CIBC analyst picks most promising REITs following earnings season

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Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow

“Q3 saw REITs continuing to deliver solid results while maintaining their outlooks. Retail leasing spreads in the mid single digits to low teens continued unabated, and reflecting such, the group has been the best-performing sub-sector YTD. While valuation has checked back, the safety names’ – i.e. CHP, CRT and APR – units notably lead the sector on valuation and are within 10% of NAV. In retail we like PMZ for NOI growth runway and potential for valuation to catch up to peers.

Ms. Syed has outperform ratings on PRO REIT, Automotive Properties REIT, H&R REIT, Nexus Industrial REIT, Granite REIT, Crombie REIT, Dream Industrial REIT and Primaris REIT“What ‘energy-weighted’ specialty funds are buying/selling. Typically, these funds are early movers and closer to company management including fieldlevel operations . The top names held by these energy funds continue to be ARC, Tourmaline, and Topaz … The best-performing names in 3Q24 were CR , TPZ , PSK , PEY , and TVE .

“This week our economists published their 2025 Global Outlook. They expect the second Trump Administration will bring higher China and auto tariffs, some tax cuts, and regulatory easing. They forecast average 2025 real GDP growth of 2.5% in the US, 0.8% in Euro Area, 1.2% in Japan, and 4.5% in China. Our economists expect US core PCE inflation will decelerate to 2.4% by late next year and the Fed will cut the funds rate to 3.25-3.5%.

 

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