Opinions Andrew Moffs
GO Residential REITGO.U.TOTOP PICKNov 25, 2025
Andrew MoffsStock price when the opinion was issued
As of Jul 07, 2026. Market Open.
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Went public last year. High-end residential properties in New York. Trades at significant discount to NAV (when you add up all its properties, the total comes to $23.70 USD). That implies it's trading at a 58+% discount. Well insulated from regulatory risk, as most units are "free market" or above rent thresholds. Stock's been under pressure from pro-tenant statements from New York's new mayor.
In NY, rental demand is at peak levels with vacancy rates less than 1%. US is driving a "renter-by-choice" behaviour. Key catalyst is the plan to list publicly in US late 2026. Attractive yield of 6.87%.
US multi-family vacancy rate is 7%, whereas GO's is less than 1%. Operates in Manhattan's luxury space. High-quality assets, great internal growth potential. Just went public last summer at $15, and you can buy it for $10 today.
Discount to NAV. Implied cap rate is mid-6%, while it just sold a building at sub-4%. So a big arbitrage. (Price target in USD.) Yield is 6.49%.
Andrew MoffsVery niche, Upper East Side of Manhattan. Very high end, luxury apartment buildings. Just went public on the TSX, even though it owns only US assets (we've seen this before). Digestion phase, as it went public at $15 but now trades around $11.85. Just to close that gap is 27% upside.
Best multi-family supply/demand fundamentals in the US today. Manhattan has less than 1% market vacancy. Majority of portfolio rents are not regulated, so election rhetoric on freezing not significant. Regulated rents still have upside opportunity. Yield is 5.42%.
Andrew Moffs
They own ultra-luxury apartments in Manhattan where there's only 1% vacancy and good rent growth. This just went public. Trades at a wide discount to NAV.
(Analysts’ price target is $15.81)