Andrew Moffs True North Commercial REIT TNT.UN-T COMMENT Sep 27, 2021

Focused on office across Canada. High Quality buildings in secondary locations. They operate at a higher distribution level. The issue is that they are paying out all of their cash flow. It is highly cap-x driven. There should be some cushion between AFFO and distribution.

Andrew Moffs

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BUY

Has been a little weak lately. Made an acquisition of Century Property. Has a management arrangement with Starlight (?) but he would prefer a better management agreement but it is a really good source for small company acquisitions. 7.83% yield.

HOLD

Not a bad REIT. Fairly small, in the $100 million range. Occupancy is pretty good and the payout ratio is 88%. Nice little yield. However, the debt to value ratio is at about 60%, a little higher than what you want to see in a small company.

DON'T BUY

(Market Call Minute) It is a merger of Northern and Urban communities. Fully valued here.

SELL

REITs stay in a tight range and this one is at the top. Based on its history, it won't rise higher than where it is now. At $5.50, though, buy. Sell it and look elsewhere.

DON'T BUY

He would avoid this one. Office space is difficult to re-tenant. They have an external management structure for their assets, which does not necessarily leave great alignment.

DON'T BUY

Smaller cap office space REIT focused in Canada. Has a bit more of government concentration so that provides some stability. Has a high distribution yield but it is not fully covered by cash flow.. Analysts have 4 holds.

DON'T BUY

Suffered from exposure to commercial office space. More secondary markets. Suspended distribution entirely, in favour of buying back stock. Consolidated shares. Uphill battle.

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Andrew Moffs True North Commercial REIT TNT.UN-T COMMENT Sep 27, 2021

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