WPT Industrial REIT (WIR.UN.TO) Buy, Sell or…

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WPT Industrial REIT (WIR.UN.TO)

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26.81

-0.05 (0.19%)

as of Oct 19, 2021, 8:00:00 pm Market Open.

181 watching

PAST TOP PICK

(A Top Pick Nov 22/18, Up 20%) There are only a few industrial REITs in Canada. WIR's assets are all in the U.S. This is the industrial asset class at its finest. Tenants include Amazon and GE Mills. They have private deals with Alberta Pension Plan. Great assets. There's room for rents to rise, so revenues will rise. Will perform well in 2020.

PAST TOP PICK

(A Top Pick Jan 31/19, Up 3%) He was disappointed with this one. 2020 will be a better year and growth is just getting going now. They hold industrial warehousing for e-commerce, Amazon and others. The dividend is in US dollars. He will continue to hold. He expects a total return of 10% in 2020. Yield 5%

TOP PICK

The tailwind of e-commerce. Their distribution units are full and they are growing their rents. Yield 5.44% (Analysts’ price target is $14.94)

HOLD

He likes it being in the industrial space. However, it has a concentration in the US, particularly in the Midwest which offers some good growth opportunity as land is more available. It is one of the most illiquid holdings in this space. A hold, but he favours others.

HOLD

PAST TOP PICK

(A Top Pick Jan 23/19, Up 10%) He doesn't own many REITs, but likes this. This is a play on e-commerce. Good managers who have made equity issues and just reported a strong quarter. Online sales continue to grow. WIR has the best distribution centers in the US to capitalize on that growth. A long-term play.

DON'T BUY

WPT vs RioCan WPT is a good company, but probably wouldn't own it. It's smaller, and they're trying to grow the portfolio, so they're at the mercy of capital markets. A very competitive market. Hard to do accretive acquisitions. RioCan has been adding residential apartments. Won't change overall aspect, and likes the diversification. A measured approach. But fairly valued. Prefers the industrial sectors to either of these.

BUY ON WEAKNESS

If you want good global REIT exposure own PLD-N. WIR.U-T raised equity and this has resulted in a share drop today. This is not a high conviction name -- you don't have to own it. We have gone through the most bullish industrial run up over the past few years and we have not seen their cash flows really increase. He is starting to see supply of industrial space increasing and some of their leases expiring soon -- this could challenge their cash flow going forward. He would buy on a pullback.

PAST TOP PICK

(A Top Pick Nov 22/18, Up 16%) This is like Slate REIT, but all industrial, all in the U.S. though it's a Canadian REIT. Industrials are sexy in REITs, but there are few of them in Canada. They can grow because they have outside investors, such as CPP. SGreat managers. Trades at a 15% discount to its sector. Logistic centers are in high demand, and WIR boasts 99% occupancy. Pays a 5.5% yield, but the payout ratio is high. Still has room to move up.

TOP PICK

It has gone nowhere in a space that is hot. It is all US assets. It has a joint venture with CCP. Once they get listed in the US they will get to over a billion dollars. Almost 6% while you wait. (Analysts’ price target is $14.98)

PAST TOP PICK

(A Top Pick Aug 17/18, Up 6%) They've done a good job adding properties in Milwaukee and Chicago, the industrial heartland with properties built for e-commerce. They're in the sweet spot. A great long-term way to play US industrial real estate.

DON'T BUY

In a TFSA or RRSP? Owns US industrial properties, which is a strong space. She'd rather play this space with the larger REIT, Duke (see past picks). WPT is smaller and needs to acquire to grow and get economies of scale. Problem is, markets now are very competitive. Also, WPT may need to do asset sales which are dilutive.

TOP PICK

A TSX listed play on U.S. industrial real estate. Dividends come in US and trades there. Owns around 96 industrial properties, mostly for UPS, Fedex and General Mills. They also have a joint venture with the Canadian Pension fund. They pay a dividend around 5%.

HOLD

An industrial REIT and he likes the management team. A Canadian REIT will all their assets in the US. A hold for him right now. Most assets are in the Midwest.

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