Opinions
Michael Missaghie
WPT Industrial REIT
WIR.UN-T
COMMENT
Mar 18, 2015
$11.860
Stock price when the opinion was issued
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(A Top Pick Apr 30/20, Up 36%) Because it holds US assets, but the REIT lists in Canada, you can buy the cheapest US industrial REIT. Cap rate is 5.5%. Drop that to 5%, then this REIT is worth north of $18. They're doing the right capital allocation buying assets, yet also selling assets to partners. Likes the valuation. E-commerce will remain at current levels or rise, but not decline, so this is a major tailwind.
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BUY
He is very bullish on it. It operates solely in the US. Canadian investors don't value these stocks appropriately and US investors don't typically come north of the boarder to buy real estate exposure. He thinks we are in the early innings of the industrial warehouse cycle. They have a growing fee income stream.
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One of the newer IPOs in Canada, but all assets are in the US. Owns very high quality industrial real estate. Had a drop from its IPO, but has recovered because the US industrial market is performing very well. Cash flow has been very strong. They have the benefit of the US$ going higher. Have been able to bring down the payout ratio and raise equity in order to make accretive investments. From an investment standpoint, it needs to get a little bit larger for him.