Boardwalk Real Estate Investment Trust T.BEI.UN

Alternate Symbol(s): BOWFF

Real Estate REIT - Residential

Boardwalk Real Estate Investment Trust (Trust) is a Canada-based open-ended real estate investment trust, which owns/operates multi-family rental communities. The Company provides homes in more than 200 communities, with over 34,000 residential suites totaling over 29 million net rentable square feet. Its brands include Boardwalk Living, Boardwalk Communities, and Boardwalk Lifestyle which, caters to a diverse demographic. Its objectives are to provide Resident Members with quality rental communities and the best tenant/customer service, provide its holders of Trust Units with stable monthly cash distributions, and to increase the value of the Trust Units through the effective management of its residential multi-family revenue producing properties, renovations and upgrades to its current portfolio, and the acquisition and/or development of additional, accretive properties or interests therein.

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Boardwalk Real Estate Investment Trust

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Post by retiredcfon Jul 23, 2023 12:29pm

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Post# 35553413

Comparison

I used to own both but now only BEI. GLTA

I currently own both BEI.UN and ERE.UN. BEI appears to reach higher highs while ERE seems to be reaching new lows. Do you believe there is there more room to run for BEI and would you buy ERE at these levels?

ERE.UN has a decent debt position, and there are some concerns with the European economy and current recessions. Its distribution yield is now 5.9% while shares have declined over the past year. It is making good progress on repaying debts, although its Funds From Operations (FFO) to debt and interest payments have been declining. It focuses on residential properties, which we feel have good potential, and its valuation is now at a 1.0X price to book. Its balance sheet is decent. We would be OK with slow accumulation, but would keep an eye on future results to ensure it is moving in the right direction.

BEI.UN is expected to see strong revenue and earnings growth this year. Its yield is smaller than ERE.UN at 1.8%, but its valuation is also cheap, at a 0.9X price to book. Free cash flows are strong and it has been repurchasing shares recently. Its FFO to interest coverage ratios have been slightly declining, but still within a good range. We would be comfortable with BEI.UN here, and believe there is room to run given the cheap valuation and expectations for continued growth. (5iResearch)