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Opinions Charles Dillingham
Lanesborough REITLRT.UN.VHOLDDec 08, 2006
Sold his holdings at around $6. Heavily weighted to Alberta. Will revisit in January. Reasonable yield.
$5.81
Stock price when the opinion was issued
$0.01
As of Oct 31, 2023. Market Open.
property mngmntinvestment
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COMMENT
Loved the REIT sector a few years ago. He watched this one a little bit but it didn’t fit into his qualifications. When you have a sector that is in a recovery mode and you have some that are not only laggards but are real dogs, you have to take a really strong look at financial statements to see why.
property mngmntinvestment
COMMENT
Basically a bet on Fort McMurray. Heavy concentration of decent quality apartments there. Had high-cost debt and in the process of selling assets to cover this. Lots of upside leverage if Fort McMurray comes back, which he thinks it is. High risk/high reward. No distribution at this point. (He owns some warrants, but no equity.)
Jeffrey F. OlinOwned
property mngmntinvestment
HOLD
Multi-residential. Focused on secondary properties in western Canada. Highly levered to the oil sands. Over distributing, but can see this disappearing by the end of 2007.
Dennis Mitchell, CFAOwned
property mngmntinvestment
BUY
Multi-residential. Has a lot of exposure to western Canada and 30 to 40% of the revenue comes from Fort McMurray. This area has almost zero vacancy.
Dennis Mitchell, CFAOwned
property mngmntinvestment
BUY
Multi-residential REIT. Heavy exposure to western Canada, particularly Fort McMurray. Started in 2005 with high yield and payout ratios well in excess of 100%. Management has increased free cash flow and reduced payout ratio to 150%. Buy for growth, not yield.
Dennis Mitchell, CFAOwned
property mngmntinvestment
