TSX:CHP.UN - Post Discussion
Post by
retiredcf on Jun 14, 2024 1:20pm
Raymond James Initiate Coverage
Calling it “a defensive choice to gain exposure to the Canadian grocery-anchored retail property sector,” Raymond James’ Brad Sturges initiated coverage of Choice Properties REIT with an “outperform” rating and $15 target. The average on the Street is $14.94.
“Choice has focused in recent years on 3 strategic pillars: 1) executing on its substantial development pipeline to augment its NAV/unit and AFFO/unit growth profile; 2) reducing its financial leverage metrics to targeted levels; and 3) improving its overall portfolio quality through its completed capital rotation activities,” he said. “Looking ahead, Choice provided 2024 growth guidance that includes: 1) 2024 cash SP-NOI [same-property net operating income] growth of 2.5-3.0 per cent year-over-year; 2) 2024 FD FFO [fully diluted funds from operations] of $1.02-1.03/unit (equal to 2-3-per-cent growth year-over-year); and 3) based on maintaining adjusted debt to EBITDA below 7.5 times.”
Be the first to comment on this post