Brookfield Office Properties (BPO.TO)

TOP PICK
Was oversold. Have US and Alberto properties.
BUY ON WEAKNESS
This whole sector in the US has declined a lot. Very high-quality portfolio. Long-term leases.
COMMENT
Commercial real estate play. Excellent company. Prefers Brookfield Asset Management (BAM.A-T), which owns 51% of this company.
BUY
Really like. The best value portfolio in North America, strong management team. Very strong value creation name.
BUY
75%-80% is in the US. Did a huge equity issue a while back and the stock has come down. Well-managed and a great balance sheet. Very low yield.
BUY
Has an outperform rating. Performance and management team are very strong. A premier real estate company. Focused on really high quality assets that are leased with long-term contracts.
SELL
Prefers Brookfield AM.N. Return on assets is higher for this company. They just manage the properties and then take a fee. Recommends switching.
WEAK BUY
The whole office market situation in the US is such that you’ve got to be careful. Extremely well managed. Having troubles filling up an office tower in New York.
HOLD
Real estate and interest rates historically has an inverse relationship. This time you have a monetary policy that is driven by the US fed. Rates are going up because of possible inflation and everybody is aware of rate increases, so business plans can be adjusted accordingly. A high quality company. Good dividend yield.
DON'T BUY
Stock has done well and the assets have done well, with lower interest rates primarily driving the value with occupancies relatively benign. Sees the whole group in a peak valuation and would stay clear. He has no real estate holdings.
HOLD
Positive outlook for them. Model price is higher than the current price. His only problem is the balance sheet of a lot of these REIT's. A lot of these companies have a lot of debt and he gets scared off with the operational ratios.
BUY
Own this stock through Brascan (BNN.LV.A-T). Risk would be throughh interest rates. Their business model has been very successful. Always choose the best properties/tenants, etc. Still feels there is more upside left.
TOP PICK
Markets are acting very nervous, so all his picks tonight are "real quality". Pays 2.84%. Has a high P/E. Has a very strong office. New York's office market is strengthening and Toronto is a bit better. The weak markets in Minnesota and Denver are doing better. Have a lot of cash. Buying back stock. A positive and very defensive position.
WEAK BUY
A wonderful group of people. Very clever. There are other things he would rather buy, but this is OK.
BUY
Good assets and good management.
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