Brookfield Office Properties Ltd (BOX.UN.TO)

WEAK BUY

Canadian office, vs. BPY, which is global. Some day BPY will take BOX.UN-T over. He has been buying BPY because he thinks it is at a discount.

TOP PICK

Thinks this will eventually get acquired by Brookfield Property Partners (BPY.UN-T). Trades at a material discount to NAV of about 20%. Yield of 4.52%.

TOP PICK

Preferred Canadian REIT. Thinks it gets acquired by BPY. Thinks it will be taken out.

WATCH

BAM has a number of separate vehicles. BPY is buying BPO which owns 80% of BOX. There are a lot of things happening in the Canadian office market and affecting them negatively. Eventually BOX will probably get taken out. Anything could happen in the next 18 months.

PAST TOP PICK

(Top Pick Nov 28/11, Up 32.86)

PAST TOP PICK

(Top Pick Nov 11/11, Up 36.06%)

PAST TOP PICK

(A Top Pick Nov 11/11. Up 38.19%.) Strong management team and attractive yield. Feels that rents will be moving higher in the office market.

PAST TOP PICK

(Top Pick Nov 11/11, Up 30.48%)

BUY
Highest office portfolio in Canada. Good yield. Tremendous development pipeline. Distribution increases expected. Good core holding.
BUY ON WEAKNESS
Trend is your friend. A definitive trend up. Troughs where market sells off are pretty well defined. Trend is still in place. Stay in it and if you don’t own it wait for it to pull back.
PAST TOP PICK
(Top Pick Nov 11/11, Up 13.77% Total Return) Almost made it a top pick today.
TOP PICK
Very undervalued and has a good 4.7 % dividend yield. Held back because the parent company has about an 83% interest, which kind of overhangs the stock. Good growth profile, top-notch assets and yield. Good defensive play.
TOP PICK
The premier office portfolio in Canada with AA and AAA properties. NAV is around $25. Own about 12 million square feet of development potential. Payout ratio is reasonable. Good chance of a dividend increase in the next couple of years. Yield of about 4.9%.
BUY
Long-term hold because of stellar management and low interest rates. They are getting rent increases. Calgary is really turning around aggressively with space.
PAST TOP PICK
(Top Pick May 27/10, Up 25.42%) Heavily owned by the Brookfield group, so not as liquid as some. Yield is not as high as other REITS. 5% dividend, not 7-8% but you are getting quality and so it should hold up during this market. REITS are a place to be in this market. He would continue to hold.
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