Chartwell Retirement Residences (CSH.UN.TO)

Had a great run. Would hold off buying and wait for it to pull back to around $9.50.

(Market Call Minute) 5.5% yield. Likes it. Better operating platform. Have turned the corner with respect to operating margins.

(Top Pick Dec 1/11, Up 29.74% Total Return) Leading in seniors housing. Selling off non-core assets. Recovery in US housing should help occupancy in US. Might increase distribution later in the year.

Likes it for its growth at around 9.6% versus 7% for the sector. Good valuation at 14X next year’s numbers versus 16.5X for the sector. Likes the dividend of over 5%, which is safe. Payout ratio of about 84%. Recent M&A deals in the US on similar assets have suggested this name should be trading at about 10% higher than where it is.

(A Top Pick Oct 12/11 . Up 52.1%.)

Everything that can be a REIT is being one. We have an obsession with yield over common sense. You have to be careful with REITs. As a class, they look really expensive. CSH has been very well managed. He has nothing against it. Be careful with REITs. Prefers higher quality dividend plays.

One of his favourite REITs because demographics favour the growth of nursing homes and he feels this is one of the best run ones and you are going to have rising earnings and rising dividends. 5.16% dividend yield. He could see 5%-10% upside.

Good performing stock. Has been volatile and more recent past has been kind. Have done a good job of repositioning and selling US assets. Always prudent to trim after a good run. Buy at sub-$10 level.

Nursing homes. Have assets in US and Canada. Just sold a big portion of their US portfolio. US retirement home numbers recently came out and they were very good. Trades at 15X price to AFFO so feels it is fully valued.

(A Top Pick Aug 4/11. Up 54.81%.) This one had been beaten up unnecessarily.

A leader in the seniors housing play. Yield of over 5%. Management is refocusing on Canada. They have made an acquisition to expand their presence here. Selling off non-core areas in the US. Demographics are good with people getting older and living longer. Taking advantage of the low interest-rate environment.