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CDPYF - Canadian Apartment REIT: Favorable Leasing Spread Will Continue To Drive Its Average Monthly Rent Rate Higher
Canadian Apartment Properties Real Estate Investment Trust Tr Units
Investment Thesis
Canadian Apartment REIT (CDPYF) (TSX: “CAR.UN”) delivered another strong quarter with strong top and bottom line growth. We believe the REIT will continue to perform well in 2019 thanks to strong market fundamentals in its key markets. This has resulted in favorable leasing spreads. With a strong balance sheet, the company will be able to pursue accretive acquisitions. Canadian Apartment currently pays a growing 2.6%-yielding dividend. However, its shares are trading at a premium valuation to its peers. Therefore, we think investors may want to wait on the sidelines.