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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (161625)	9/27/2023 2:33:03 PM
From: Goose94	Read Replies (1) \| Respond to of 202861

Boardwalk REIT (BEI.UN-T) top pick from Andrew Moffs on Market Call Hump Day Wednesday September 27th @ 1200ET Boardwalk Real Estate Investment Trust, the second-largest publicly-traded apartment REIT in Canada, owns over 33,900 suites with its largest markets of Edmonton, Calgary and Montreal. With a large concentration of its exposure in Alberta, Boardwalk has been a beneficiary of strong population growth in this province driven by a significant increase in both international and interprovincial migration. In the first quarter of 2023, Alberta’s population grew by more than 56,000 people, the second largest quarterly increase since the data were tracked beginning in 1951. Interprovincial net migration contributed to approximately 16,000 of that increase, the greatest level of any province or territory in Canada over that timeframe. In addition, rents remain affordable in Alberta, with Boardwalk’s rent-to-income ratios in its largest markets of Edmonton and Calgary at 23 per cent and 27 per cent, respectively, which is significantly below its other regions, that are mostly in the mid- to high-30 per cent range. This has been a contributing factor towards record levels of migration to Alberta. In addition to these positive factors that have contributed to increasing occupancy rates and market rents, the REIT benefits from having significant exposure to provinces that have not placed a statutory ceiling on rent increases, with Alberta and Saskatchewan comprising 73 per cent of its same property NOI, which allows the REIT to, on renewals, increase in-place rents closer to market rents, as compared to other regions. Combined, this has translated into strong operational performance for the REIT, with Boardwalk expecting to produce same-property NOI growth of 11.5 per cent to 14 per cent this year. Despite the strong fundamentals and operational results, units of the REIT continue to trade at a compelling 16 per cent discount to its underlying and quickly growing NAV.