REITs continue big rebound after COVID dip: RBC’s Blair

Canadian real estate investment trust (REIT) and real estate operating company (REOC) performances have made a dramatic comeback since the early dark days of the pandemic.

RBC Capital Markets Real Estate Group managing director Carolyn Blair did a deep dive into the numbers during a Sept. 28 presentation as part of the virtual RealREIT conference. Blair opened by highlighting changes in the Canadian REIT market over the past year.

Flagship Communities was the only REIT to issue an initial public offering (IPO) on the Toronto Stock Exchange (TSX) since last September. Brookfield Property Partners and Northview were privatized, while WPT’s privatization has been announced but not yet finalized.

Of the 46 REITs and REOCs included in Blair’s analysis, there were 19 distribution increases by 13 of the entities and only three distribution cuts.

“That’s a welcomed improvement from last year when there was an unprecedented 11 distribution cuts by nine REITs and REOCs,” said Blair. “Eleven of this year’s increases were from diversified (REITs), and six of these hikes partially reversed cuts announced last year.” Read more