11:05 AM EDT, 03/20/2024 (MT Newswires) -- RBC Capital Markets said Wednesday that its outperform ratings are largely intact for Canadian real estate investment trust companies under its coverage.

RBC said the list includes Allied Properties Real Estate Investment Trust (AP-UN.TO), Boardwalk Real Estate Investment Trust (BEI-UN.TO), BSR Real Estate Investment Trust (HOM-U.TO) and Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO).

RBC also cited Chartwell Retirement Residences (CSH-UN.TO), Colliers International Group Inc. ( CIGI ) , Dream Industrial Real Estate Investment Trust (DIR-UN.TO) and FirstService Corp. ( FSV ) .

First Capital Real Estate Investment Trust (FCR-UN.TO), Flagship Communities Real Estate Investment Trust (MHC-U.TO), Granite Real Estate Investment Trust (GRT-UN.TO) and InterRent Real Estate Investment Trust (IIP-UN.TO) are also part of the list.

Rounding out the list are Killam Apartment REIT (KMP-UN.TO), Minto Apartment Real Estate Investment Trust (MI-UN.TO), Morguard North American Residential Real Estate Investment Trust (MRG-UN.TO), RioCan Real Estate Investment Trust (REI-UN.TO), SmartCentres Real Estate Investment Trust (SRU-UN.TO) and StorageVault Canada Inc. ( SVAUF ) .

RBC said its earnings and net asset value estimates for REITs took a slight step back, with a moderate, yet healthy outlook for growth in the year ahead.

"We believe the sector remains on sound footing. Still, higher rates continue to weigh on investor appetite," RBC said. "With this in mind, we expect capital to follow the lead of fundamentals and earnings growth, with our preferred picks still leaning toward multi-family, industrial, select seniors housing, self-storage, and defensive retail."

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