Cominar Real Estate Inv Tr (CUF.UN.TO) Buy,…

Cominar Real Estate Inv Tr (CUF.UN.TO)

11.74

-0.00 (0.00%)

as of Mar 2, 2022, 9:00:00 pm Market Open.

139 watching

PAST TOP PICK

(A Top Pick Nov 30/11. Up 9.95%.) Good, solid name. Growing slightly faster than its peers yet trades at a slight discount. 6% yield is safe.

COMMENT

Owns a little but prefers a couple of other REITs. His biggest holdings are Dundee (D.UN-T) and H&R (HR.UN-T). There has been a bit of nervousness overall about the REIT sector. Has had a great run over the last number of years and there is some concern about fatigue. If rates are going to stay down for a number of years, the sector is still going to be a good place to be.

TOP PICK

Commercial diversified. Concentrated in Québec city and Montréal. Moved into Atlantic Canada when they bought Overland Realty and just recently purchased Canmart. He has been concerned about the balance sheet because they have a lot of convertible debentures, and as they convert into units have diluted their performance recently. 5.8% dividend.

PAST TOP PICK

(A Top Pick Aug 11/11. Up 21.21%.) Occupancy is a bit lower than 99% but the profitability of those assets is very high. Still likes

DON'T BUY

Just struck a deal to buy 68 GE Capital assets in Ottawa and Montréal, which is scary. GE kind of sounded the bell in 2007 on the real estate market when they acquired assets from Dundee and then the real estate market fell. These real estate stocks are getting frighteningly scary in terms of valuation. He is getting very close to trimming REITs in his portfolios. He owns the convertibles on the stock. (See Top Picks.)

BUY ON WEAKNESS

Fully valued at around $25. He would be interested at around $22.

BUY ON WEAKNESS

Likes REITs in general. Low interest rates, consolidation opportunities, growth through acquisition, further mark to market upside. This one's growth rate is in line with the diversified peers but is still trading at a small discount. One thing he doesn't like is that their level for “spend for acquisitions” is getting a little bit smaller. Try to buy on a little bit of a pullback at around $23.19.

BUY ON WEAKNESS

One of the better managed REITs in Canada. Commercial diversified. Acquired some properties that were very accretive, which grew their free cash flow per unit. Also opened up some new markets for them in Western Canada. They do have to de-lever, which will be done organically. Offers you about a 10% total return.

HOLD

Pretty stable, well-managed company that focuses on Quebec properties. Good managers that get a lot of sweat out of their properties. 93% payout ratio. The Quebec market is doing quite well. Thinks this is a very quiet mid-cap story that should do well in the next year of two.

BUY ON WEAKNESS

Mid cap REIT. One of the better quality REITs. Family pays themselves next to nothing.

PAST TOP PICK

(Top Pick Nov 30/11, Up 9.32%)

BUY ON WEAKNESS

He was buying below $22 but not interested at $23. Recently acquired CANMARC REIT (CMQ.UN-T), which will probably be very accretive for them. Would like it below $22.

TOP PICK

Always been a Québec-based high quality name. Last year started talking about moving to Ontario. Just acquired Canmarc REIT (CMQ.UN-T) which has given them national exposure. Will have a little bit too much debt but will save about $5 million annually by merging the 2 head offices. Well managed. Yield of about 6 .6%.

DON'T BUY

Just increased their bid for Canmarc (CMQ.UN-T) which she feels was quite unnecessary. This will make the accretion on this deal very skinny, almost zero. Very much Québec focused, which has been their advantage. Prefers others.

PAST TOP PICK

(A Top Pick Jan 11/11. Up 11.78%.)

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Cominar Real Estate Inv Tr (CUF.UN.TO)