TCNGF - Boardwalk REIT: Deeply Discounted With A Sector Low Payout Ratio

• Boardwalk is trading at a deep discount to NAV and sector average AFFO multiples.
• The REIT has the most attractive target return potential among TD's REIT coverage universe.
• At 45% estimated 2021 AFFO, Boardwalk has one of the lowest distribution payout ratios in the Canadian REIT sector.
• The REIT is advancing its goal diversifying from its core Alberta and Saskatchewan markets.
• Boardwalk's 2.8% distribution yield is well covered, offering stable monthly income.

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