Andrew Moffs CT Real Estate Investment CRT.UN-T BUY Mar 30, 2021

It owns the assets of Canadian Tire. Has a net lease structure where the tenants are responsible for operations and asset improvements, Stable earnings at 5% plus. Good management and low growth.

Thinks highly of it and management. 92% of rents come from Canadian Tire. Very safe distribution yield, low leverage around 40%. Not concerned about balance sheet. Decent job growing net operating income by 2.6% YOY.

Not for growth, but own for stability of cashflow from its investment-grade tenant, Canadian Tire. One of the largest REITs in Canada. Discount to NAV. Stable, keep holding. Yield is around 6.5%.

Very stable. Sleep at night with an investment-grade tenant like Canadian Tire. Discount to NAV. Not a lot of upside in terms of growth, which would come from acquisitions. Sees no current risks. Distribution yield is 6.8%.

Like Choice REIT is to Loblaw, CRT is to Canadian Tire. The 6% dividend is safe, based on a safe payout ratio. If interest rates stay pat, these shares won't move much, but if rates fall, CRT will do well.

Over 90% of rents come from Canadian Tire, secure cashflow. Over 99% occupancy. Internal growth has contracted, but this is short-term. Perhaps only 2% capital growth, but a safe distribution. Yield is 6.5%.

Similar to grocery-anchored. Suite of tenants connected to Canadian Tire. Very well structured with nice little increases in rent over time along with inflation. Really likes it. Very stable. With tariffs, he suspects that more of us will shop Canadian brands to support our Canadian economy.

Likes it technically, pushing higher. Series of higher highs and higher lows. Looks as though it wants to break out. If you think we're heading into a defensive environment (his view), then this will work like a bond. Boring, but gives your capital some protection and spits out dividends. Yield is 5.98%.

92% of rent comes from Canadian Tire, which in turn owns about 70% of the REIT. Very stable, so not a tremendous amount of growth. About 2% topline growth translates into ~3% on the bottom line, and that's all you can expect. Interesting transactions. Thinks highly of management. Safe distribution, just south of 6%.