FFO guidance for the year was largely maintained ($4.00 to $4.20, estimates $4.12). We would consider the results good.