TSX:SRU.UN - Post Discussion
Post by
ace1mccoy on May 17, 2021 7:55am
Canaccord Hikes G&M
* Canaccord’s Brendon Abrams increased his Smart Centres Real Estate Investment Trust (
) target to $33 from $28.25 with a “buy” rating. The average is $28.82.
“Overall, our outlook for SmartCentres remains largely unchanged following the quarter,” said Mr. Abrams. “The REIT’s core retail portfolio continues to perform well with collections averaging 94 per cent during the quarter, although the leasing environment remains relatively bifurcated between the REIT’s larger, essential needs tenants and smaller, non-essential tenants. This was reflected in the slightly negative (0.7 per cent) lease renewal spread in the quarter when excluding anchor tenants. We would expect this trend to continue for the next few quarters as non-essential tenants remain impacted by government restrictions in most provinces. With the worst of the impact from the pandemic in the past, we believe investors are now most focused on the value to be created by the SmartCentres’ development initiatives where it continues to make strong progress. While the unit price has rallied over the past year, we still do not believe the current unit price reflects much, if any, of the potential value from its development pipeline.”
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