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OneREIT (ONR.UN.TO)

COMMENT
Involved with Smart Centers and share some management with Calloway (CWT.UN-T). There are always questions on this and their very high payout ratio. This is still a caveat emptor. Feels it is a survivor but is high risk.
HOLD
Has been evolving for quite a while. Came from a period where it was phenomenally unpopular but it always had one significant feature, important investors. Unique feature of smaller shopping centers. Very high yield.
PAST TOP PICK
(A Top Pick Jan 18/11. Up 5.15%.) Still likes it but he sold most of his position. Has a very nice distribution of 8.6%. They are overpaying their distribution but he believes they are going to grow into it. There was some disappointment when only one of their 8 Zellers’ stores was picked up by Target.
HOLD
The problem is that the payout ratio is extremely high. The owners are such that they are probably going to let that happen and just gradually try to make it work. Good management. Constantly improving.
DON'T BUY
They own B and C quality retail assets. Leverage is too high and distribution is not sustainable at its current level.
BUY
Shopping space, secondary market. Good yield of over 10%. Larger, more liquid names have retained their values but the smaller ones like this had a drop in unit prices. Has been overdone.
DON'T BUY
Tier 2 or Tier 3 retail REIT in Canada. Significantly over distributing and are over levered. Strong management. There are better places to be.
COMMENT
New management has done a great job re-organizing and growing this REIT. Most analysts are fairly positive on the story.
BUY
Real estate is a great space to be in. In his relative strength ranking, it is reasonably defensive. Chart shows a great upward trend and is now forming a base. Pretty safe to pick this up now.
PAST TOP PICK
(A Top Pick Jan 18/11. Up 11.78%.) Juicy yield of about 7.5%. Have a number of properties where there is an opportunity to redevelop and expand into higher-quality properties.
BUY
Quality of assets is not great but quality of management is superb. Not a lot of confidence in the distribution. Be patient. Distributions are essentially return of capital.
BUY
Very closely related to the management of Calloway (CWT.UN-T). For the right person, it’s a good source of income and he thinks it’s going to stand. (?) Have diversified their product a bit.
PAST TOP PICK
(A Top Pick March 14/11. Up 6.44%.) Commercial leasing company. Owns malls with a lot of Zellers stores. This is a way of playing Target moving to Canada.
BUY
This is one that has improved a huge amount in the last couple of years. Used to be a disaster. Some shareholders took control and put executives in, so there are quality real estate people involved. Well-managed, sold some properties. They have some Zellers stores, which is a good thing because of Target. You would want to add to it. Almost 8%
TOP PICK
Have a preponderance of Zellers stores. His feeling is that it is the way to play Target coming to Canada. Real Estate investment trusts are the way to go because Canadian Real Estate is stlll under valued compared to to others.
Showing 31 to 45 of 75 entries