TSX:CAR.UN - Post by User
Comment by
Mephistopheles3on Aug 11, 2022 5:57am
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Post# 34887303
RE:Q2 2022 Results Summary
RE:Q2 2022 Results SummaryGood summary, some extra points to highlight before the call this morning. These results are again mediocre, mostly coming from inflation hitting them hard.
- Increase in monthly rent was partially hit by the FX in the Netherlands with the Euro going into the dumpster. ERE actually performed pretty strongly (and is a better investment right now IMO - they have 0 inflation risk over there).
- NAV is down to $56.66 from $59.43 last Q coming from the write down of residential properties. I'm surprised on this one - IIP recorded a FV write up and CAR went the other way.
- Cap. rate increase on their main properties of 18 bps which resulted in a $400M write down.
- Trust expenses are up, even though they're not managing IRES anymore - they were getting $2 million in management fees to manage them.. they cancelled the agreement, but their trust expenses went way up.
Results are mediocre on this one, considering IIP and other residential REIT's had much better increases in their FFO/unit. Looking forward to the analyst call, but still think ERE is probably better value at this point in time.