Canadian Real Estate Investment

REF.UN-T

Analysis and Opinions about REF.UN-T

Signal
Opinion
Expert
BUY WEAKNESS
BUY WEAKNESS
September 2, 2016

He is surprised it has done as well as it has recently. It has a component of Calgary office. They have been very proactive. Have a great leasing team. There may be some kind of a pullback in REITs between now and the new year, so wait and pick it up when you get the chance.

He is surprised it has done as well as it has recently. It has a component of Calgary office. They have been very proactive. Have a great leasing team. There may be some kind of a pullback in REITs between now and the new year, so wait and pick it up when you get the chance.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$48.950
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
May 6, 2016

(A Top Pick April 22/15. Up 0.66%.) This is diversified having office, retail and industrial. They are now adding a residential component across Canada. A very stable source of income, and will do well over time. They have exposure to the Alberta office market, and it is the lead company to have your money on for any recovery.

(A Top Pick April 22/15. Up 0.66%.) This is diversified having office, retail and industrial. They are now adding a residential component across Canada. A very stable source of income, and will do well over time. They have exposure to the Alberta office market, and it is the lead company to have your money on for any recovery.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$44.830
Owned
Yes
BUY
BUY
June 23, 2015

This is a very favourite name with him. In a rising interest rate environment, it will be in better shape than most because it has the least amount of debt and what debt they have is very long term. It has being driven down by their having a small amount of office real estate. A very well managed company with an excellent balance sheet.

This is a very favourite name with him. In a rising interest rate environment, it will be in better shape than most because it has the least amount of debt and what debt they have is very long term. It has being driven down by their having a small amount of office real estate. A very well managed company with an excellent balance sheet.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$43.690
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
June 3, 2015

(A Top Pick May 27/14. Down 1.87%.) Has a nice mixture of strip malls, industrials and offices and is well diversified geographically. 4.5% dividend yield. Has managed to grow its payout by about 5% compounded for the last 5 years.

(A Top Pick May 27/14. Down 1.87%.) Has a nice mixture of strip malls, industrials and offices and is well diversified geographically. 4.5% dividend yield. Has managed to grow its payout by about 5% compounded for the last 5 years.

Gavin Graham
Trustee, Pointbreak ETFs
Price
$42.780
Owned
Unknown
BUY
BUY
May 21, 2015

A core holding. There is a difference between a good REIT and what you should pay for it. This is a good entry point. He prefers BEI.UN-T however because it was punished due to the energy sector.

A core holding. There is a difference between a good REIT and what you should pay for it. This is a good entry point. He prefers BEI.UN-T however because it was punished due to the energy sector.

Andy Nasr
VP & Investment Strategist, Sentry Investments
Price
$43.610
Owned
Unknown
TOP PICK
TOP PICK
April 22, 2015

A Value pick. This always trades at a premium. Has a very good balance sheet, excellent management, a diversified strategy and a very disciplined strategy. That disciplined strategy included investing in office buildings in Calgary. The oil situation has caused the stock to pull off. Very rarely do you get a chance to buy this REIT at a lower level. Dividend yield of 3.8%.

A Value pick. This always trades at a premium. Has a very good balance sheet, excellent management, a diversified strategy and a very disciplined strategy. That disciplined strategy included investing in office buildings in Calgary. The oil situation has caused the stock to pull off. Very rarely do you get a chance to buy this REIT at a lower level. Dividend yield of 3.8%.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$46.250
Owned
Yes
PAST TOP PICK
PAST TOP PICK
November 13, 2014

(A Top Pick Nov 13/13. Up 21.27%.) If you only had to own one REIT, this would be it. Diversified so you have exposure to office, industrial and retail. Very well run. Just did an equity raise. Very deep management team.

(A Top Pick Nov 13/13. Up 21.27%.) If you only had to own one REIT, this would be it. Diversified so you have exposure to office, industrial and retail. Very well run. Just did an equity raise. Very deep management team.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$48.810
Owned
Yes
PAST TOP PICK
PAST TOP PICK
October 16, 2014

(Top Pick Nov 20/13, Up 15.74%) A core position. It was compelling value. Lower leverage, low payout ratio, but above average growth. Still likes it and it is a top holding.

(Top Pick Nov 20/13, Up 15.74%) A core position. It was compelling value. Lower leverage, low payout ratio, but above average growth. Still likes it and it is a top holding.

Michael Missaghie
VP & Sr. Portfolio Manager, Sentry Investments
Price
$47.470
Owned
Yes
STRONG BUY
STRONG BUY
July 15, 2014

Very, very stable company. Dividend is incredibly sustainable. Always one of his top holdings. It is always an assumed Top Pick so he just leaves it off.

Very, very stable company. Dividend is incredibly sustainable. Always one of his top holdings. It is always an assumed Top Pick so he just leaves it off.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$45.410
Owned
Yes
TOP PICK
TOP PICK
May 27, 2014

All the REITs sold off because of the worry of tapering in the middle of last year. This is the longest publicly traded REIT. Nice mixture between retail, industrial and office. Raised the dividend 3 times in the last 18 months. With rate rises not imminent, this should regain lost ground. 3.83% yield.

All the REITs sold off because of the worry of tapering in the middle of last year. This is the longest publicly traded REIT. Nice mixture between retail, industrial and office. Raised the dividend 3 times in the last 18 months. With rate rises not imminent, this should regain lost ground. 3.83% yield.

Gavin Graham
Trustee, Pointbreak ETFs
Price
$45.700
Owned
Yes
PAST TOP PICK
PAST TOP PICK
December 17, 2013

(Top Pick Nov 13’13, Up 5.94%) This is a wine you never have to open. High quality operations, low debt. Lower yield but continues to be his largest holding.

(Top Pick Nov 13’13, Up 5.94%) This is a wine you never have to open. High quality operations, low debt. Lower yield but continues to be his largest holding.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$41.800
Owned
Yes
TOP PICK
TOP PICK
November 20, 2013

Half of their assets are retail. Strongest allocator of capital over the last decade. Have maintained low leverage, low payout ratio, but have delivered above average free cash flow. This is very strong from a risk-adjusted return standpoint. Yield of 3.88%.

Half of their assets are retail. Strongest allocator of capital over the last decade. Have maintained low leverage, low payout ratio, but have delivered above average free cash flow. This is very strong from a risk-adjusted return standpoint. Yield of 3.88%.

Michael Missaghie
VP & Sr. Portfolio Manager, Sentry Investments
Price
$42.660
Owned
Yes
TOP PICK
TOP PICK
November 13, 2013

A core holding for any REIT investor. You can buy at a discount right now. Great portfolio of real estate. Fantastic balance sheet. Highest quality of management. This gives you development exposure as well. They keep raising their dividends. Yield of 3.97%.

A core holding for any REIT investor. You can buy at a discount right now. Great portfolio of real estate. Fantastic balance sheet. Highest quality of management. This gives you development exposure as well. They keep raising their dividends. Yield of 3.97%.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$41.810
Owned
Yes
HOLD
HOLD
July 31, 2013

An excellent company. Yield is lower because it is given premium valuation. They keep back a lot of cash and that is for development. One of Canada’s finest REITs. Fantastic governance, great management and good balanced portfolio of property. 4% dividend yield.

An excellent company. Yield is lower because it is given premium valuation. They keep back a lot of cash and that is for development. One of Canada’s finest REITs. Fantastic governance, great management and good balanced portfolio of property. 4% dividend yield.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$41.170
Owned
Unknown
TOP PICK
TOP PICK
October 29, 2012

3.6%. 3 different asset categories. Restructuring themselves. Really good growth coming. Speculation is that they will have to increase distributions just to avoid tax.

3.6%. 3 different asset categories. Restructuring themselves. Really good growth coming. Speculation is that they will have to increase distributions just to avoid tax.

Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$41.690
Owned
Yes
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