Andrew Moffs' Top Picks: March 30, 2023 - BNN Bloomberg

Andrew Moffs, senior vice president and portfolio manager at Vision Capital, discusses his top picks: First Capital REIT, First Industrial Realty Trust, and Dream Industrial REIT.First Capital REIT owns interests in over 22 million square feet of retail real estate located in Canada’s major urban centers. More than 85 per cent of the portfolio is leased to tenants providing essential goods and services and the portfolio has over 24 million square feet of future development potential.

Over the last six months, due to significant unitholder activism, First Capital has made substantial improvements to portfolio strategy, balance sheet, and corporate governance. On Sept. 22, 2022, the REIT announced an enhanced capital allocation and portfolio optimization plan that will rebalance the portfolio to monetize excess density improving both earnings growth and corporate debt metrics.

First Capital is well positioned for strong unit price outperformance with the REIT trading approximately 35 per cent below the private market value of the assets .First Industrial Realty Trust is a fully integrated owner, operator, and developer of U.S. industrial real estate. The REIT’s 63.1 million square feet portfolio is highly concentrated in 15 of the tightest markets in the United States. First Industrial’s portfolio is located in the top 15 industrial hubs in the U.S.

Complementing its robust internal and external earnings growth profile, First Industrial operates a well managed balance sheet with no maturities until 2027 and at a low 4.9x net debt to EBITDA. Notwithstanding this, shares of the REIT trade a 22 per cent discount to its NAV, the widest amongst the peers, which if sustained, makes the REIT a potential takeover candidate.

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