Brookfield Office Properties (BPO.TO) Buy,…

Brookfield Office Properties (BPO.TO)

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WEAK BUY

Own maybe the best real estate in North America however, valuation is expensive at 15X Funds from Operations (FFO). Nice dividend yield.

PAST TOP PICK

(A Top Pick Oct 7/10. Down 2.66%.) This is one that he is in and out of periodically. It's a first-class company. Have some fairly significant vacancies in Boston and New York where tenants left so have been hurt a bit. Still one of the best names around.

PAST TOP PICK

(Top Pick October 27/10, Down 8.15%) REITs continue to be one of his more significant weightings. This one was a casualty. Solid yield, office properties, operator. You could own it here.

PAST TOP PICK

(A Top Pick Oct 7/10. Down 10.89%.) High-quality. Most of it is in the US where there are some office vacancies. Still an excellent company with wonderful assets.

BUY

Highest quality real estate entity in Canada. Own class A office buildings in major urban centers with a heavy concentration in Manhattan, which is the rub. Depends on your call on Manhattan. If you think the economy is in for a tough time, it could be challenged. Wouldn't hesitate to own on a long-term basis and forget about it.

PAST TOP PICK

(A Top Pick Sept 1/10. Up 2.96%.)

PAST TOP PICK

(Top Pick Aug 3/10, Up 17.39%) Not a REIT. Has not performed well for him. But there is nothing wrong with it. Everything is fine. There have been some changes within it during the last year. It’s a buy compared to some of the New York ones.

PAST TOP PICK

(A Top Pick July 12/10. Up 30.11%.) Likes that they have started diversifying by buying Australian properties.

BUY

Tremendous name. Some of the best quality assets in North America. Also expanded with a little toehold in London UK and a big Australian portfolio. Great quality office portfolio, mainly Toronto, Ottawa, Calgary, Manhattan Washington and Houston. Worth about $20. 3% yield.

HOLD

Real Estate. (He owns preferreds but not the commons.) Very smart management and generate good value over time. He prefers REITs because they give him 5%-7% yields. You have to depend on them creating transactions to create value over time.

HOLD

Very well located. New York office space is strengthening. Getting out of the housing. If it got above $18, he might take some profit.

PAST TOP PICK

(A Top Pick March 8/10. Up 22.97%.) New York rents have started to pick up in the commercial space. Superb managers.

DON'T BUY

Went through some major reorganization of its assets and essentially moved out of residential totally and into commercial, significantly in the US. Not convinced that the US real estate cycle has ended and that it won’t spill over into the commercial side.

BUY

Highest quality real estate name in North America. Outstanding team. Significant concentration in Manhattan (40-45% of net operating). A good name. It is fully valued.

PAST TOP PICK

(Top Pick Jan 19/10, Up 43.88%)

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Brookfield Office Properties (BPO.TO)