Brookfield Office Properties (BPO.TO) Buy,…

Brookfield Office Properties (BPO.TO)

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TOP PICK

Own a large part of office buildings in major cities in US and Canada. Trades at a 20% discount to its NAV. Has been hurt by the financial crisis because about 50% of their tenants are in the financial industry. Trades at 11X price to FFO, which is cheap. Manhattan space has very low vacancy rates and Merrill Lynch has confirmed they will be staying.

STRONG BUY

Has been swept up in the re-pricing of the US REIT market so the price has dropped in half. First class, high quality real estate company. Own 117 million square feet of AAA office space in key markets. Trading at 11X forward FFO multiples, which is well below the historic 13.5.

BUY

Luxury, class A office buildings. A great name with a tremendous portfolio. Top tier management team. There were concerns that Merrill Lynch, their largest tenant, would leave but have actually signed a 5-year extension. Buying back stock.

TOP PICK

Great management. Trades at about a 22% discount to its NAV and is growing its FFO. Its biggest problem is its ownership of New York office buildings. The biggest risk is that Merrill Lynch might not renew its lease, but that is only 4% of its rental revenue.

COMMENT

(Market Call Minute.) Has come down significantly. People are worried about real estate in the US. Buy it through Brookfield Asset Management (BAM.A-T).

TOP PICK

Owns class A office and luxury office in Toronto, Ottawa, Calgary and New York City and Boston. Has been beaten up by subprime and fears that Merrill Lynch, their biggest tenet, is going to leave. Even if they did leave, that would be a positive because they pay way below market in terms of rent. 25% discount to NAV. Tremendous growth and tremendous asset portfolio. 2% yield.

TOP PICK

Real estate stocks have had a really bad time this year. Numbers have shown good growth in existing properties because of increased rents on lease renewals. Strong Cdn$ helps them. Feels the office properties will continue to do well. Thinks that Merrill Lynch will extend their 5 year lease.

TOP PICK

Top asset and management group. Have underperformed specifically because there is a major concern that they will be moving their office. They've been discounted too much. A very well run company.

TOP PICK

Has weakened off because of uncertainty as to what will happen to their Merrill Lynch lease in New York City. The reason for optimism is that management has always been sharp and have always made things work.

HOLD

Major buildings in New York with leases out to major financial institutions, which is one of the reasons for the weakness in the share price. Assets are pre-eminent and therefore should and could trade at a premium to a lot of other companies. Real esta

TOP PICK

Has a lot of exposure to strong US offices in Boston, midtown Manhattan, Washington as well as Toronto, Ottawa and Calgary. Probably the best office portfolio in North America as well as one of the best management teams. Trading at a discount to NAV and

TOP PICK

The best property portfolio and best real estate team in North America. Significant internal growth from rent increases. An overhang is Merrill Lynch, which accounts for about 8% of their rental income, mainly midtown Manhattan.

TOP PICK

The best real estate available to a Canadian investor. Excellent price. Feels that rents will be going higher within the next year.

WAIT

Quite an interesting stock. Dropped because of fears regarding the real estate market, but commercial real estate is quite stable. Some concerns regarding its New York property where its tenant, Merle Lynch, may be moving. Wait.

COMMENT

Uptrend was violated in March. Presumes that most of the downtrend was because of the sell off in the bond market. Now the bonds are improving, so this will probably rally a bit.

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Brookfield Office Properties (BPO.TO)