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Boardwalk REIT Stock Symbol: BEI.UN-T

Last Price Recorded: $40.1600 on 2017-10-17

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Date Signal Expert Opinion Price
2017-09-13 HOLD Paul Gardner, CFA

Missed very big last quarter. One problem is that most assets are in Calgary, Edmonton and Saskatchewan, and the rental market there has been incredibly weak. There are signs of stabilization. The trouble is they are competing with condos, and they have large buildings. Last quarter, they came out with a significant amount of capital expenditures they have to put into their buildings. The positive is that they have a balance sheet that allows them to do CapX spending. Fantastic management and they are the biggest shareholder. Getting closer to the bottom and there is some stabilization. If you own, stick with it, but don’t buy it. Distribution yield is 5.7%, which he thinks is pretty safe.


Price:
$39.030
Subject:
REITs, BONDS AND DIVIDEND STOCKS
Bias:
UNKNOWN
Owned:
No
2017-08-24 DON'T BUY Rick Stuchberry

He does not own any of the REITs.  He backed away because of rising interest rates.  He worries about commercial REITs in light of what AMZN-Q is doing.  BEI.UN-T is in Calgary and he thinks that area will lift again.


Price:
$40.400
Subject:
CANADIAN LARGE & iNTERNATIONAL ADR's
Bias:
DEFENSIVE
Owned:
No
2017-01-23 TOP PICK Steve DiGregorio

A controversial call, because somebody downgraded it recently, which took the stock down a little. The yield is good and he likes management. A pristine balance sheet. Real estate is a laggard area, and he expects that part of the market to improve. Next 2 quarters are probably not going to be great and he is expecting a trough in Q2, which is when you really want to be in this, but you have to be 6 months ahead of that because the market is already looking for this. There is a 20% Short interest on this out of the US. Dividend yield of 4.70%. (Analysts’ price target is $46.68.)


Price:
$47.030
Subject:
CANADIAN DIVIDEND
Bias:
OPTIMISTIC
Owned:
Yes
2016-11-17 DON'T BUY Derek Warren

This is entirely about the Alberta economy and oil exposure. There are no other problems in this REIT. There was so much overheating in the oil economy in Alberta and Regina, and it weighed on this REIT. It is going to continue to disappoint. He owns a very small piece.


Price:
$43.380
Subject:
REIT's
Bias:
UNKNOWN
Owned:
Yes
2016-09-20 TOP PICK Andy Nasr

Trades at a huge discount to replacement value, which he pegs at around $65. Apartments are a defensive asset class and this is a good example. If you are worried about house prices declining in Western Canada, people are going to rent instead of buy. You should see occupancy go up in low income Housing, which is where this company really benefits. 80% of the Net Operating Income comes from Alberta and Saskatchewan, which is why it trades at a sizable discount. Exceptional management team which owns 25% of the company. Dividend yield of 4.5%.


Price:
$49.950
Subject:
REITS, GLOBAL & MACRO STRATEGY
Bias:
UNKNOWN
Owned:
Yes
2016-09-02 WAIT Derek Warren

(Market Call Minute.) Calgary apartments. If you are a long term holder, maybe just wait. Stay on the sidelines for a little while. They may have a write-down in the future.


Price:
$51.480
Subject:
REIT's
Bias:
UNKNOWN
Owned:
Unknown
2016-08-18 PAST TOP PICK Michael Simpson, CFA

(Top Pick Nov 26/15, Up 12.38%) Largest apartment REIT in Canada.  There have been some concerns about lowering rents and marginally decreasing occupancy.  There was noise from Fort McMurray.  Net asset value is $66.  They had a special dividend last year.  They have a big short position.  It is an extremely well run company and he is buying on weakness.


Price:
$50.250
Subject:
NORTH AMERICAN DIVIDENDS
Bias:
SELECTIVE
Owned:
Yes
2016-07-28 BUY Andy Nasr

(Market Call Minute) There was an overreaction when oil got below $40.  It will be a challenge to figure out if they will stabilize occupancy by lowering rents.


Price:
$55.390
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
Yes
2016-06-15 WAIT Bruce Campbell (1)

Apartments, a lot of them in Western Canada including Fort McMurray. Dipped, but has recovered with the whole group. He would wait a quarter to see if they’ve overcome Fort McMurray and the Alberta exposure.


Price:
$53.440
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Unknown
2016-06-13 BUY John Stephenson

(Market Call Minute.)


Price:
$53.330
Subject:
NORTH AMERICAN - LARGE & RESOURCE
Bias:
CAUTIOUS
Owned:
Unknown
2016-02-17 COMMENT Paul Gardner, CFA

Sold his holdings as soon as he saw the 5% vacancy rate occurring in Calgary. These are great managers. They own 30% of the float, so if you want to be aligned with the owners, this is the REIT to own. If you don’t have exposure to Alberta, this would be a great company to own.


Price:
$42.140
Subject:
DIVIDENDS & REITS
Bias:
UNKNOWN
Owned:
No
2016-02-03 COMMENT Derek Warren

Has been very good traditionally at maintaining occupancy, and will do so at the expense of possibly losing some rents. When they release earnings, you want to be looking for 2 numbers. What is occupancy and what are their earnings doing? Expects there has to be a correction in Alberta Apartments. Stock has gone from $65 down to the low $40, which he thinks is overdone. Has been buying back into the stock below $43. Dividend yield of about 4.8%.


Price:
$42.920
Subject:
REIT's
Bias:
BULLISH on REITs
Owned:
Yes
2016-01-05 PAST TOP PICK Paul Gardner, CFA

(Top Pick Jan 20/15, Down 20.27%) He sold out at $53.  Management is second to none.  It is a very difficult market.  The numbers were okay last quarter, but it will be very difficult for them.  They will be impacted by the spike in vacancy rates.


Price:
$47.010
Subject:
DIVIDENDS, FIXED INCOME & REITs
Bias:
SELECTIVE
Owned:
No
2015-12-11 COMMENT Jaime Carrasco

REITs is an area where he is staying on the sidelines because he thinks they will be interest sensitive. His company has this as a Sector Perform with a $59 target. When looking at REITs, look at the geographical concentration of their properties. In this case they are in Alberta. At some point you are going to get a good rebound out of Alberta, but he doesn’t know when that is going to come.


Price:
$45.170
Subject:
REITS, RESOURCES & UTILITIES
Bias:
CONTRARIAN
Owned:
No
2015-11-26 TOP PICK Michael Simpson, CFA

People are running away from Alberta, but not him.  They have apartment blocks in Calgary and Edmonton.  A well managed company.  They will pay a special $1 distribution on Dec 1.  He is prepared to hold it.  He thinks it will recover as Alberta recovers.


Price:
$46.930
Subject:
NORTH AMERICAN DIVIDENDS
Bias:
OPTIMISTIC
Owned:
Yes
Showing 1 to 15 of 143 entries
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