2024-07-20 09:24:27 ET
Summary
- Choice Properties REIT reported a strong Q2'24 in line with expectations.
- The REIT renewed the vast majority of next year's Loblaw lease expiries at higher net rents per square foot and achieved double-digit retail lease renewal rent spreads this quarter.
- There's a large embedded rent MTM growth opportunity within its current portfolio, which should support NOI growth over the next few years.
- While the outlook is strong post-Q2 results, the valuation is at the high-end of the peer group.
- My preference would be for Slate Grocery, which trades at a wide discount to Choice despite having a very similar tenant profile.
Please note all $ figures in , not , unless otherwise stated.
Introduction
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Choice Properties REIT: A Strong Outlook Post-Q2 Results, But There Are Better Choices