Q: Please comment on Mi.un's Q results released today after close,and the company.Add,Hold or Sell? Txs for u usual great services & views
5i Research Answer:
FFO per unit was 24.5c, vs 23.2c estimated; revenue was $38.9M, matching estimates. EBITDA of $22.47M was about 1% ahead of estimates. Net operating income rose 7.5%; cash flow per unit rose 15.4%. Average rent increased 7.7%. Occupancy remained high at 96.9%. Payout ratio dropped about 8 points to 57.2%. We would consider these results quite solid, and would be fine with this as a BUY, with consideration to its small size and rate sensitivity.