Opinions
Ross Healy
Cominar Real Estate Inv Tr
CUF.UN-T
PAST TOP PICK
Jun 04, 2018
$12.070
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BUY
Quebec's biggest REIT and once a darling REIT. But they had a lot of dilutive raises which increased leverage and bloated their portfolio. Also, the dividend is too high and will likely get cut. Last year, activists forced the company to change at the board level and cut the dividend (and needs yet another cut). The payout ratio is now much better and they've hired a new CFO who should do a fine job. Now, they are considering what to do with Gare Central in Quebec City, and this may benefit shareholders. A good time to buy.
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DON'T BUY
A play on Quebec. Announced a strategic review, so potential for some sort of activity. She prefers to own a pure industrial. Summit, for example, has Montreal exposure. Retail is going to face significant challenges to creating a path to growth. Third distribution cut since 2017. Better opportunities elsewhere.
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(A Top Pick Sep. 1/17, Down 6%) It had a nice yield but lost some altitude. Mall REITs have been doing this because of the AMZN-Q tsunami of the retail industry. They are mostly in Quebec now and it is the strongest province we have right now. CUF.UN-T is trading at a nice discount to book value. He is staying with it.