Takeaways from the RBC CM Investor Sessions for Canadian REITs/REOCs in New York

研报英文原文证据摘录

Takeaways from the RBC CM Investor Sessions for Canadian REITs/REOCs in New York

RBC Dominion Securities Inc.

Jimmy Shan (Analyst)

(416) 842-6272,

jimmy.shan@rbccm.com

Pammi Bir, CPA, CA, CFA

(Head of Global Real Estate

Research)

(416) 842-7805,

June 7, 2026 pammi.bir@rbccm.com

Edward Zhang (Associate)

(416) 842-8432, Takeaways from the RBC CM Investor Sessions for edward.z.zhang@rbccm.comRESEARCH Canadian REITs/REOCs in New York

Event: We hosted and attended a number of investor meetings at the RBC Capital Markets Investor

Sessions for Canadian REITs/REOCs in New York held on Jun 3-4. In this note, we summarize key

takeaways for the names under our coverage, including Automotive Properties, Boardwalk, BSR, Go

Residential, Killam, Nexus Industrial and StorageVault.

Notable company takeaways:EQUITY

• APR: Pick up in acquisition volume is translating into meaningful FFO/AFFO unit growth. APR

recognizes the need to achieve greater size to be on the radar. It continues to pursue acquisition

opportunities on both sides of the border.

• BEI: Management indicated that we may be close to a cyclical bottom with under-construction

statistics declining. NCIB remains a priority. Population growth resuming (~2027) remains a key swing

factor.

• GO: Underlying fundamentals remain strong with ~10-12% blended lease spreads, 98-99% occupancy

and higher rents being achieved vs. underwritten rents from recent acquisitions. Management

continues to buy back stock. We watch for a dual listing later this year.

• HOM: Focus remains on driving FFO growth following Q4 trough. Expense growth should be more

stable this year.

• KMP: Tone was decidedly positive - spring leasing season seems to have gone well with broad-based

occupancy improvement. Defence spending is a major tailwind.