Opinions Dennis Mitchell, CFA
Sunrise Senior Living REITSZR.UN.TOHOLDFeb 16, 2007
A seniors-living REIT. Unique in that it is primarily U S properties. Has used this one as a trade. Expect it will be purchased. Doesn't see any further upside here.
Dennis Mitchell, CFAUnknown
$17.90
Stock price when the opinion was issued
property mngmntinvestment
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HOLD
Quarterly results have been delayed for a month which has created volatility. The accounting problem had to do with the past rather than with the present or future. Doesn't know of any big problems on the surface, but the longer the delay the more he worries.
David DriscollOwned
property mngmntinvestment
DON'T BUY
Disappointed since it went public. Hasn’t met any of its IPO forecast. He sold most of his holdings. The whole “senior care living space” has been under pressure. Most of its properties are in the US and the stronger Cdn$ hurts.
Robert LauzonOwned
property mngmntinvestment
WEAK 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 would be a B name but probably won't hurt you.
Robert LauzonOwned
property mngmntinvestment
TRADE
He owns the parent company but not the underlying trust. They own the parent company because the opportunity is there for (mumble mumble). Their biggest fear is that the institution will buy out the shares and leave.
David DriscollOwned
property mngmntinvestment
HOLD
A high quality trust and well managed. Focused on the high end of senior housing REIT's. Has a tie in with Sunrise Senior Living (SRZ-N) giving them opportunities for further developments in the US. A little bit expensive right now, but long term it's a good place to be.
Michele RobitailleOwned
property mngmntinvestment
BUY
There are 3 plays in the "Seniors' Living" sector, this, Chartwell (CSH.UN-T) and Retirement REIT (RRR.UN-T). "Retirement' trusts have a place in portfolios and they own all 3.
Garth JestleyOwned
property mngmntinvestment
BUY
Retirement home business is very fragmented so it's an area where there is the opportunity to make accretive acquisitions. Likes all 3 of the plays in this space including Retirement REIT and Chartwell. This one caters to high income earners. Will be a little slower growing.
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