Opinions Charles Dillingham
TransGlobe Apartment REITTGA.UN.TOBUYMay 30, 2011
TransGlobe (TGA.UN-T) or Pure Industrial (AAR.UN-X)? Pure industrial is the only pure industrial vehicle in Canada. Industrials have been a weak sector but this company does not have the lousy stuff. Been buying at a good level. Reasonable payout ratio. You have to assume industrials are going to get better. Both are good quality at the higher end yield. You’re not wrong with either.
Charles DillinghamUnknown
$11.39
Stock price when the opinion was issued
REAL ESTATE
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COMMENT
There is a bid to buy the shares at $14.25. Fair value was estimated at $13.25-$15.25. Thinks it unlikely that a higher bid will be made.
Dennis Mitchell, CFAOwned
REAL ESTATE
BUY ON WEAKNESS
Most of their apartments are in trouble Ontario with some in Alberta. Payout ratio is about 95%. 6.25% yield.
Michael Simpson, CFAOwned
REAL ESTATE
BUY ON WEAKNESS
National apartment landlord trading at around $12 and is worth about $12.50-$13. Good management. If you are comfortable with an 8% all in total return you can find here, but he would wait for a little bit of a pullback.
Dennis Mitchell, CFAOwned
REAL ESTATE
TOP PICK
(A Top Pick Feb 4/11. Up 17.53%.) Apartments. Low multiple of 15. Have had some bad publicity about infrastructure stuff. Reasonably high yield.
Charles DillinghamOwned
REAL ESTATE
PAST TOP PICK
PAST TOP PICK
TOP PICK
He is the largest unit holder on this name. Apartments, national portfolio. Did very good job of leasing up apartments they bought that had high vacancy rates.
Dennis Mitchell, CFAOwned
REAL ESTATE
PAST TOP PICK
(A Top Pick Oct 7/10. Up 15.2%.) Apartments in Toronto and Eastern Canada. Has a higher yield than most.
Charles DillinghamOwned
REAL ESTATE
COMMENT
Came out in May/10 and has tripled in size. Some good apartment assets in the Atlantic region. Likes to buy in the $10 area.
Dennis Mitchell, CFAOwned
REAL ESTATE
TOP PICK
(A Top Pick Oct 7/10. Up 14.17%.) Apartments are very good investments. High yield and payout ratio of below 100%. 6.7% yield.
Charles DillinghamOwned
REAL ESTATE
