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We note that it has been one of the best performing REITs over the past two years amidst broad sector weakness. The Trust has managed to navigate the high-rate environment and execute its acquisitive growth strategy with 2024 being a record year. Unit prices have appreciated significant to where it is quite expensive from a valuation standpoint, but there are plenty of positive fundamental trends, with increasing occupancy rates, fund flows, and margins. We like its recent momentum, and its distribution is well-covered by cash flows. It is not exactly cheap, trading at 3.7X book, but its FFO interest coverage ratio and FFO/debt have all been increasing, showing a positive trend in profitability. We would be comfortable buying here for an income name. Unlock Premium - Try 5i Free
