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MARKETS LIVE BLOG:

STOCKS SHED GAINS, TESLA SURGES DAY AFTER EARNINGS

Tesla shares jump after EV maker vows to speed up launch of more affordable models

This Super REIT is Undervalued Right Now

Baystreet.ca
·1 min read

Canadian stocks have broadly been battered over the past two weeks. The S&P/TSX Composite Index was down 145 points in mid-afternoon trading on September 22. If it holds, this would be the third triple digit decline over the past four trading sessions. Today, I want to zero-in on a discounted real estate investment trust (REIT) that is worth snatching up today.

The Northwest Healthcare REIT (TSX:NWH.UN) owns and operates a global portfolio of high-quality health care real estate. Shares of this REIT have dropped 15% in 2022 at the time of this writing. That has pushed the REIT into negative territory in the year-over-year period.

This company unveiled its second quarter fiscal 2022 earnings on August 11. It delivered revenue growth of 24% to $111 million in Q2 2022. Meanwhile, it posted strong portfolio occupancy of 97%. Northwest now has assets under management worth $10.2 billion – up 22% from the prior year. Moreover, net asset value (NAV) per unit increased 8% from Q2 2021 to $14.19. Net operating income rose to $88.8 million compared to $69.8 million in the second quarter of fiscal 2021. Adjusted funds from operations (AFFO) jumped to $46.8 million over $43.2 million.

Read:

Shares of this REIT currently possess a very favourable price-to-earnings ratio of 6.1. Better yet, it offers a monthly dividend of $0.067 per shar. That represents a monster 6.9% yield.