Brookfield Office Properties Ltd (BOX.UN.TO)

PAST TOP PICK
(A Top Pick April 29/10 Up 11.95%.)
BUY
Toronto, Calgary, Ottawa office properties. Cheap right now. Should be at $22-$23. Fully occupied.
BUY
Very little float on this. 90% of the name is owned by Brookfield. He would want the $21 range to buy. No complaints about this name.
STRONG BUY
Very high-grade office buildings. Excellent distributions of around 5%. Top class management.
TOP PICK
Converted from a corporation into a super quality REIT. More than doubled distribution to 5% and has promised to create great liquidity possibly by selling down. The only “A” grade property company in Canada.
TOP PICK
Converting into a REIT. Low cap rate of about 5X because of the absolutely superb quality. The only grade A properties REIT in Canada. 3.67% yield currently, which almost doubles in distributions to about 5%-6%.
BUY ON WEAKNESS
Converting from a corporation into a REIT and will own all the Canadian assets and developments of Brookfield Properties (BPO-T). Expected to cash flow $1.07 for 2010-2011, which would be 19X free cash flow. This is pretty aggressive on a valuation standpoint. Try to buy under $19.
PAST TOP PICK
(A top pick Mar 8/04. Down 7%.) Still likes. Very high quality. Brascan would probably like to take it private.
DON'T BUY
Drop in price is probably related to the anticipation of rising interest rates. Once interest rates increases have run their course, will once again look at REITs.
BUY
Has been falling, probably in sympathy with the REITs in the US. This company has terrific assets and might have the opportunity to raise rents more than their financing costs go up.
TOP PICK
(A top pick Mar 8/04. No change.) Very high quality Canadian properties. Most of the stock is owned internally.
TOP PICK
At a good price. Will probably mark time here for a while. Has a lot of cash. Very high quality assets.
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