Brookfield Office Properties (BPO.TO) Buy,…

Brookfield Office Properties (BPO.TO)

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DON'T BUY

An interesting space to be in but it is running into problems again. Pays a good dividend. He is not interested. Could be an interesting play – grab the dividend and hope for gain.

TOP PICK

A sustainable 4.5% dividend yield. Built up a war chest of about $1.4 billion as they are anticipating some really good US properties coming on the market. Extraordinarily well managed.

DON'T BUY

A little concerned about their commercial properties. There are probably safer sectors in real estate.

TOP PICK

Great Portfolio, good management team, sustained payout ratio and low leverage. Largely exposed to Manhattan and Calgary offices. They have weathered the storms. Cashed up for certain. Great Name, worth $14, he would buy at $12.50. Trading below net asset value.

COMMENT

Good quality assets and over time they will squeeze out higher dividends. There's also the potential for capital appreciation. Sharp management. Owns preferreds rather than common shares. Concerned about the commercial real estate side.

TOP PICK

Has been penalized because of debt coming due in 2011 related to the Trizac acquisition a few years ago as well as the expiry of the Merrill Lynch lease in New York. Did a big equity issue and are very liquid currently. Almost 5% yield. Cash flow will grow 4%-5% in the next year.

DON'T BUY

One of the better managed property management companies. The big concern right now is commercial real estate and how sustainable leases will be in the current economic situation. Fully valued.

HOLD

The only risk is that the office side could be weak.

BUY

(Market Call Minute) Likes it. Best commercial assets in the world. Will come off a little in the short term. You buy it for the longer term.

BUY

(Market Call Minute) Absolutely. 4.7% yield

BUY

Looks for catalysts for growth generally. Likes it and likes the fact that it has been consolidating. Sector is recovering.

BUY

Doing a preferred share offering for their class L shares for $25 per share, yielding 6.75% until 2014 and then the yield will equip the Canadian 5 year bond yield +4.17%. Likes this issue. Good yield.

PAST TOP PICK

(Top Pick Sep 29/08, up 34.4%) Sold at the low around $10. It’s a great company with great assets, all in commercial real estate. It’s a conservatively managed company for commercial. Good asset managers. They like to sign long, long term leases. In times like this it benefits them. They are in the best properties in New York and Chicago. Buy on weakness.

BUY

Big concern is major debt repayment coming due 2011. Also concerns about US real estate market, especially offices. Merrill Lynch lease comes up for renewal in 2012. Did an equity financing which mitigates the risk. Very cheap and you will have to be patient.

BUY

5% yield is attractive. Recently did an issue, which Brookfield Asset Management (BAM.A-T) took 51% of. Very highly regarded management.

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Brookfield Office Properties (BPO.TO)