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Bruce Campbell (1) True North Commercial REIT TNT.UN-T BUY Mar 26, 2013

Has been a little weak lately. Made an acquisition of Century Property. Has a management arrangement with Starlight (?) but he would prefer a better management agreement but it is a really good source for small company acquisitions. 7.83% yield.

Bruce Campbell (1)

Owned

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$3.700

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HOLD

Not a bad REIT. Fairly small, in the $100 million range. Occupancy is pretty good and the payout ratio is 88%. Nice little yield. However, the debt to value ratio is at about 60%, a little higher than what you want to see in a small company.

DON'T BUY

(Market Call Minute) It is a merger of Northern and Urban communities. Fully valued here.

SELL

REITs stay in a tight range and this one is at the top. Based on its history, it won't rise higher than where it is now. At $5.50, though, buy. Sell it and look elsewhere.

DON'T BUY

He would avoid this one. Office space is difficult to re-tenant. They have an external management structure for their assets, which does not necessarily leave great alignment.

COMMENT

Focused on office across Canada. High Quality buildings in secondary locations. They operate at a higher distribution level. The issue is that they are paying out all of their cash flow. It is highly cap-x driven. There should be some cushion between AFFO and distribution.

DON'T BUY

Smaller cap office space REIT focused in Canada. Has a bit more of government concentration so that provides some stability. Has a high distribution yield but it is not fully covered by cash flow.. Analysts have 4 holds.

DON'T BUY

Suffered from exposure to commercial office space. More secondary markets. Suspended distribution entirely, in favour of buying back stock. Consolidated shares. Uphill battle.

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Bruce Campbell (1) True North Commercial REIT TNT.UN-T BUY Mar 26, 2013

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