Q: What did you think about their earnings? I have a small position, ok to add more?
5i Research Answer:
The earnings looked solid with net rental income up $11.6M or 8.9% from the prior year. The increase was primarily due to lease-up activities and an increase in residential closing revenue from townhome sales. FFO per unit was 71c, increasing from 55c in 2023. This increase was primarily due to an increase in the fair value adjustment on the TRS resulting from fluctuations in the Trust’s Unit price. Same Properties NOI excluding Anchors increased by 8.2% (4.9% including anchors) from the 2023 period. Occupancy continued to be strong at 98.5%. The results were solid but we are still cautious here.