MI.UN-T 0.33 DRVN-Q 0 SWIM-Q 0 TOL-N -0.07 NOG-N -0.26 CPA-N -0.03 PBH-T 1.49
Daily Stock Opinions and Ratings
Stockchase Opinions

Michael Simpson, CFA Whiterock REIT WRK.UN-T BUY Mar 31, 2006

There is only one key analyst that covers this. This is a REIT that is focused in the Quebec area with some Saskatchewan properties also. Payout ratio is about 95%. There will be more coverage and good stories coming out as it grows. This is a good opportunity to get in before growth. Good management.
Michael Simpson, CFAMichael Simpson, CFA
Owned
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$3.400

Stock price when the opinion was issued

property mngmnt investment
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BUY

Whiterock REIT(WRK.UN-T)

Sep 01, 2010
Focuses out west on office, retail and industrial. Over distributes on incoming income so the question is can they grow big enough to offset this. I've made some accretive acquisitions over the last several months. Relatively inexpensive.
Paul Gardner, CFAPaul Gardner, CFA
Unknown
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$15.410

Stock price when the opinion was issued

property mngmnt investment
WEAK BUY

Whiterock REIT(WRK.UN-T)

Oct 07, 2010
Have done a significant job of diversifying. Brought their payout ratio down from about 130% to 117%. A definite Caveat Emptor so don't invest too much.
Charles DillinghamCharles Dillingham
Owned
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$17.400

Stock price when the opinion was issued

property mngmnt investment
SELL

Whiterock REIT(WRK.UN-T)

Nov 05, 2010
Over-paying distribution and have done so for a long time. Not a big fan of senior management. They are more financial engineers. Cautious of this name.
Jeffrey F. OlinJeffrey F. Olin
No
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$19.210

Stock price when the opinion was issued

property mngmnt investment
BUY ON WEAKNESS

Whiterock REIT(WRK.UN-T)

May 30, 2011
Company has had a chequered career and have now developed a reasonable and diversified portfolio. Yield of over 8%. Some questions on CEO’s compensation. If interest rates rise, there could be problems.
Charles DillinghamCharles Dillingham
No
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$13.840

Stock price when the opinion was issued

property mngmnt investment
DON'T BUY

Whiterock REIT(WRK.UN-T)

Aug 04, 2011
Has a fundamental difference with management on how the REIT should be managed. Assets are very good but the leverage is way too high and the distribution is not sustainable. Income is not as secure as in other REITs.
Dennis Mitchell, CFADennis Mitchell, CFA
No
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$11.450

Stock price when the opinion was issued

property mngmnt investment
COMMENT

Whiterock REIT(WRK.UN-T)

Aug 10, 2011
Recently sold a large part of his holdings. Bothers him that CEO’s compensation is based on growth rather than profitability. Also making more acquisitions outside of Canada and hopes they can transition these into accretive acquisitions. Doesn't expect much growth.
Paul Gardner, CFAPaul Gardner, CFA
Owned
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$11.650

Stock price when the opinion was issued

property mngmnt investment
COMMENT

Whiterock REIT(WRK.UN-T)

Sep 19, 2011
CEO’s contract is like no other. He takes fees both coming in and going out. Has pushed some good product and has done a lot of stuff well. Hasn't looked at this one closely although he has a little bit.
Charles DillinghamCharles Dillingham
Owned
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$12.820

Stock price when the opinion was issued

property mngmnt investment
SELL

Whiterock REIT(WRK.UN-T)

Sep 26, 2011
Doesn't like this REIT at all, basically because of management. Suspects that some of the net operating income from some of their recent acquisitions won't stand up over the test of time.
Jeffrey F. OlinJeffrey F. Olin
No
Unlock Rating
$12.040

Stock price when the opinion was issued

property mngmnt investment
COMMENT

Whiterock REIT(WRK.UN-T)

Oct 18, 2011
High yield of around 9%. Had been doing a lot of growth. Not much institutional support. Has been significant concern that the CEO has been taking very good care of himself on the financing. They claim they're going to be improving that. Looks safe right now but the market will be watching very carefully.
Charles DillinghamCharles Dillingham
Owned
Unlock Rating
$12.570

Stock price when the opinion was issued

property mngmnt investment
SELL

Whiterock REIT(WRK.UN-T)

Dec 21, 2011
(Market Call Minute.) Thinks there are corporate governance issues
Jeffrey F. OlinJeffrey F. Olin
Unknown
Unlock Rating
$13.460

Stock price when the opinion was issued

property mngmnt investment

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