Investment Q&A

• Canadian Apartment Properties Real Estate Investment Trust (CAR.UN $37.91)
  • $37.91 P/E (TTM): 100.47X Cap: $5.94B
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• Granite Real Estate Investment Trust (GRT.UN $75.92)
  • $75.92 P/E (TTM): 37.49X Cap: $4.59B
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• InterRent Real Estate Investment Trust (IIP.UN $13.27)
  • $13.27 Cap: $1.85B
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• Dream Industrial Real Estate Investment Trust (DIR.UN $12.31)
  • $12.31 P/E (TTM): 28.51X Cap: $3.61B
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Q: I recently submitted a question about possibly under-levered reits, and was surprised to receive an answer about "cheap" reits. To my mind these are quite different concepts.

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Read Answer Asked by Peter on August 19, 2021

• WPT Industrial Real Estate Investment Trust (WIR.UN $26.81)
  • $26.81 P/E (TTM): 4.06X Cap: $2.25B
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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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Q: I'm confused. Which one is being bought out by Blackstone. What's the difference between to two.

Thanks, John.

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Read Answer Asked by John on August 17, 2021

• Canadian Apartment Properties Real Estate Investment Trust (CAR.UN $37.91)
  • $37.91 P/E (TTM): 100.47X Cap: $5.94B
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Q: What did you think of the recent results for CAP reit? The initial market reaction appears a bit negative. anything to worry about here? Thanks

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Read Answer Asked by Scott on August 16, 2021

• Tricon Residential Inc. (TCN $15.34)
  • $15.34 P/E (TTM): 28.0X Cap: $4.50B
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Q: Please comment on TCN latest earning. Is it still buyable at current price?

Thanks,

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Read Answer Asked by Adam on August 13, 2021

• BSR Real Estate Investment Trust (HOM.UN $15.95)
  • $15.95 Cap: $622M
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Q: Can you comment on BSR reits latest results please. The stock has been on fire and results looked good to me. Is it a decent buy today? How does it compare with peers? Valuation? Thanks

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Read Answer Asked by Scott on August 12, 2021

• Americold Realty Trust Inc. (COLD $10.56)
  • $10.56 Cap: $2.98B
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Q: Would you have an opinion on this reit in the U.S. THANKS

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Read Answer Asked by John on August 12, 2021

• 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: I hold wpt in an unregistered account with a 60% gain. What will happen to my shares when Blackstone acquires them? I'm trying to avoid capital gains.
Thanks,
Andrea

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Read Answer Asked by Andrea on August 12, 2021

• H&R Real Estate Investment Trust (HR.UN $10.37)
  • $10.37 Cap: $2.78B
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• Crombie Real Estate Investment Trust (CRR.UN $15.29)
  • $15.29 Cap: $2.84B
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• Summit Industrial Income REIT (SMU.UN $23.48)
  • $23.48 P/E (TTM): 0.6X Cap: $4.46B
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Q: I have been a longtime holder of SMU and have done well from it The stock has been on a tear lately, now yielding only 2.81 % and is now 10% of my ( non registered) portfolio and 5% of total portfolios. I am reluctant to reduce but wondering if a trimming is in order. Please comment on its technical characteristics. Also own Crombie and HR reits. Ignoring stock weighting,I suppose if I want to trim my reits it should be the one with the least potential and worst metrics, not the one that has given me the best return so that means to trim HR. Your thoughts are appreciated. Derek

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Read Answer Asked by Derek on August 12, 2021

• Summit Industrial Income REIT (SMU.UN $23.48)
  • $23.48 P/E (TTM): 0.6X Cap: $4.46B
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Q: What's with the recent day rise in SMU.UN's unit price?

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Read Answer Asked by Victor on August 12, 2021

Q: Do you know of an ETF that specializes in industrial REITs? I think warehousing and distribution centres will continue to be a growth business. Would you agree?

Thank you.

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Read Answer Asked by David on August 11, 2021

• InterRent Real Estate Investment Trust (IIP.UN $13.27)
  • $13.27 Cap: $1.85B
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Q: How do you think about its quarter result?

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Read Answer Asked by Rebecca on August 11, 2021

• WPT Industrial Real Estate Investment Trust (WIR.U $21.77)
  • $21.77 P/E (TTM): 4.06X Cap: $1.83B
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Q: I currently hold Wir.u shares. With its impending sale what would you suggest buying to replace it ? I already hold Dir.un. Thanks Joe

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Read Answer Asked by Joseph on August 10, 2021

• Granite Real Estate Investment Trust (GRT.UN $75.92)
  • $75.92 P/E (TTM): 37.49X Cap: $4.59B
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• WPT Industrial Real Estate Investment Trust (WIR.UN $26.81)
  • $26.81 P/E (TTM): 4.06X Cap: $2.25B
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• Cencora Inc. (COR $374.75)
  • $374.75 P/E (TTM): 37.54X Cap: $72.16B
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Q: This is being bought out. Can you recommend another REIT or ETF in the industrial space to replace it?

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Read Answer Asked by Richard on August 10, 2021

• Granite Real Estate Investment Trust (GRT.UN $75.92)
  • $75.92 P/E (TTM): 37.49X Cap: $4.59B
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Q: In about 4 yrs I have more than doubled by initial investment in GRT. A nice problem to have but...is it time to cash in (registered account) and deploy elsewhere or are forward metrics still showing potential for mid term appreciation. Still showing a decent yield

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Read Answer Asked by Harry on August 10, 2021

• 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: Good morning. Could you please comment on Blackstones offer, and would you recommend selling WIR.UN at this mornings price and moving on or might there be a better opportunity by waiting.
As usual, thanks for the always sage advise.
John

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Read Answer Asked by John on August 09, 2021

• Invitation Homes Inc. (INVH $28.04)
  • $28.04 P/E (TTM): 29.31X Cap: $17.18B
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Q: What would you consider to be similar Canadian companies (or companies that trade in Canada) to Invitation homes? I like what they're doing but hoping to find a Canadian alternative. If there are a few wich is your favorite?

Thanks!

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Read Answer Asked by Dennis on August 09, 2021

• INVESCO MORTGAGE CAPITAL INC (IVR $7.96)
  • $7.96 P/E (TTM): 15.25X Cap: $551M
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Q: Can you please comment on the quarter results and outlook?

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Read Answer Asked by Rick on August 09, 2021

Q: Hi 5i Team,

I am looking to invest in a private industrial/warehousing REIT that at some point might go public. What are the typical valuation metrics used for REITs in the public markets and what do you see as the average valuation for public REITs in the industrial/warehousing space?

Thanks in advance,
Jon

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Read Answer Asked by Jonathan on August 06, 2021

• H&R Real Estate Investment Trust (HR.UN $10.37)
  • $10.37 Cap: $2.78B
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Q: Any comments on the recently announced property dispositions by H&R? Is this a positive development in your view?

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Read Answer Asked by Craig on August 06, 2021

• Weyerhaeuser Company (WY $22.14)
  • $22.14 P/E (TTM): 49.5X Cap: $15.95B
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• Rayonier Inc. REIT (RYN $21.90)
  • $21.90 P/E (TTM): 4.32X Cap: $3.37B
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Q: Good day, 5I. Can you please tell me your opinion of the two companies above. Are there any in the Forestry industry your prefer? Thank you.

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Read Answer Asked by Donna on August 04, 2021