Andrew Moffs

Great portfolio, solid management. Surprising that it trades below its IPO price. Has had best-in-class portfolio, but not necessarily best-in-class balance sheet. Topline growth has not fallen to bottom line. Too much variable interest rate exposure. 

Looking to sell assets to reduce leverage, giving them capacity to expand in BC market. Thinks troubles are behind them, "show me" in terms of execution.

Difficult to own. Commercial real estate in Europe. Strategy of owning secondary assets was not the best. Cut distribution. Unless you have a high risk tolerance, don't add to your portfolio.

A favourite of his. US Sunbelt continues to see population growth. Exposure to variable rate interest costs muted earnings growth. Solving this via joint venture with institutional investors. As tenants leave, internal rent growth of 15%, quite attractive. Good setup heading into 2024.

Suffered from exposure to commercial office space. More secondary markets. Suspended distribution entirely, in favour of buying back stock. Consolidated shares. Uphill battle.

In flux. Founder/CEO left. Looking at strategic alternatives, possible asset sales. High leverage. A show-me story. Execution risk to sell assets and fix balance sheet in a difficult market.

Apartments on both sides of the border. Always trades at wide discount to NAV, a good starting point when you invest. Nice portfolio. Keep holding if you own, but better ideas out there. Nice distribution of 5.5%.

Great job getting into other asset types by going vertically on what they already own. Operating income dictated mainly by WMT, which gives a very defensive profile, so he doesn't really worry. Flipside is very little growth. Tight cashflow coverage. Believes distribution of 8% is safe, even though payout ratio spiked above 100% temporarily. Better earnings growth elsewhere.

Doing its best to diversify into multi-family residential apartments in US Sunbelt, where supply is high, so operating income will be challenged. Execution story in a difficult environment for selling or transitioning assets. A hold. Discount to NAV, but headwinds to fundamentals. Still, prefers it to AX.UN.

Highest quality globally of grocery-anchored shopping centres. 40% discount to NAV. Activism has been an overhang. Defensive, fundamentals couldn't be better. Keep holding.

Great business model. Rarely trades at a discount to NAV, but that day is today. UK acquisition timing not great, leading to underperformance. 95% of the business is dependable, recession-resilient.

Wide discount to private market value. Thinks it will have the highest cashflow growth (estimated at 9%) of any REIT globally. Share price worth north of $18. Will benefit from dynamics of e-commerce, onshoring, reshoring.

Issue is overpayment of distribution, not sure it's sustainable, interest costs really cutting into bottom line. Top line muted, only 0.5% growth this past quarter. Buying stock rather than paying down debt. Look elsewhere, try FCR.

Thinks highly of CEO. Great example of building a great business by investing in accretive acquisitions instead of paying out a distribution. Discount to NAV. Migration into Alberta is a great story. No dividend.

80% of asset value is in Toronto and Montreal. Good operators in a difficult market. Discount to NAV. Committed to distribution of 10%, sustainable if they can continue executing into 2024. Sold data centres, giving breathing room.

Successfully diversifying away from reliance on MGA. Solid management, executes well throughout the cycle. Concerns about more supply from new construction. Rent growth muted. Great option, but he owns DIR.UN instead.