Brookfield Office Properties (BPO.TO)

PAST TOP PICK
(A Top Pick Jan 25/10 Up 40.99%.) Still likes.
BUY
Great story going forward if you like commercial real estate. Have demonstrated a great ability to avoid the pitfalls that its peers have encountered. (He owns the preferred shares.)
COMMENT
30-year bond. Good company and well managed. A bit higher yield than most plays. He owns it as a Short against a 30-year Government of Canada bond interest rate as a hedge.
BUY
Brookfield 5.25% 2018 or 5.14% 2020? He would go for the longer one.
STRONG BUY
Arguably the highest quality in terms of assets in Canada. Majority of income is from US (40%), mostly in Manhattan. Exceptional management. Office markets. Thinks it is a good name. Owns the parent company. He is comfortable with the valuation
COMMENT
Good properties. Probably the best way to buy is through Brookfield Asset Management (BAM.A-T), the holding company, because you get all the parts of a holding company at a discount.
TOP PICK
Global leader and a pure play on Class A office space. Trades at a discount as well as a discount to many of the REITs. Have liquidity and can continue to make acquisitions. Exposure to Australia, US and Canada.
TOP PICK
Just made some changes where US and Canadian housing has been taken out with Australia being put in. Becoming a clean entity with office properties. Also own Brookfield Office Properties. New York office properties are starting to improve. 3.5% yield. Payout ratio about 50%.
STRONG BUY
Had strongly considered this as a Top Pick. Strongest part of Canadian market is REITs, which are able to make accretive acquisitions. Although not a REIT, has about 80% office properties in the US and trades at a discount to REITs. High-quality assets.
TOP PICK
Have come under a lot of pressure since they announced the acquisition of the Australian office properties but he likes the prospects in North America and Australia. Have the best quality Class A office properties. 2.65% yield.
DON'T BUY
Has had a sideways movement for the last 6 months or so but well above the 50 and 200 day moving averages. Decent dividend of 3.6%. Missed their earnings estimate last quarter, which would make them shy away.
TOP PICK
Geographically diversified. Trading at a multiple of 16. 3.7% yield.
BUY
Have AAA properties with very high occupancy.
BUY
Have had a fairly major change in strategy. For years they had residential properties in their portfolios but now will be moved into another entity. With the funds they get from this they will buy a whole bunch of properties in major cities in Australia. Likes the move.
TOP PICK
Putting all their main assets into specialized units. Primarily North American and US office properties. Focusing on Australian properties for Chinese growth. Don't buy today but watch it for a sense of when it is going to bottom.
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