Opinions
Andrew Moffs
BSR REIT
HOM.UN-T
HOLD
Mar 27, 2024
$14.800
Stock price when the opinion was issued
REAL ESTATE
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PAST TOP PICK
BUY
A good one to hold. A definite buy. Focus in Texas, where there's tremendous population and job growth. In the affordable part of the market, which is where you want to be at this part of the cycle. Trades at 18% discount to NAV (intrinsic value). Lots of growth ahead, really great management.
REAL ESTATE
PAST TOP PICK
(A Top Pick Sep 27/21, Up 1%) Canadian listed REIT that operates in USA (Sunbelt multi-family housing).
Will continue to hold.
Great balance sheet with operating incoming outpacing inflation.
Fastest growing cities in the USA are in the Sunbelt.
Stock trading at discount to net asset value.
REAL ESTATE
Unspecified
It owns apartment buildings inn the U.S. with Dallas being the largest market and will have good cash flow growth this year. It trades at a wide discount to NAV with NAV being the private market value of its real estate. If a REIT trades at a premium to its NAV, he sells. If it trades at a discount, he buys.
REAL ESTATE
HOLD
Performed well, but up against a lot of new construction in their markets. Difficult to raise rents in 2024. Trades at discount to NAV. If you like a stock levered to the US economy and US dollar, not a bad name. If you own it, hold. Earnings won't necessarily inflect materially this year, but over the long term you should be in a good spot.
REAL ESTATE
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Well managed. Reason for underperformance has to do with interest rates and, more recently, with supply. No pricing power, material headwind. Tremendous demand in the US Sun Belt from job growth and migration. Expects lower growth, but could be good setup for 2025. Hold on, collect the yield, hope for better things in 2025.