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

WPT Industrial REIT (WIR.UN.TO)

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 Jul 27/18, Up 5%) Great job at creating industrial warehouse space in the US. High quality, institutional style portfolio in the US. Good way for Canadians to get exposure to e-commerce and the US economy. Not too late to put new money to work. Yield about 5.5%.

HOLD

The industrial real estate space has done very well. E-commerce and changing logistics needs of customer has driven demand. He holds WPT-T instead. He would continue to hold both.

DON'T BUY

It has traded range bound, but has a decent yield. The free cash flow per share has done nothing during the strongest industrial market in years. They keep coming back to the market to raise equity to buy more assets. He would like to see them pause on the equity raising. There are other REITs that have better growth opportunities. Yield 5.6%

DON'T BUY

For an RRSP? They own industrial real estate in the U.S. This space has caught investors' imaginations in Canada. This trades in US dollars, which scares off some investors. Good managers. The issue is that the cap rates of these stocks are really, really low; the rate of discounting future revenues, so the lower it is, the higher the value. So, if your cap rate is 5, all you'll see is a 5% return. So, these REITs are not cheap. But people want to invest in industrial REITs because of e-commerce giants like Amazon. WIR's valuation can't get any higher. The dividend is safe, but the stock may decrease if interest rates rise. That said, REITs benefit any portfolio. He may consider this at a lower price.

PAST TOP PICK

(A Top Pick Mar 06/19, Up 4%) Still likes it. It's doing well. Pays in USD. He likes the management team. He's concentrated in industrials, especially in Canada, as well as the U.S.

SELL

Used to own it, and recently exited. Smaller cap, and needs to grow to start producing earnings growth. Saw better opportunities elsewhere for more stability.

PAST TOP PICK

(A Top Pick May 29/18, Up 4%) He really likes it. The company internalizes Management. They have the CPP contributed in. They own industrial properties in the heartland of the US. Renters are distribution centers. Logistics is a good theme. 94% occupancy rate.

PAST TOP PICK

(A Top Pick May 10/17, Up 10%) He's still buying it. It's priced and pays its dividend in USD, so his return is actually higher. It has US assets. It's a little known stock. They partner with CPP and Alberta Investment Management, where they build facilities, mostly warehouses for traditional and online retail and manufacturing. Similar plays in this real estate play have been bought out or taken higher valuations--but he thinks WIR will.

PAST TOP PICK

(A Top Pick Aug 17/18, Up 2%) Still likes. Recent acquisition about a month ago. E-commerce friendly space. Good way for Canadian investors to get access to US industrial space. Good institutional partners. Yield just over 5%.

WEAK BUY

They have a great asset type, focused in the US. But we have seen no cash flow increase in a couple of years. The management team is great.

TOP PICK

Trades in USD and about US industrials, an excellent space which is reasonable in America (though pricey in Canada). Strong assets there (and in Canada). (Analysts’ price target is $13.81)

BUY

All U.S. operations and pays U.S. dividends. They've done very well and continue to accumulate properties. Just did an equity issue and will invest that money. They have a partnership with an Alberta pension fund and CPP, so there's a good growth trajectory. His only concern is that industrial REITs are very popular in the States and WIR is cheaper than American industrial REITs. He's a happy holder.

TOP PICK

They own industrial properties in the U.S., two-thirds being distribution and fulfillment centres for e-commerce which produces excellent returns. They just did a deal raising $135 million. Since closing that deal, this was traded in a tight range. So, WIR hasn't announced what it will acquire with that $135 million, but that's coming--expect an announcement in a month. Meanwhile, you have an opportunity to buy it now. (Analysts’ price target is $14.96)

COMMENT

He does know it but generally infrastructure products he is supportive of.

BUY

Has been one of the leaders in the REIT industrial space. This is an opportunity to buy. Look at it for a 1-3 year hold. If you like the name, hold.

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