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Canadian Real Estate Investment (REF.UN.TO)
Financials 
Technical Analysis 0
PAST TOP PICK
(A Top Pick Oct 2/08. Flat.) Well diversified REIT. Have industrial, office and retail. Conservatively managed. Strong balance sheet and relatively low payout. 5.25% yield.
Michele RobitailleOwned
investment companiesfunds
TOP PICK
(A Top Pick Aug 13/08. Down 12.82%.) Sustainable leverage levels and payout ratios. Did equity issue which recharged the balance sheet. Very conservative management team. Would buy under $24 and accumulate in times of weakness.
Dennis Mitchell, CFAOwned
investment companiesfunds
BUY
One of the higher quality REITs. Much of their refinancing risks have passed through. Will qualify as a flow-through entity post Jan 1/11. 5.8% distribution.
Ben ChengOwned
investment companiesfunds
BUY ON WEAKNESS
Probably the best REIT in the country. Diversified portfolio, high-quality assets, conservative disciplined and focused management, etc. Payout Ratio of 67%. $20.50 would be an excellent entry point.
Dennis Mitchell, CFAOwned
investment companiesfunds
PAST TOP PICK
(A Top Pick Oct 2/08. Down 15.4%.) Diversified with retail, industrial and commercial. REIT space in general has been hit hard, partially because it is considered a sub group of financials. Also REITs tend to be debt heavy. US REIT sector is much worse than Canadian. This trust is very well positioned and is a great place to be. Upside on REITs is probably limited near-term until there is more clarity on credit situations.
Michele RobitailleOwned
investment companiesfunds
TOP PICK
Very high quality real estate company with a rock solid balance sheet and exposure across the country. Conservative payout ratio. The only tax efficient income post 2011.
Sandy McIntyreOwned
investment companiesfunds
PAST TOP PICK
TOP PICK
One of the premier REITs in Canada. Diversified, high-quality portfolio. Payout ratio of about 65% so distribution is rock solid. Was close to their debt covenants and had to raise $100 million and stock was a little bit weak in the face of that. Yield of almost 8%.
Dennis Mitchell, CFAOwned
investment companiesfunds
TOP PICK
One of the oldest REITs in Canada. Commercial diversified portfolio. Very low payout ratio at about 70%. Clean balance sheet. Good management team. Buy under $22 and Sell over $26.
Dennis Mitchell, CFAOwned
investment companiesfunds
PAST TOP PICK
(A Top Pick Nov 28/07. Down 23.1%.) Well positioned and at an attractive price. One of the better performers in the real estate group. Conservatively run. Good balance sheet and strong management. Good defensive plays to be. Buy.
Michele RobitailleOwned
investment companiesfunds
TOP PICK
Has a very good balance sheet. Excellent assets. Very low payout ratio, which is very sustainable. There is some concern of their industrial portfolio and occupancy decline. But feel s it is a great name for your portfolio. (They are watching it carefully).
Would buy at around $22.50
Dennis Mitchell, CFAOwned
investment companiesfunds
TOP PICK
Commercially diversified. Probably the best REIT in Canada from a structural standpoint. Very low leverage around the 55% range. Low payout ratio in the mid-$70’s. Conservative management team. Excellent value.
Dennis Mitchell, CFAOwned
investment companiesfunds
TOP PICK
A basket of high-quality real estate across Canada. Well tenanted. If you believe the economy is going to recover 6 to 9 months from now, you are picking up one of the best selection of assets at a significant discount.
Sandy McIntyreOwned
investment companiesfunds
TOP PICK
Office, industrial and retail across Canada. Low payout ratio. Very conservative accounting. Low leverage. 4.75% yield. 70% payout ratio. Free cash flow yield of about 7%.
Dennis Mitchell, CFAOwned
investment companiesfunds
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