Overview

• Canada luxury apartment REIT's Q1 adjusted revenue and FFO per Unit exceeded internal forecast

• Company agreed to acquire five New York properties, doubling building count and adding 1,019 suites

• Committed occupancy reached 99.0% at quarter-end, highlighting strong portfolio demand

Outlook

• Company expects recently announced acquisitions to be immediately accretive to earnings

• GO Residential sees record rents, low inventory and sub-2% vacancy supporting strong performance

Result Drivers

• HIGH OCCUPANCY - Committed occupancy reached 99.0%, reflecting strong tenant demand for the REIT's luxury portfolio

• RENT GROWTH - Rents continued to trend upward, supported by the company's mark-to-market initiative

• SUPPORTIVE MARKET CONDITIONS - Record-high rents, low inventory, and sub-2% vacancy in New York provided a favorable operating environment

Company press release: ID:nCNWPhY7Ta

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the real estate rental, development & operations peer group is "hold."

• Wall Street's median 12-month price target for GO Residential Real Estate Investment Trust is $13.50, about 32.4% above its May 6 closing price of $10.20

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.