BEI-U CN

Boardwalk Real Estate Investment Trust

Finance/Real Estate


Presented:10/06/2015
Price:CA$54.14
Cap:$2.25B
Current Price:CA$81.71
Cap:$3.52B

Presented

Date10/06/2015
PriceCA$54.14
Market Cap$2.25B
Ent Value$4.02B
P/E Ratio17.64x
Book ValueCA$65.71
Div Yield3.31%
Shares O/S52.02M
Ave Daily Vol131,770
Short IntN/A

Current

PriceCA$81.71
Market Cap$3.52B
Boardwalk Real Estate Investment Trust is an open-ended real estate investment trust. The company engages in real estate rental market business. It has several residential multi-family apartments on Alberta, Ontario, Quebec and Saskatchewan. The company was founded by Sam Kolias in 1984 and is headquartered in Calgary, Canada.

Publicly traded companies mentioned herein: Boardwalk REIT (BEI-U CN)

Highlights

Boardwalk is the largest Western Canadian multifamily REIT, with approximately 79% of the company’s net operating income derived from oil sands related regions. The company has been one of the best performing and highest multiple REITs in Canada in recent years due to the growth of the oil sands economy. Multifamily REITs are generally slower to decline than commercial REITs, which in Western Canada are down meaningfully on metrics including occupancy and rents. Commercial REITs are currently trading at roughly 13 times EBITDA and 8 times FFO, versus 19 times and 15 times respectively for Boardwalk. It may take a while longer, but the presenter argues that a similar impact should eventually be felt by multifamily REITs as employment declines, the anticipated result of continued struggles in the oil sands economy of the region.

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Idea Discussion

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