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Opinions Sandy McIntyre
Retirement Residences REITRRR.UN.TODON'T BUYMay 13, 2005
The enemy of real estate is excess development. In the Ontario market, the government created a 10 year requirement for beds in a 2 year period, so margins are being squeezed by overcapacity. Have cut their distributions once and it will be a challenging environment going forward.
Sandy McIntyreOwned
$9.11
Stock price when the opinion was issued
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BUY ON WEAKNESS
Paul Reichmann plans to join the bidding for this company. Feels there will be more bids. At anything below $7.50, the risk/reward is very good and you should be buying.
Ravi SoodOwned
property mngmntinvestment
DON'T BUY
Three main retirement REITs that he owns are Sunrise Senior Living (SZR.UN-T), Chartwell Seniors Housing (CSH.UN-T) and Retirement Residences (RRR.UN-T). Chartwell would be his top pick. This one is going through a takeover process. Has underperformed.
Robert LauzonOwned
property mngmntinvestment
PAST TOP PICK
(A Top Pick Dec 7/05. Up 5%.) Actually hit more than $10 and then pulled back. Still likes it and their properties and feels their distribution is sustainable.
Michael SprungOwned
property mngmntinvestment
BUY
Retirement Residence REIT earnings have not been great. The whole market is pricey. RRR is gradually improving and they are buying other assets. They have capital. They are developing some new retirement homes. Buyer beware again but believes they will do well and are showing lots of life. Buying in the 8's.
Charles DillinghamOwned
property mngmntinvestment
HOLD
Possible takeover target. Feels the value is about $10.50 a share. At the high end, it may be $10.75. If it gets near $10.50, sell it.
Ravi SoodOwned
property mngmntinvestment
