Brookfield Property Partners (BPY.UN.TO)

He sees $26 as a buy level, so he is watching closely. He is not sure of the fundamental drivers right now, but likes the technical chart. He would not add to a position unless it trades back above $27. It is better to average-up than average-down, he believes.

Brookfield (BPY.UN-T) vs Canadian Apartment (CAR.UN-T) He thinks Brookfield has good management and is well diversified buy has had liquidity issues. He expects Canadian Apartment to continue to outperform, because it is focused on the Greater Toronto Area where vacancy is tight and rents continue to go up. He regrets not getting into CAR.UN-T.

Property companies are affected by changes in interest rates because they tend to be fairly levered, as well as by consumer behaviour. You are witnessing a very changing environment. The Brookfield group is a very complicated entity. He prefers to invest in the head of the chain, Brookfield Asset Management (BAM.A-T). From a yield point of view, a lot of people get attracted by the others in that group. It could be a while before there is a recovery in this sector.

Chart shows a little base, which is really positive. It gapped down at around $28, and that brought some buyers in. He would use the lower range of about $27 as your support.

Prefers the parent, Brookfield Asset Management, which is where she has her exposure. It gives you a more diversified holding. Management has a long-term view on malls and retail. High quality malls will always have a place. This would be a good long-term investment.

He owns and prefers the parent, Brookfield Asset Management. We are seeing a lot more movement from the company on an international basis, which he finds interesting. Also, the whole Brookfield family is more involved in India with about a 7%-8% exposure. 5.5% dividend yield.

Has had some pretty big swings over the last few years. Currently it’s trying to migrate down to around the $27.10 level. If it broke there, it is probably going to touch the lows of around $26. If it got down there, this is one he would want to acquire at those levels.

(A Top Pick Feb 8/17. Up 4%.) The thesis is the same, trading at a 20% discount to NAV, so there is a value, but rates have gone up in Canada. If we hadn't had those 2 rate hikes this year, the stock would be higher.

A dividend yield of 4.9%, which is quite juicy, considering it is trading on the Canadian market which gives you a dividend tax credit as well. You are going to have to stomach some volatility, because it will be interest sensitive as rates start to rise.

It is probably one of the larger weights in his REIT portfolios. It trades at a 25% discount to NAV. You get a lot of exposure to diversity in businesses. Private equity operators see potential for redevelopment of struggling malls in the future. He would nibble at it here.

(A Top Pick April 14/16. Up 1.9%.) Sold this in July, mainly because of BREXIT. They have significant office holdings in the Canary Wharf area.

This is pricey, trading at around 21X. Has about a 110% payout ratio, so distribution isn’t perfect. Q4 was a little light. However, he models very strong growth, 16% adjusted funds from operations growth 2016-2018. Trading at about 16% below his assumed NAV per unit. This is a name that you can be constructive on.

(A Top Pick Feb 3/16. Up 13%.) A great company, and still cheap, trading at a significant discount. When you buy this, you are buying a collection of very high quality real estate assets around the world.

Trading at a substantial discount to NAV. In the properties space, and it is difficult to evaluate all their properties, as values do change. They are getting some better lease rates on some of their properties and disposing of some of their non-core holdings and repositioning those. There is talk of changing to a US REIT which might be positive for them. Dividend yield of 5%, and he could see some growth on this, maybe 10%-12%.

These are mostly bought by people seeking dividends. There is a lid about $32 and the lower level is about $26.