Charles Dillingham
CANMARC REIT
CMQ.UN-T
BUY
Mar 10, 2011
They took the conservative parts and put it into a new REIT. It has done very well. Just bought some new properties. Good yield. A good conservative REIT.
A good one. Got some attention today because of management change. They have a conservative portfolio. Distribution is 8%. Steady stuff, fairly well leveraged. Yield is safe.
Bought on the IPO because of the heavy discount. There was a big overhang because of management. Sold out in the $11 range. Did a slightly better job of acquiring assets than was expected. Doesn’t expect any danger of the 7.7% distribution being cut any time soon.
Had several things happen. Parent company went bankrupt and had leases with them and there is a question what is going to happen to this portion. Have expanded and taken on a lot of good product in Alberta along with existing good product in Quebec. Good yield. Take your time buying as it is illiquid.