Boardwalk REIT (BEI.UN-T)

Great opportunity to buy now, near 20% discount. Cashflow growth is growing in a compelling way. Pullback due to concerns over population growth. Alberta still looks like a winner from inter-provincial migration for affordable housing.

BEI.UN is still considered an 'oil sensitive' REIT because of its Alberta focus. The energy sector has been quite weak, and this is likely a big reason for its drop from $91/unit. But it is still up 8% YTD and 22% over one year. The last quarter was fine, but its relatively low yield of 1.87% and its higher valuation can limit investor interest at times. We would be OK buying for income and growth. 
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Continues to execute. Valuation remains compelling. 2/3 of portfolio in Alberta, a growing province. 74% of portfolio in ALTA and SASK, where there are no rent controls. Strong earnings trajectory. Cashflow and earnings will increase. Yield is 2.1%.

Benefited from immigration in Canada. Lack of rent control in main market, Alberta. Fully valued now, easy money has been made. Housing shortage, too.

Good option for real estate as no rent control in Alberta. Safe dividend. Good option for investors looking to get exposure to real estate in Canada. 

(A Top Pick Dec 06/22, Up 42%)

He knew going into 2023 that there would be an explosion boom given more immigration and the housing shortage. He owns CAP REIT too. This trend continues into 2024 unless supply-demand change, which will be slow to happen.

Headline "Soaring Canadian housing costs drive population boom in Alberta" tells the story. Affordable housing, with 78% concentration between Alberta and Saskatchewan. Despite being able to increase rents, they continue to be affordable. Discount to NAV, yet NAV continues to grow. Limited new supply, pricing power. Yield is 2%.

Alberta benefits from population growth, international migration, and inter-provincial migration. Not rent regulated. Quality housing. Large discount of about 20% to NAV. Outlook continues to be bright. Yield is 1.78%.

Good landlords. A very important characteristic. Could increase rents by 20%, but seldom goes above 9%. 

Does not own shares at this time.
~60% of residential units around Calgary area (fast growing area without rent control).
Good time to buy with rising interest rates impacting share price.
Strength in energy business also good for business.

Whole sector has been pushed down extensively, based on interest rates. This is unfair, as everything gets lumped into the same boat. This one is faring better. Longer term, will be OK. Generates income, good portfolio of assets. Yield is 1.9%.

Great example of a company with the ability to increase its distribution. Apartments across Canada, with a focus (2/3 of its portfolio) on Alberta. Alberta has become the affordable market in Canada for both new Canadians and inter-provincial migration. Growing cashflow.