Andrew Moffs Granite REIT GRT.UN-T HOLD Oct 31, 2024

He likes the industrial space. GRT is positioned well between the US, Europe and Canada, so they can grow anywhere there. Likes management.

Catchup trade in the real estate sector started July-August. Continued uptrend since July 18. As rates come down, real estate will benefit. Has created a great, diversified portfolio in different sectors. Still sees over 20% upside, target of ~$87. Analysts rank it an Outperform.

Benefiting from lower interest rates, rising 10% in the last 1.5 months. Industrial REITs were strong during the pandemic and are slightly softening now. Doesn't follow this name much anymore, but the rising tide of lower rates will lift REITs. Magna remains a key tenant, but GRT is slowly untethering from Magna.

Has done well in the past. It trades at a premium vs. peers. Instead, she owns Chartwell and CAP REIT.

Sounds counterintuitive, but WFG and trees are going to be beneficiaries. US still needs them, just going to pay higher prices.

GRT.UN is a good name. PKI works well here. Materials sector, with a name like NTR. 

There's even a part of the TSX that does well with a falling CAD, as earnings get amplified.

Solid balance sheet, so it's pretty defensive. Vacancy crept in last year, taking longer to lease due to economic uncertainty. Tariffs are the #1 question, and Magna is a large tenant. Same tariff issues with Europe. A show-me story. See his Top Picks.

Canada's largest industrial REIT with properties in Canada, Europe and Asia. Increasing rents has helped the business, however, rents have appeared to plateaued lately. Concerns that large revenue stream from Magna will be at risk from tariffs. Would buy more shares upon stock price weakness. Strong business overall. 

One of her 2 picks in the space, as warehouse and residential growth outshine retail REITs.

Good assets. Headwinds: 1) MG is its largest tenant (at over 25% exposure), 2) midwest focus in US, where new supply has come on, so it's having a tough time filling up vacancies. Wait for a better entry point.