Brookfield Office Properties Ltd

BOX.UN-T

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Analysis and Opinions about BOX.UN-T

Signal
Opinion
Expert
SELL
SELL
February 1, 2019
Has recovered pretty nicely. He'd look somewhere else for a higher dividend, such as BPY.UN, which the group is looking to put some money behind.
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Has recovered pretty nicely. He'd look somewhere else for a higher dividend, such as BPY.UN, which the group is looking to put some money behind.
COMMENT
COMMENT
May 15, 2017

They have a cash offer from Brookfield Property Office (BPO.UN-T) at $32.50. He would say that this is the current valuation, and they will probably be successful. He would take the offer as they are not going to be any more liquid.

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They have a cash offer from Brookfield Property Office (BPO.UN-T) at $32.50. He would say that this is the current valuation, and they will probably be successful. He would take the offer as they are not going to be any more liquid.

SELL
SELL
March 31, 2017

BPY-T said they wanted to buy the remainder of the company at around the current price. It is pretty much a done deal. He does not think you get much more out of it.

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BPY-T said they wanted to buy the remainder of the company at around the current price. It is pretty much a done deal. He does not think you get much more out of it.

COMMENT
COMMENT
February 3, 2017

There is a bid for the parent company to take this private. Brookfield has done this many times. They put in one bid, and then they sweeten it later. He doesn’t think they are going to sweeten this one. If you have a better place for the money, he thinks you would be fine taking the superior bid and redeploy the money.

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There is a bid for the parent company to take this private. Brookfield has done this many times. They put in one bid, and then they sweeten it later. He doesn’t think they are going to sweeten this one. If you have a better place for the money, he thinks you would be fine taking the superior bid and redeploy the money.

PAST TOP PICK
PAST TOP PICK
May 31, 2016

(A Top Pick Sept 11/15. Up 28.16%.) Doesn’t think this is done yet. Has never sold a share. Still undervalued. This is the best office real estate that you can find in Canada.

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(A Top Pick Sept 11/15. Up 28.16%.) Doesn’t think this is done yet. Has never sold a share. Still undervalued. This is the best office real estate that you can find in Canada.

BUY
BUY
February 3, 2016

80% controlled by the Brookfield entities. This is core Class A Ontario and Calgary offices. There is strain on the Calgary side, but have very long-term leases and developments going on. In Toronto, offices continue to trade at incredibly high valuations. There is German and Asian money that is very willing to come into Canada, so there is great safety in this company. A safe investment with a yield just under 5%.

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80% controlled by the Brookfield entities. This is core Class A Ontario and Calgary offices. There is strain on the Calgary side, but have very long-term leases and developments going on. In Toronto, offices continue to trade at incredibly high valuations. There is German and Asian money that is very willing to come into Canada, so there is great safety in this company. A safe investment with a yield just under 5%.

HOLD
HOLD
November 12, 2015

He sticks with BAM.A-T. He does not need to be a third layer down. Some year there will be a press release that BAM.A-T has taken out what they don’t own of BOX.UN-T, however.

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He sticks with BAM.A-T. He does not need to be a third layer down. Some year there will be a press release that BAM.A-T has taken out what they don’t own of BOX.UN-T, however.

PAST TOP PICK
PAST TOP PICK
October 30, 2015

(A Top Pick Sept 11/15. Down 2.28%.)

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(A Top Pick Sept 11/15. Down 2.28%.)

TOP PICK
TOP PICK
September 11, 2015

This is an example of how you can upgrade your portfolio. Look for the highest quality assets that you can find in the market, and buy them because they have traded down with the market. This is the trophy real estate company in Canada. Highest quality real estate in Toronto. Dividend yield of 5.09%.

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This is an example of how you can upgrade your portfolio. Look for the highest quality assets that you can find in the market, and buy them because they have traded down with the market. This is the trophy real estate company in Canada. Highest quality real estate in Toronto. Dividend yield of 5.09%.

COMMENT
COMMENT
September 11, 2015

They have developments going on in Alberta, but believes they are 85% pre-leased, so in a sense, they don’t have that same economic risk. The office market in general is under strain, in that there are too many buildings going up, and not enough tenants to keep those buildings occupied, especially in Calgary. He owns the parent Brookfield Asset Management and the sub parent Brookfield Property Partners.

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They have developments going on in Alberta, but believes they are 85% pre-leased, so in a sense, they don’t have that same economic risk. The office market in general is under strain, in that there are too many buildings going up, and not enough tenants to keep those buildings occupied, especially in Calgary. He owns the parent Brookfield Asset Management and the sub parent Brookfield Property Partners.

PAST TOP PICK
PAST TOP PICK
September 8, 2015

(A Top Pick Aug 12/14. Down 4.73%.) Trading at a massive discount to NAV. At some point he feels Brookfield Property Partners (BPY-T) will eventually take this in. This represents probably the highest quality office portfolio in Canada, largely urban properties that have really good tenants, where you don’t have to worry about a significant increase or decrease in occupancy.

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(A Top Pick Aug 12/14. Down 4.73%.) Trading at a massive discount to NAV. At some point he feels Brookfield Property Partners (BPY-T) will eventually take this in. This represents probably the highest quality office portfolio in Canada, largely urban properties that have really good tenants, where you don’t have to worry about a significant increase or decrease in occupancy.

DON'T BUY
DON'T BUY
June 23, 2015

It is very high quality office real estate. But we are building a lot of these buildings in Calgary and Toronto. It looks cheap on earnings but he is not sure he knows what the earnings will be as new office properties come online in these cities.

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It is very high quality office real estate. But we are building a lot of these buildings in Calgary and Toronto. It looks cheap on earnings but he is not sure he knows what the earnings will be as new office properties come online in these cities.

BUY
BUY
May 21, 2015

It will likely be taken in by BPY.UN-T. NAV is $31/share. It is a good entry point. It should be well positioned to withstand the increase in office supply over the next few years. The dividend is sustainable.

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It will likely be taken in by BPY.UN-T. NAV is $31/share. It is a good entry point. It should be well positioned to withstand the increase in office supply over the next few years. The dividend is sustainable.

PAST TOP PICK
PAST TOP PICK
March 19, 2015

(Top Pick Mar 27/14, Up 17.96%) The highest quality office properties in Canada. When leases come up for renewal they are getting 15% increases in the rents. He is hanging on. BPY may buy it in 12 to 18 months.

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(Top Pick Mar 27/14, Up 17.96%) The highest quality office properties in Canada. When leases come up for renewal they are getting 15% increases in the rents. He is hanging on. BPY may buy it in 12 to 18 months.

WEAK BUY
WEAK BUY
September 5, 2014

Canadian office, vs. BPY, which is global. Some day BPY will take BOX.UN-T over. He has been buying BPY because he thinks it is at a discount.

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Canadian office, vs. BPY, which is global. Some day BPY will take BOX.UN-T over. He has been buying BPY because he thinks it is at a discount.

TOP PICK
TOP PICK
August 12, 2014

Thinks this will eventually get acquired by Brookfield Property Partners (BPY.UN-T). Trades at a material discount to NAV of about 20%. Yield of 4.52%.

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Thinks this will eventually get acquired by Brookfield Property Partners (BPY.UN-T). Trades at a material discount to NAV of about 20%. Yield of 4.52%.

TOP PICK
TOP PICK
March 27, 2014

Preferred Canadian REIT. Thinks it gets acquired by BPY. Thinks it will be taken out.

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Preferred Canadian REIT. Thinks it gets acquired by BPY. Thinks it will be taken out.

WATCH
WATCH
February 26, 2014

BAM has a number of separate vehicles. BPY is buying BPO which owns 80% of BOX. There are a lot of things happening in the Canadian office market and affecting them negatively. Eventually BOX will probably get taken out. Anything could happen in the next 18 months.

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BAM has a number of separate vehicles. BPY is buying BPO which owns 80% of BOX. There are a lot of things happening in the Canadian office market and affecting them negatively. Eventually BOX will probably get taken out. Anything could happen in the next 18 months.

PAST TOP PICK
PAST TOP PICK

(Top Pick Nov 28/11, Up 32.86)

PAST TOP PICK
PAST TOP PICK

(Top Pick Nov 11/11, Up 36.06%)

PAST TOP PICK
PAST TOP PICK
October 19, 2012

(A Top Pick Nov 11/11. Up 38.19%.) Strong management team and attractive yield. Feels that rents will be moving higher in the office market.

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(A Top Pick Nov 11/11. Up 38.19%.) Strong management team and attractive yield. Feels that rents will be moving higher in the office market.

PAST TOP PICK
PAST TOP PICK

(Top Pick Nov 11/11, Up 30.48%)

BUY
BUY
May 28, 2012
Highest office portfolio in Canada. Good yield. Tremendous development pipeline. Distribution increases expected. Good core holding.
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Highest office portfolio in Canada. Good yield. Tremendous development pipeline. Distribution increases expected. Good core holding.
BUY WEAKNESS
BUY WEAKNESS
March 12, 2012
Trend is your friend. A definitive trend up. Troughs where market sells off are pretty well defined. Trend is still in place. Stay in it and if you don’t own it wait for it to pull back.
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Trend is your friend. A definitive trend up. Troughs where market sells off are pretty well defined. Trend is still in place. Stay in it and if you don’t own it wait for it to pull back.
PAST TOP PICK
PAST TOP PICK
February 16, 2012
(Top Pick Nov 11/11, Up 13.77% Total Return) Almost made it a top pick today.
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(Top Pick Nov 11/11, Up 13.77% Total Return) Almost made it a top pick today.
TOP PICK
TOP PICK
November 28, 2011
Very undervalued and has a good 4.7 % dividend yield. Held back because the parent company has about an 83% interest, which kind of overhangs the stock. Good growth profile, top-notch assets and yield. Good defensive play.
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Very undervalued and has a good 4.7 % dividend yield. Held back because the parent company has about an 83% interest, which kind of overhangs the stock. Good growth profile, top-notch assets and yield. Good defensive play.
TOP PICK
TOP PICK
November 11, 2011
The premier office portfolio in Canada with AA and AAA properties. NAV is around $25. Own about 12 million square feet of development potential. Payout ratio is reasonable. Good chance of a dividend increase in the next couple of years. Yield of about 4.9%.
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The premier office portfolio in Canada with AA and AAA properties. NAV is around $25. Own about 12 million square feet of development potential. Payout ratio is reasonable. Good chance of a dividend increase in the next couple of years. Yield of about 4.9%.
BUY
BUY
July 4, 2011
Long-term hold because of stellar management and low interest rates. They are getting rent increases. Calgary is really turning around aggressively with space.
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Long-term hold because of stellar management and low interest rates. They are getting rent increases. Calgary is really turning around aggressively with space.
PAST TOP PICK
PAST TOP PICK
June 14, 2011
(Top Pick May 27/10, Up 25.42%) Heavily owned by the Brookfield group, so not as liquid as some. Yield is not as high as other REITS. 5% dividend, not 7-8% but you are getting quality and so it should hold up during this market. REITS are a place to be in this market. He would continue to hold.
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(Top Pick May 27/10, Up 25.42%) Heavily owned by the Brookfield group, so not as liquid as some. Yield is not as high as other REITS. 5% dividend, not 7-8% but you are getting quality and so it should hold up during this market. REITS are a place to be in this market. He would continue to hold.
PAST TOP PICK
PAST TOP PICK
(A Top Pick April 29/10 Up 11.95%.)
BUY
BUY
January 7, 2011
Toronto, Calgary, Ottawa office properties. Cheap right now. Should be at $22-$23. Fully occupied.
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Toronto, Calgary, Ottawa office properties. Cheap right now. Should be at $22-$23. Fully occupied.
BUY
BUY
November 17, 2010
Very little float on this. 90% of the name is owned by Brookfield. He would want the $21 range to buy. No complaints about this name.
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Very little float on this. 90% of the name is owned by Brookfield. He would want the $21 range to buy. No complaints about this name.
STRONG BUY
STRONG BUY
June 28, 2010
Very high-grade office buildings. Excellent distributions of around 5%. Top class management.
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Very high-grade office buildings. Excellent distributions of around 5%. Top class management.
TOP PICK
TOP PICK
May 27, 2010
Converted from a corporation into a super quality REIT. More than doubled distribution to 5% and has promised to create great liquidity possibly by selling down. The only “A” grade property company in Canada.
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Converted from a corporation into a super quality REIT. More than doubled distribution to 5% and has promised to create great liquidity possibly by selling down. The only “A” grade property company in Canada.
TOP PICK
TOP PICK
April 29, 2010
Converting into a REIT. Low cap rate of about 5X because of the absolutely superb quality. The only grade A properties REIT in Canada. 3.67% yield currently, which almost doubles in distributions to about 5%-6%.
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Converting into a REIT. Low cap rate of about 5X because of the absolutely superb quality. The only grade A properties REIT in Canada. 3.67% yield currently, which almost doubles in distributions to about 5%-6%.
BUY WEAKNESS
BUY WEAKNESS
April 28, 2010
Converting from a corporation into a REIT and will own all the Canadian assets and developments of Brookfield Properties (BPO-T). Expected to cash flow $1.07 for 2010-2011, which would be 19X free cash flow. This is pretty aggressive on a valuation standpoint. Try to buy under $19.
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Converting from a corporation into a REIT and will own all the Canadian assets and developments of Brookfield Properties (BPO-T). Expected to cash flow $1.07 for 2010-2011, which would be 19X free cash flow. This is pretty aggressive on a valuation standpoint. Try to buy under $19.
PAST TOP PICK
PAST TOP PICK
May 12, 2004
(A top pick Mar 8/04. Down 7%.) Still likes. Very high quality. Brascan would probably like to take it private.
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(A top pick Mar 8/04. Down 7%.) Still likes. Very high quality. Brascan would probably like to take it private.
DON'T BUY
DON'T BUY
April 14, 2004
Drop in price is probably related to the anticipation of rising interest rates. Once interest rates increases have run their course, will once again look at REITs.
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Drop in price is probably related to the anticipation of rising interest rates. Once interest rates increases have run their course, will once again look at REITs.
BUY
BUY
April 13, 2004
Has been falling, probably in sympathy with the REITs in the US. This company has terrific assets and might have the opportunity to raise rents more than their financing costs go up.
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Has been falling, probably in sympathy with the REITs in the US. This company has terrific assets and might have the opportunity to raise rents more than their financing costs go up.
TOP PICK
TOP PICK
March 23, 2004
(A top pick Mar 8/04. No change.) Very high quality Canadian properties. Most of the stock is owned internally.
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(A top pick Mar 8/04. No change.) Very high quality Canadian properties. Most of the stock is owned internally.
TOP PICK
TOP PICK
March 8, 2004
At a good price. Will probably mark time here for a while. Has a lot of cash. Very high quality assets.
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