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Bullboard - Stock Discussion Forum Boardwalk Real Estate Investment Trust T.BEI.UN

Alternate Symbol(s):  BOWFF

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... see more

TSX:BEI.UN - Post Discussion

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Post by retiredcf on Aug 18, 2023 6:39am

Scotia Capital

Even the skeptics are climbing on board. GLTA

Scotia Capital analyst Mario Saric thinks there’s “still some gas left in the tank” forBoardwalk REIT, raising his financial forecast following in-line second-quarter results that he saw as a “slight positive.”

“BEI is maximizing occupancy, even if it means moderating rent growth (on both new and renewal leases) as a big improvement in market demand increases a focus on ‘self-regulation’ (as a means of limiting regulatory risk, in our view; question is whether competitors will follow),” he said. “BEI believes Edmonton (35 per cent of Q2 NOI) is its strongest market on the margin (given still affordable rent; $1,282/suite vs. $1,326/suite portfolio avg.) and believes the recovery is only in the ‘early innings’.”

“BEI occupancy is near-max, driving near-record sequential revenue growth, accelerated incentive burn-off, and a 3-per-cent uptick in 2023 FFOPU [funds from operations per unit] guide. That said, the biggest positive change for us is the 4-per-cent upward revision to 2024 FFOPU as it dampens a prior risk; a possible significant deceleration in FFOPU growth.”

Mr. Saric is now expecting year-over-year FFOPU growth of 10.1 per cent in 2024, down from his 2023 estimate of 11.6 per cent versus peer averages of 10.3 per cent and 2.9 per cent.

“We see lower risk of outflows into peers as investors shift focus to 2024 earnings in the fall, though decelerating rent growth should remain on the radar,” he said.

“Overall, while growth is showing signs of decelerating (year-over-year comps getting tougher + rent growth moderating), double-digit FFOPU growth + guidance exceeding in-place consensus supports a higher unit price.”

With higher revenue projections, Mr. Saric hiked his target for Boardwalk units to $76 from $70, keeping a “sector perform” recommendation. The average is $74.23.

Comment by malx1 on Aug 18, 2023 7:33pm
Nice to see $76 from Scotia.    Autofocus123 can sell at $70 and we won't have to read their unfounded complaints anymore. Win, win.       
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