Q: Can you comment on their most recent earnings, thank you
Peter
Peter
5i Research Answer:
Funds flow per unit was 53c, matching estimates. Revenue of $243M beat estimates of $222M. EBITDA of $148M beat estimates by 9%. Net operating income rose 4.9%. Run rate was forecast at 3% to 5%. A couple of brokers raised target prices. Occupancy of 98.5% is excellent. Adjusted payout ratio is high at 105%, but on an operating cash flow basis is much better at 78.2%. At 11X cash flow, the REIT is well priced. Not huge excitement here, but a good quarter overall.