Opinions
Dennis Mitchell, CFA
Lanesborough REIT
LRT.UN-X
DON'T BUY
Jun 29, 2007
Focused on multi-residential.
Some development risk.
$5.100
Stock price when the opinion was issued
property mngmnt
investment
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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.)
property mngmnt
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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 mngmnt
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