AP-UN.TO

I have owned it for many years. I would say now it is a smaller discount to fair value as it always seems expensive and that was when I bought it too! Good companies seem to be always expensive and one just takes market risk to own them. Notice that their credit rating is high and the interest rate they pay on the debt is very low which was still very low during the worst part of covid. The company has a specialized niche in the market and knows how to maximize profits so it is just market sentiment that has been holding it down. As the economy normalizes it should maintain its premium valuation as it proves that earnings growth is returning to high values.
It is not only a data centre REIT but it looks for a special type of older building in a city centre area that it can refit to modern standards. If you listen to the last earning call they describe how they found opportunities in acquiring properties during covid that was would never been available.