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Opinions Paul Gardner, CFA
Westfield REITWFD.UN.TOBUYJul 07, 2006
A small cap REIT in office, industrial and retail. Growing quite nicely. Almost a proxy for the Alberta economy as 62% of their net income is from Alberta. As they grow larger, there are always execution risks.
$13.85
Stock price when the opinion was issued
property mngmntinvestment
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PAST TOP PICK
(A Top Pick Nov 21/06. Up 6.6%.) Announced an equity raise, which is why the stock has come back. A great western based company. Commercial diversified. Good management.
Dennis Mitchell, CFAOwned
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PAST TOP PICK
(A Top Pick Dec 30/05. Up 20.4%.) Focuses on Alberta. Good management. Buying Calgary office space at good prices.
Michael Simpson, CFAOwned
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BUY
Good exposure to western Canada. Relatively new group from the point of size and new ventures they have. An up and coming REIT.
Charles DillinghamOwned
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TOP PICK
Commercial diversified REIT, focused on western Canada. Over distributing from a free cash flow standpoint but, on pace they hit 100%, if not in Q4 this year, definitely in Q1 of old seven.
Dennis Mitchell, CFAOwned
property mngmntinvestment
PAST TOP PICK
(A Top Pick March 3/06. Up 4.5% plus distributions.) Still likes it.
Sandy McIntyreOwned
property mngmntinvestment
PAST TOP PICK
(A Top Pick Dec 30/05. Up 11%.) Stock was consolidated on a 15:1 basis. This Top Pick was based on his theme of stronger growth in western Canada. Very conservative and well-run. Still likes. Trades at a discount to its net asset value. Still sees more upside.
Michael Simpson, CFAOwned
property mngmntinvestment
BUY
This is a newer REIT. It is trading around $8.55. It has to prove itself but has expanded and taken on new properties. Believes it is an up and coming. It is largely Western based. It is one to hold and he recommends buying.
Charles DillinghamOwned
property mngmntinvestment
TOP PICK
He started to buy Westfield REIT last year. It has a geographic concentration west of the Ontario border, trying to buy class A properties and class B and C centres. (Sears Centre in Grand Prairies)Very capable real estate people..
Sandy McIntyreOwned
property mngmntinvestment
TOP PICK
Focused on office, commercial buildings in the prairie provinces. Led by a really strong real estate management team. Trading at a reasonable valuation near its net asset value. Yields over 9%. Sometime in the 2nd quarter they will do a reverse consolidation which will attract more names to this. Should have good upside and could be a takeover target.
Michael Simpson, CFAOwned
property mngmntinvestment
BUY
A smaller real estate investment trust. Likes smaller companies as eventually smaller companies grow into larger trusts or get taken out. Excited about its future.
Michael Simpson, CFAOwned
property mngmntinvestment
