Brookfield Office Properties (BPO.TO) Buy,…

Brookfield Office Properties (BPO.TO)

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BUY

Recently had a share offering, which was taken up extremely well. Money to be used to buy distressed US properties. There are positive catalysts in this company. Has been encouraging activity in valuations in this sector. 5.5% yield.

TRADE

In the short term the market is poised for a pullback. Hopefully a short one to establish stability. Canadian real estate is starting to interest him. What he is not seeing here is that the world is starting to end. AS a result doe3s’t think the stock is too risky at these levels. It could be a year or 18 months from here is that there will be a rally.

COMMENT

Did a $600 million share offer, which was taken up aggressively indicating liquidity is back and real estate is in decent shape. Creating this capital so they can buy US distressed housing. Good management and great balance sheet. He owns the preferreds.

BUY

Brilliantly run company. No danger signals or hideous debt signals. Think we will rotate in time out of the slightly prolonged commercial property descent as opposed to housing.

TOP PICK

8.95% bond maturing 6/6/14. Yielding about 7%. They are flush with cash and there are currently incredible opportunities in the commercial market so it is a good growth story.

COMMENT

Class A office towers in larger cities. Overhangs are 1) Merrill Lynch, largest tenant in downtown Manhattan will probably leave in 2013 and 2) have a large debt maturing in 2011 in their US office fund that will need financing. Payout ratio of about 67%. Cheap right now but you will have to deal with a lot of headline news and write out a wave of volatility.

BUY

Very strong balance sheet. Turmoil in commercial real estate is actually a buying opportunity for them. Great long-term value. Strong management.

WATCH

Have very good assets with Class A properties in many big US cities. Unfortunately, a lot of their exposure is in Manhattan and that market has not been great. Think they will bottom at some point but doesn't think it's over yet.

COMMENT

Sometimes high dividends indicate nervousness by the markets. Short term he is a little concerned about exposure to commercial real estate where there are 5-year lease rollovers. Would prefer to be in Brookfield Asset Management (BAM.A-T) for the diversity.

BUY

Dealing with a strong head wind with regards to the economy and will feel it the most. Well capitalized and not over levered. Very cheap at 7.5X AFFO. Sold his common stocks but owns preferreds.

BUY

Thinks the REITs are okay. Looking at this one, he thinks it looks fine. This could be the surprise bet of the next 6 months.

BUY

Brookfield Asset Management (BAM.A-T) versus Brookfield Properties (BPO-T)? Likes both of them a lot. Owns more of Brookfield Asset Management and loves their hydroelectric generating assets. Brookfield Properties has a terrific balance sheet. They are really positioned to go in and be vulture investors and by some big valuable distressed properties at good prices.

COMMENT

Reasonable yield and pretty good portfolio. With the market going up, this is not the time to Short. If you do it, do it with a hedge with a Call over top of your Short or something. You are going against the market now.

BUY

Have some of the best assets in the world. He was uncomfortable about the whole real estate market but that has changed dramatically and this company will do well over a long period of time. Smart management with the ability to buy good assets.

DON'T BUY

Real estate with a large US component. You could worry that after retail, with a bit of a lag, office will recover but will be slow. Might take a couple of years.

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Brookfield Office Properties (BPO.TO)