Chartwell Seniors Housing (CSH.UN-T) Stock Predictions - Stockchase
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Chartwell Seniors Housing (CSH.UN-T)

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Chartwell Seniors Housing

CSH.UN-T

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Chartwell Seniors Housing (CSH.UN-T) SAVE Mar, 23, 2019, 9:04 am

14.81 0.08 (0.54%)

About Chartwell Seniors Housing (CSH.UN-T)

Chartwell Retirement Residences is the largest participant in the Canadian seniors housing sector, with nearly 180 locations across Quebec, Ontario, Alberta, and British Columbia. More at Wikipedia

What the experts are saying about CSH.UN-T



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TOP PICK
The leader in Canadian seniors housing, a fragmented sector so there's room for growth. CSH holds 10% of this market. She likes this sector for the aging demographics that will need more care. CSH has a good pipeline of projects. Occupancy is 91% and they target 95%. They have started to market their services. Top management. (Analysts’ price target is $16.65)
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The leader in Canadian seniors housing, a fragmented sector so there's room for growth. CSH holds 10% of this market. She likes this sector for the aging demographics that will need more care. CSH has a good pipeline of projects. Occupancy is 91% and they target 95%. They have started to market their services. Top management. (Analysts’ price target is $16.65)
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$15.040
Owned Owned
Yes

COMMENT
Chartwell vs Sienna She owns Chartwell and thinks both are in a growing sector -- senior housing. Sienna has a lower level of regulation, compared to Chartwell, due to the former's higher level of long term care facilities. Chartwell holds the largest market share in Canada -- giving them economies of scale. Chartwell's yield is just under 4% and they have a good pipeline to develop future growth.
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Chartwell vs Sienna She owns Chartwell and thinks both are in a growing sector -- senior housing. Sienna has a lower level of regulation, compared to Chartwell, due to the former's higher level of long term care facilities. Chartwell holds the largest market share in Canada -- giving them economies of scale. Chartwell's yield is just under 4% and they have a good pipeline to develop future growth.
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.800
Owned Owned
_N/A

HOLD
Good place to hide and collect the dividend. Not a growth company. Well run, the demographics are with you. Won't be an $18 stock anytime soon.
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Good place to hide and collect the dividend. Not a growth company. Well run, the demographics are with you. Won't be an $18 stock anytime soon.
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$14.690
Owned Owned
Unknown

BUY
Very well managed company. Attractive space. We all live longer and there will be increasing demand for what they offer. They don't do any home care that is more open to potential liability. They have a good pipeline to grow over the next couple of years with an attractive distribution yield of around 4%. This is actually a good entry point for this stock.
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Very well managed company. Attractive space. We all live longer and there will be increasing demand for what they offer. They don't do any home care that is more open to potential liability. They have a good pipeline to grow over the next couple of years with an attractive distribution yield of around 4%. This is actually a good entry point for this stock.
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.030
Owned Owned
Yes

BUY
63% and declining payout ratio. Distribution is safe. Q3 was decent. Rising occupancy. They see NOI of $3 which translates into an AFFO growth of 7%. Quality name. Fine to own. Good to add when the waterfall stops. Other things are less expensive.
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63% and declining payout ratio. Distribution is safe. Q3 was decent. Rising occupancy. They see NOI of $3 which translates into an AFFO growth of 7%. Quality name. Fine to own. Good to add when the waterfall stops. Other things are less expensive.
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Greg Newman

Director &, Scotia Wealth Manage...

Price Price
$13.960
Owned Owned
Unknown

PAST TOP PICK
(A Top Pick Dec 12/17, Down 2%) Pays over 4% yield. It slipped because of rising interest rates. They built somer supply in Ontario and Quebec, so occupancy in Ontario has temporarily slipped to 88% vs. 91% 18 months ago. The demand is definitely there to absorb these new rooms. She likes the play on aging demographics, so there'll be a growing need for seniors housing. CSH is well-positioned to grow in Canada and is the leader.
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(A Top Pick Dec 12/17, Down 2%) Pays over 4% yield. It slipped because of rising interest rates. They built somer supply in Ontario and Quebec, so occupancy in Ontario has temporarily slipped to 88% vs. 91% 18 months ago. The demand is definitely there to absorb these new rooms. She likes the play on aging demographics, so there'll be a growing need for seniors housing. CSH is well-positioned to grow in Canada and is the leader.
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.650
Owned Owned
Yes

COMMENT

The market is struggling to decide what this is: a yield, a REIT, a cash flow play? The demographics are in their favour, but does this drive CSH enough or does it need an acquisition? He doesn't know. Good dividend, but he hasn't looked at CSH deeply.

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The market is struggling to decide what this is: a yield, a REIT, a cash flow play? The demographics are in their favour, but does this drive CSH enough or does it need an acquisition? He doesn't know. Good dividend, but he hasn't looked at CSH deeply.

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Chris Stuchberr

Portfolio , Wellington-Altus Pri...

Price Price
$14.180
Owned Owned
No

BUY

Still likes it and has been buying it during this pullback. REITs have been pressured by rising rates, but she likes the seniors housing space. Managed well and pays an attractive 4.2% yield. A good long-term hold and would buy it here.

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Still likes it and has been buying it during this pullback. REITs have been pressured by rising rates, but she likes the seniors housing space. Managed well and pays an attractive 4.2% yield. A good long-term hold and would buy it here.

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$13.970
Owned Owned
Yes

SELL

Bad news is costs elevated, more competitive pressure in retirement homes. Pricey. Balance sheet not perfect. Good news is decent growth rate, and good long-term area to be in. But much better value elsewhere. He’s trimmed to move into other areas. You have to buy things at the right price.

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Bad news is costs elevated, more competitive pressure in retirement homes. Pricey. Balance sheet not perfect. Good news is decent growth rate, and good long-term area to be in. But much better value elsewhere. He’s trimmed to move into other areas. You have to buy things at the right price.

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Greg Newman

Director &, Scotia Wealth Manage...

Price Price
$14.640
Owned Owned
Unknown

TOP PICK

This is the largest provider of senior communities. The demographics play in their favor. The 75-year-plus population is expected to double in the 20 next years, growing 3 to 4 times faster than the general population. Penetration of the seniors market is still low in Canada, so there is a lot of room for growth. 85% of their homes are private-pay rather than relying on government funding. Yield 4%. (Analysts’ price target is $16.75)

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This is the largest provider of senior communities. The demographics play in their favor. The 75-year-plus population is expected to double in the 20 next years, growing 3 to 4 times faster than the general population. Penetration of the seniors market is still low in Canada, so there is a lot of room for growth. 85% of their homes are private-pay rather than relying on government funding. Yield 4%. (Analysts’ price target is $16.75)

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$15.130
Owned Owned
Yes

COMMENT

Extendicare (EXE-T) or Chartwell Retirement (CSH-U-T). Both are good long term holds.  He prefers and owns Chartwell.  Will see continued growth in this sector.  There were shorts on Extendicare and the rebound lately has been a short covering.  

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Extendicare (EXE-T) or Chartwell Retirement (CSH-U-T). Both are good long term holds.  He prefers and owns Chartwell.  Will see continued growth in this sector.  There were shorts on Extendicare and the rebound lately has been a short covering.  

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Andrew Pyle

Senior wea, The Pyle Group, Scot...

Price Price
$15.360
Owned Owned
Unknown

DON'T BUY

PE ratio this high is a red flag on the surface. He’d be reluctant to own the high PE multiple in a sector where other companies have lower multiples. Own another one, or own a few to diversify. Can’t tell if high PE due to price too high, or a one-time hit to earnings.

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PE ratio this high is a red flag on the surface. He’d be reluctant to own the high PE multiple in a sector where other companies have lower multiples. Own another one, or own a few to diversify. Can’t tell if high PE due to price too high, or a one-time hit to earnings.

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Michael Decter

President , Lawrence Decter Inve...

Price Price
$15.550
Owned Owned
No

DON'T BUY

Demographically, it’s a theme, but you have to ignore this. Had stayed away because of litigation in the US. Missed earnings. Difficult business because of labour costs, regulations. Other investments make sense and aren’t as complicated. Analysts have downgraded. Trades at an 18x multiple. If you’re going to buy, have to buy it washed out. (Analysts’ price target is $16.65.) 

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Demographically, it’s a theme, but you have to ignore this. Had stayed away because of litigation in the US. Missed earnings. Difficult business because of labour costs, regulations. Other investments make sense and aren’t as complicated. Analysts have downgraded. Trades at an 18x multiple. If you’re going to buy, have to buy it washed out. (Analysts’ price target is $16.65.) 

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Paul Gardner, C

Partner an, Avenue Investment Ma...

Price Price
$15.320
Owned Owned
No

PAST TOP PICK

(A Top Pick July 12, 2017. Up 5%). She continues to like Chartwell. This is the leader in seniors housing in Canada. She likes the demographic trend. Chartwell provides the full spectrum of living and care arrangements, including long-term care, which is fully regulated and which constitutes 15% of their business. Occupancy is very high. They grow organically and by acquisition. She likes the management. Rising interest rates have created a headwind for the stock price, but it offers an adequate yield.

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(A Top Pick July 12, 2017. Up 5%). She continues to like Chartwell. This is the leader in seniors housing in Canada. She likes the demographic trend. Chartwell provides the full spectrum of living and care arrangements, including long-term care, which is fully regulated and which constitutes 15% of their business. Occupancy is very high. They grow organically and by acquisition. She likes the management. Rising interest rates have created a headwind for the stock price, but it offers an adequate yield.

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$15.330
Owned Owned
Yes

BUY

This trend in demographics is going to benefit this company.  He has not bought it and there is a better situation elsewhere in the REIT space.  We don't have enough nursing home beds.  The issue they have is the land grab in the neighborhoods where people want to move from.  This is people moving from homes they own into facilities they rent.  He has TCN-T as it is a slightly better investment.

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This trend in demographics is going to benefit this company.  He has not bought it and there is a better situation elsewhere in the REIT space.  We don't have enough nursing home beds.  The issue they have is the land grab in the neighborhoods where people want to move from.  This is people moving from homes they own into facilities they rent.  He has TCN-T as it is a slightly better investment.

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Lyle Stein

Sr. Portfo, Vestcap Investment M...

Price Price
$15.510
Owned Owned
No

BUY

What healthcare stock to buy? In Canada, he likes Chartwell, in the U.S, Merck (MRK-N), and in Europe, Novo Nordisk.

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What healthcare stock to buy? In Canada, he likes Chartwell, in the U.S, Merck (MRK-N), and in Europe, Novo Nordisk.

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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$15.250
Owned Owned
Unknown

BUY

Have held it for a number of years and continue to like it. Would be buyers at these levels below $15. Demographics favour this industry. Most of their revenue comes from private pay, not government. Offer all levels of care -- long term, assisted living, independent living. Strong and experienced management team. Good organic growth plus acquisitions. Company got out of the US;  feel they have enough opportunities for growth in Canada. Yield about 4%.

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Have held it for a number of years and continue to like it. Would be buyers at these levels below $15. Demographics favour this industry. Most of their revenue comes from private pay, not government. Offer all levels of care -- long term, assisted living, independent living. Strong and experienced management team. Good organic growth plus acquisitions. Company got out of the US;  feel they have enough opportunities for growth in Canada. Yield about 4%.

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.690
Owned Owned
Yes

TOP PICK

Demographics work in their favour: everyone is getting older so there'll be more demand for assisted-care living. Management is good. Offers a dividend near 4% which will be safe and has been increasing slowly over time. This is a long-term hold; she's held it for five years. The recent pull-back is due to rising interest rates. (Analysts' price target $17.00)

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Demographics work in their favour: everyone is getting older so there'll be more demand for assisted-care living. Management is good. Offers a dividend near 4% which will be safe and has been increasing slowly over time. This is a long-term hold; she's held it for five years. The recent pull-back is due to rising interest rates. (Analysts' price target $17.00)

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$15.270
Owned Owned
Yes

COMMENT

Extendicare Inc. (EXE-T) vs Chartwell(CSH.UN-T) He favours Chartwell over Extendicare, because they became overextended in the US market and have litigation issues. Whereas Chartwell has re-focused their plan quicker.

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Extendicare Inc. (EXE-T) vs Chartwell(CSH.UN-T) He favours Chartwell over Extendicare, because they became overextended in the US market and have litigation issues. Whereas Chartwell has re-focused their plan quicker.

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Paul Gardner, C

Partner an, Avenue Investment Ma...

Price Price
$15.040
Owned Owned
No

BUY

HR.UN-T vs. CHR.UN-T.  Hang onto CSH.UN-T.  They are both AMZN-Q proof.  Tenants pay rent so they are not long term leases like elsewhere in the REIT space.  He would lighten up on HR.UN-T

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HR.UN-T vs. CHR.UN-T.  Hang onto CSH.UN-T.  They are both AMZN-Q proof.  Tenants pay rent so they are not long term leases like elsewhere in the REIT space.  He would lighten up on HR.UN-T

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Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$15.770
Owned Owned
Unknown

TOP PICK

This is a demographic play. The stock hasn't done too much in the past 3-6 months where we have seen the overall market rally. Just did an equity issue at $15.20, to retire some debt as well as to fund an Alberta acquisition. Dividend yield of 3.7%. This is the largest Canadian operator in seniors housing. Very good operators and have a good pipeline of organic projects as well as some of their M&A. (Analysts' price target is $17.)

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This is a demographic play. The stock hasn't done too much in the past 3-6 months where we have seen the overall market rally. Just did an equity issue at $15.20, to retire some debt as well as to fund an Alberta acquisition. Dividend yield of 3.7%. This is the largest Canadian operator in seniors housing. Very good operators and have a good pipeline of organic projects as well as some of their M&A. (Analysts' price target is $17.)

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$15.760
Owned Owned
Yes

COMMENT

Runs a variety of retirement homes and long-term care facilities in Canada. Ranks 258 out of 700 stocks. Analysts are bumping up their numbers, but he doesn’t think the stock is inexpensive at this point. Free cash flow is negative at -3.3%. There are other investment income companies he would prefer.

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Runs a variety of retirement homes and long-term care facilities in Canada. Ranks 258 out of 700 stocks. Analysts are bumping up their numbers, but he doesn’t think the stock is inexpensive at this point. Free cash flow is negative at -3.3%. There are other investment income companies he would prefer.

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Robert McWhirte

President, Selective Asset Mana...

Price Price
$15.680
Owned Owned
Unknown

PAST TOP PICK

(A Top Pick Nov 15/16. Up 12%.) Just reported this morning and had good numbers and improvement in their Net Operating Income. She likes Senior Housing where the demographics work in your favour. Sold all their US assets a few years ago, and invests solely in Canada now.

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(A Top Pick Nov 15/16. Up 12%.) Just reported this morning and had good numbers and improvement in their Net Operating Income. She likes Senior Housing where the demographics work in your favour. Sold all their US assets a few years ago, and invests solely in Canada now.

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$15.860
Owned Owned
Yes

COMMENT

One of those defensive stocks, and of course the secular trend works; aging demographics, baby growers retiring. Chart shows the stock is in an up channel. Take your profits at the top of the channel and maybe buy when it is at the bottom of the channel. You are in a very good space on this one.

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One of those defensive stocks, and of course the secular trend works; aging demographics, baby growers retiring. Chart shows the stock is in an up channel. Take your profits at the top of the channel and maybe buy when it is at the bottom of the channel. You are in a very good space on this one.

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William Chin

Portfolio , Caldwell Investment ...

Price Price
$15.210
Owned Owned
Unknown

COMMENT

Key factors you focus on when assessing this kind of company?He tries to look at management, assets, payout ratios and liabilities. When evaluating any REIT, the most important thing is going to be demand and supply. It really affects the ability of management teams to increase occupancy and increase rents. For this one, seniors housing is very operationally intensive, and they benefit from being one of the largest players in Canada. Having national presence gives them the opportunity to purchase things a little cheaper, manage properties more effectively and to increase occupancy in case of a decline. He likes this company. There are very favourable demographic tailwinds that will benefit them going forward.

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Key factors you focus on when assessing this kind of company?He tries to look at management, assets, payout ratios and liabilities. When evaluating any REIT, the most important thing is going to be demand and supply. It really affects the ability of management teams to increase occupancy and increase rents. For this one, seniors housing is very operationally intensive, and they benefit from being one of the largest players in Canada. Having national presence gives them the opportunity to purchase things a little cheaper, manage properties more effectively and to increase occupancy in case of a decline. He likes this company. There are very favourable demographic tailwinds that will benefit them going forward.

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Andy Nasr

VP & Inves, Sentry Investments...

Price Price
$15.160
Owned Owned
Yes

PAST TOP PICK

(A Top Pick Sept 13/16. Up 2%.) Has held this for a number of years. Pays a good yield of about 4%. Thinks it has pulled back a little with the increases in interest rates. However, she likes the long-term story. They are the largest operator of retirement homes in Canada, and are well positioned to continue to grow.

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(A Top Pick Sept 13/16. Up 2%.) Has held this for a number of years. Pays a good yield of about 4%. Thinks it has pulled back a little with the increases in interest rates. However, she likes the long-term story. They are the largest operator of retirement homes in Canada, and are well positioned to continue to grow.

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.580
Owned Owned
Yes

COMMENT

Seniors’ homes is a growth market. There is not going to be enough places for baby boomers to retire, and this is a great way to participate. This has been weak lately on the basis of rising interest rates, which has hurt a lot of REITs. Ultimately, you own a hard asset with an ability to raise its prices down the road. Not a bad place to be.

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Seniors’ homes is a growth market. There is not going to be enough places for baby boomers to retire, and this is a great way to participate. This has been weak lately on the basis of rising interest rates, which has hurt a lot of REITs. Ultimately, you own a hard asset with an ability to raise its prices down the road. Not a bad place to be.

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Lyle Stein

Sr. Portfo, Vestcap Investment M...

Price Price
$15.190
Owned Owned
No

TOP PICK

The largest provider of seniors housing communities in Canada. In the last couple of weeks, this has gone from $16 to almost $15, which is why she chose it. Everyone is getting older and living longer. It is still a very fragmented market, and this is the leader in the space. Dividend yield of 3.8%. (Analysts’ price target is $16.75.)

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The largest provider of seniors housing communities in Canada. In the last couple of weeks, this has gone from $16 to almost $15, which is why she chose it. Everyone is getting older and living longer. It is still a very fragmented market, and this is the leader in the space. Dividend yield of 3.8%. (Analysts’ price target is $16.75.)

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$15.210
Owned Owned
Yes

COMMENT

The number of people globally, over 65 years of age, will probably double over the next 20-25 years. That increase will result in more demand for retirement housing. This company should really benefit, provided you don’t see a material increase in supply. Not particularly cheap and is probably fairly valued here. Senior Housing is probably amongst the most operationally intensive asset class in commercial real estate. Great management team. He would probably look elsewhere. Dividend yield of 3.6%.

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The number of people globally, over 65 years of age, will probably double over the next 20-25 years. That increase will result in more demand for retirement housing. This company should really benefit, provided you don’t see a material increase in supply. Not particularly cheap and is probably fairly valued here. Senior Housing is probably amongst the most operationally intensive asset class in commercial real estate. Great management team. He would probably look elsewhere. Dividend yield of 3.6%.

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Andy Nasr

VP & Inves, Sentry Investments...

Price Price
$15.840
Owned Owned
Yes

COMMENT

Has no exposure to REITs because of valuations. Also, these names are ultrasensitive to even a whisper of interest rates going up. Any time you buy into an asset class that has done as well as REITs, combined with how sensitive they are to interest rate movements, it is a risky proposition. However, this one is top of class.

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Has no exposure to REITs because of valuations. Also, these names are ultrasensitive to even a whisper of interest rates going up. Any time you buy into an asset class that has done as well as REITs, combined with how sensitive they are to interest rate movements, it is a risky proposition. However, this one is top of class.

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Kash Pashootan

CEO & Chie, First Avenue Investm...

Price Price
$16.040
Owned Owned
No

COMMENT

A big fan of management and their story. People are getting older and need someone to take very good care of them, and this is a very good operator. The real estate component looks very attractive as well. The stock is fairly valued, perhaps a little bit rich, but he continues to hold at these levels. If there was a significant real estate correction, this company would be affected along with others in senior residences. 3.7% dividend yield.

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A big fan of management and their story. People are getting older and need someone to take very good care of them, and this is a very good operator. The real estate component looks very attractive as well. The stock is fairly valued, perhaps a little bit rich, but he continues to hold at these levels. If there was a significant real estate correction, this company would be affected along with others in senior residences. 3.7% dividend yield.

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Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$15.740
Owned Owned
Yes

HOLD

High-quality. Everyone understands the business and everyone understands age demographics. The service this company provides is going to continue to be in demand. What has helped them, is what he believes is hurting them at this point. Some of the names such as this have seen a real inflow of capital, so are trading at all-time high multiples. When there is a correction, it tends to be quite sharp. Too expensive at this time. Dividend yield of 3.8%.

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High-quality. Everyone understands the business and everyone understands age demographics. The service this company provides is going to continue to be in demand. What has helped them, is what he believes is hurting them at this point. Some of the names such as this have seen a real inflow of capital, so are trading at all-time high multiples. When there is a correction, it tends to be quite sharp. Too expensive at this time. Dividend yield of 3.8%.

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Kash Pashootan

CEO & Chie, First Avenue Investm...

Price Price
$15.120
Owned Owned
No

HOLD

She has owned it for quite a number of years.  It is the largest seniors housing player in Canada.  She likes the demographics play.  The company sold off all their US properties and they have been developing and re-investing the money.  It has a 3.5% yield.  It has been strong over the past three weeks.  She would not buy it here, but hold it.  Wait for a pullback if you want to imitate a position.

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She has owned it for quite a number of years.  It is the largest seniors housing player in Canada.  She likes the demographics play.  The company sold off all their US properties and they have been developing and re-investing the money.  It has a 3.5% yield.  It has been strong over the past three weeks.  She would not buy it here, but hold it.  Wait for a pullback if you want to imitate a position.

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$15.870
Owned Owned
Yes

BUY

He likes this very much. A low risk company. Not the cheapest, but it’s a stock that usually trades at a premium, deservedly so. This is an OK place to enter. You have the demographics behind it and a large retiring population. There is a great real estate market, so seniors’ homes can be sold. Yield of 3.6%.

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He likes this very much. A low risk company. Not the cheapest, but it’s a stock that usually trades at a premium, deservedly so. This is an OK place to enter. You have the demographics behind it and a large retiring population. There is a great real estate market, so seniors’ homes can be sold. Yield of 3.6%.

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Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$15.380
Owned Owned
Unknown

COMMENT

Extendicare (EXE-T) or Chartwell seniors housing (CSH.UN-T)? Both are in the retirement space. This has been around for a long time. They had US operations, but sold them. Very focused on different levels of care, independent, semi-independent and full care. If he had to buy one, it would be this one.

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Extendicare (EXE-T) or Chartwell seniors housing (CSH.UN-T)? Both are in the retirement space. This has been around for a long time. They had US operations, but sold them. Very focused on different levels of care, independent, semi-independent and full care. If he had to buy one, it would be this one.

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Michael Simpson

Senior Vic, Sentry Investments...

Price Price
$14.540
Owned Owned
No

BUY

Chartwell (CSH.UN-T) Extendicare (EXE-T) or Sienna (SIA-T)? Of these 3, this is the one he owns and continues to like. It is seniors housing, and looking at the demographic tailwind, it should support all 3 of these, but this one more than any. The number of people over 65 are going to double within the next 25 years. This is the largest operator.

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Chartwell (CSH.UN-T) Extendicare (EXE-T) or Sienna (SIA-T)? Of these 3, this is the one he owns and continues to like. It is seniors housing, and looking at the demographic tailwind, it should support all 3 of these, but this one more than any. The number of people over 65 are going to double within the next 25 years. This is the largest operator.

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Andy Nasr

VP & Inves, Sentry Investments...

Price Price
$14.440
Owned Owned
Yes

COMMENT

A fantastic company. Not only a real estate company, but also an operating company. This is less focused on the noise of the real estate sector, which may or may not happen as interest rates move, but focused on that large demographic wave of seniors who need and deserve the best care.

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A fantastic company. Not only a real estate company, but also an operating company. This is less focused on the noise of the real estate sector, which may or may not happen as interest rates move, but focused on that large demographic wave of seniors who need and deserve the best care.

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Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$14.480
Owned Owned
Unknown

COMMENT

Has an issue with REITs in general. He doesn’t see much growth. A lot of people really love this one. It is the positioning and the growth in their health care facilities. He gets that, but his problem is the valuation. It is basically trading at 16X enterprise value to EBITDA. You are paying an extremely high multiple, which is a bit at risk if interest rates start to go higher. He wouldn’t be buying any REITs.

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Has an issue with REITs in general. He doesn’t see much growth. A lot of people really love this one. It is the positioning and the growth in their health care facilities. He gets that, but his problem is the valuation. It is basically trading at 16X enterprise value to EBITDA. You are paying an extremely high multiple, which is a bit at risk if interest rates start to go higher. He wouldn’t be buying any REITs.

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John Zechner

Chairman, J. Zechner & Assoc...

Price Price
$14.420
Owned Owned
No

TOP PICK

The stock has done quite well, and has recently pulled back because of the scare of interest rate sensitivity. While this is classified as a healthcare name, it does have a yield of just under 4%. It is the largest operator in Canada. Some money has come out of this space as a whole. She likes the seniors housing industry. Has a target price of $16, plus the yield. (Analysts’ price target is $16.18.)

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The stock has done quite well, and has recently pulled back because of the scare of interest rate sensitivity. While this is classified as a healthcare name, it does have a yield of just under 4%. It is the largest operator in Canada. Some money has come out of this space as a whole. She likes the seniors housing industry. Has a target price of $16, plus the yield. (Analysts’ price target is $16.18.)

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.390
Owned Owned
Yes

COMMENT

As a longer-term stock with a nice dividend and growth profile, this certainly meets his parameters. There is more and more population that is aging, and will end up in these assisted-living and long-term care facilities that they run. They’ve been very good at both building new facilities and acquiring them. They also know the right time to sell.

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As a longer-term stock with a nice dividend and growth profile, this certainly meets his parameters. There is more and more population that is aging, and will end up in these assisted-living and long-term care facilities that they run. They’ve been very good at both building new facilities and acquiring them. They also know the right time to sell.

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Bruce Campbell

President , Stone Castle Investm...

Price Price
$15.120
Owned Owned
No

COMMENT

NWH.UN-T vs. CSH.UN-T.  CSH.UN-T has decent growth because of their demographics.  His problem with REITs is that they were one of the biggest beneficiaries of the low interest rate.  He looks at the cap rate and turns it into an enterprise value and you are paying 15-16 times operating cash flow.  You should pay that for a high tech company, not a healthcare company.  You are paying out 80-90% of the income as yield.  You can’t do that in other sectors.  Where is the money to invest in the business – how does it grow?  He went short the REITs about two months ago.  He does not like either one, but if forced to choose it would be CSH.UN-T.

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NWH.UN-T vs. CSH.UN-T.  CSH.UN-T has decent growth because of their demographics.  His problem with REITs is that they were one of the biggest beneficiaries of the low interest rate.  He looks at the cap rate and turns it into an enterprise value and you are paying 15-16 times operating cash flow.  You should pay that for a high tech company, not a healthcare company.  You are paying out 80-90% of the income as yield.  You can’t do that in other sectors.  Where is the money to invest in the business – how does it grow?  He went short the REITs about two months ago.  He does not like either one, but if forced to choose it would be CSH.UN-T.

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John Zechner

Chairman, J. Zechner & Assoc...

Price Price
$15.310
Owned Owned
No

BUY

(Market Call Minute.) Thinks this is pretty decent here, and he would probably be inclined to accumulate this.

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(Market Call Minute.) Thinks this is pretty decent here, and he would probably be inclined to accumulate this.

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Andy Nasr

VP & Inves, Sentry Investments...

Price Price
$15.260
Owned Owned
Yes

TOP PICK

This is for the aging consumer. We are all getting older. Demographics show that the over 65 population is about 16% of our overall population. It is forecast that by 2035 it is going to be over 25%. There will be increased demand for assisted care. This company pulled out of the US last year and reinvested back into Canada. They are very well positioned. Dividend yield of 3.78%.

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This is for the aging consumer. We are all getting older. Demographics show that the over 65 population is about 16% of our overall population. It is forecast that by 2035 it is going to be over 25%. There will be increased demand for assisted care. This company pulled out of the US last year and reinvested back into Canada. They are very well positioned. Dividend yield of 3.78%.

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.860
Owned Owned
Yes

PAST TOP PICK

(A Top Pick Sept 11/15. Up 30.61%.) Likes this a lot. An operator of retirement residences. The superior operator of all the public entities. This has run really well, so wouldn’t be adding more at this level. If anything, you may want to consider trimming.

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(A Top Pick Sept 11/15. Up 30.61%.) Likes this a lot. An operator of retirement residences. The superior operator of all the public entities. This has run really well, so wouldn’t be adding more at this level. If anything, you may want to consider trimming.

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Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$15.590
Owned Owned
Yes

HOLD

(Market Call Minute.)

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(Market Call Minute.)

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John Stephenson

President , Stephenson & Company...

Price Price
$15.540
Owned Owned
Unknown

PAST TOP PICK

(A Top Pick May 30/16. Up 7.08%.) This is a defensive stock.

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(A Top Pick May 30/16. Up 7.08%.) This is a defensive stock.

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Keith Richards

Portfolio , ValueTrend Wealth Ma...

Price Price
$15.820
Owned Owned
Yes

BUY

Likes the theme on this. This should continue to do well. It is going to be very sensitive to interest rates, so keep that in mind. If rates were to go up, you would see a pretty material pullback. He does not expect that rates will be going up in Canada.

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Likes the theme on this. This should continue to do well. It is going to be very sensitive to interest rates, so keep that in mind. If rates were to go up, you would see a pretty material pullback. He does not expect that rates will be going up in Canada.

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Andrew Pink

Portfolio , LDIC...

Price Price
$15.390
Owned Owned
No

BUY on WEAKNESS

The number of people over 65 is going to double over the next 25 years.  In 3 of the last 4 years, demand has exceeded supply.  They have done a great job of sourcing and building their margins.  Wait for a pullback.

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The number of people over 65 is going to double over the next 25 years.  In 3 of the last 4 years, demand has exceeded supply.  They have done a great job of sourcing and building their margins.  Wait for a pullback.

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Andy Nasr

VP & Inves, Sentry Investments...

Price Price
$15.640
Owned Owned
Yes

COMMENT

The REIT space has run up so much that when bad news comes out, these are going to get hammered quickly. You have to ask yourself if you are there for the yield or the share price appreciation. If you are there for the yield, you can get a similar one in other names which will not be as sensitive. If you are there for share price appreciation, these have run up so much. He would be very cautious.

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The REIT space has run up so much that when bad news comes out, these are going to get hammered quickly. You have to ask yourself if you are there for the yield or the share price appreciation. If you are there for the yield, you can get a similar one in other names which will not be as sensitive. If you are there for share price appreciation, these have run up so much. He would be very cautious.

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Kash Pashootan

CEO & Chie, First Avenue Investm...

Price Price
$15.540
Owned Owned
Unknown

PAST TOP PICK

(Top Pick May 30/16, Up 4.54%) It is defensive and dividend paying.  He will be out by October/November.  It is a seasonal issue.

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(Top Pick May 30/16, Up 4.54%) It is defensive and dividend paying.  He will be out by October/November.  It is a seasonal issue.

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Keith Richards

Portfolio , ValueTrend Wealth Ma...

Price Price
$15.540
Owned Owned
Yes

PAST TOP PICK

(A Top Pick July 14/15. Up 41.47%.) A senior housing operator. Sold off their US assets, and the money they made on that has been reinvested in Canada. Post the recession, the occupancy rate of a lot of their homes were lower, because of the overbuilding of seniors housing. That is now bouncing back up. Dividend yield of about 3.5%.

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(A Top Pick July 14/15. Up 41.47%.) A senior housing operator. Sold off their US assets, and the money they made on that has been reinvested in Canada. Post the recession, the occupancy rate of a lot of their homes were lower, because of the overbuilding of seniors housing. That is now bouncing back up. Dividend yield of about 3.5%.

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$15.690
Owned Owned
Yes

BUY

(Market Call Minute) The demographics are behind them.  They execute well and make nice transactions.  Nice technically as well.

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(Market Call Minute) The demographics are behind them.  They execute well and make nice transactions.  Nice technically as well.

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Bruce Campbell

President , Stone Castle Investm...

Price Price
$15.770
Owned Owned
Yes

COMMENT

This is expensive, because it is expensive to live there. Fabulous facilities. Has had a great run. You have to pay a premium when there is nothing else like it in Canada.

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This is expensive, because it is expensive to live there. Fabulous facilities. Has had a great run. You have to pay a premium when there is nothing else like it in Canada.

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Paul Macdonald

Chief Inve, Harvest Portfolios G...

Price Price
$15.510
Owned Owned
No

HOLD

Chart shows a very strong upward trend since 2009. It recently hit a new 52 week high. This is in a good sector and it has growth.

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Chart shows a very strong upward trend since 2009. It recently hit a new 52 week high. This is in a good sector and it has growth.

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Bill Carrigan

Technical , Getting Technical In...

Price Price
$15.460
Owned Owned
Unknown

HOLD

This has gone straight up in the last year. With volumes being what they are, there is no reason to Sell this. It looks like a stock that is ready to go higher.

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This has gone straight up in the last year. With volumes being what they are, there is no reason to Sell this. It looks like a stock that is ready to go higher.

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Elliott Fishman

Director o, Trading Services Gro...

Price Price
$14.750
Owned Owned
Unknown

TOP PICK

REITs in general have been pretty good.  He cherry picked this one as the most defensive.  There is a little breakout and so he bought it.  He likes the yield and the defensiveness. 

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REITs in general have been pretty good.  He cherry picked this one as the most defensive.  There is a little breakout and so he bought it.  He likes the yield and the defensiveness. 

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Keith Richards

Portfolio , ValueTrend Wealth Ma...

Price Price
$14.910
Owned Owned
Yes

BUY

Seasonally the stock has a tendency to move very well like most REITs, from March through until about October. Technically it is currently in an uptrend and is outperforming the market.

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Seasonally the stock has a tendency to move very well like most REITs, from March through until about October. Technically it is currently in an uptrend and is outperforming the market.

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Don Vialoux

Research A, TimingTheMarket.CA &...

Price Price
$14.870
Owned Owned
Unknown

HOLD

Just released their numbers last night and hit the ball out of the park. Thinks it is fully valued at this level. Earnings and occupancy have been very strong. Very good operators.

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Just released their numbers last night and hit the ball out of the park. Thinks it is fully valued at this level. Earnings and occupancy have been very strong. Very good operators.

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Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$14.230
Owned Owned
Yes

PAST TOP PICK

(A Top Pick May 4/15. Up 19.23%.) A lot of the REITs were under pressure, because of fear of higher interest rates. Still some room for growth. A great industry with good demographics behind it. Still a Buy.

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(A Top Pick May 4/15. Up 19.23%.) A lot of the REITs were under pressure, because of fear of higher interest rates. Still some room for growth. A great industry with good demographics behind it. Still a Buy.

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Don Lato

President, Padlock Investment M...

Price Price
$13.860
Owned Owned
Yes

COMMENT

(Owns the convertible debentures.) Not a lot of growth, but a good dividend. They have done a really good job. They went into the US at the right time, rode it up, sold it, and used the funds to buy Canadian, so it has had a really nice run for the last 5-7 years. Thinks growth will slow from here. Demographically it is in a good space. He would guess you would get total returns in the 6%-8% range, compound.

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(Owns the convertible debentures.) Not a lot of growth, but a good dividend. They have done a really good job. They went into the US at the right time, rode it up, sold it, and used the funds to buy Canadian, so it has had a really nice run for the last 5-7 years. Thinks growth will slow from here. Demographically it is in a good space. He would guess you would get total returns in the 6%-8% range, compound.

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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$13.900
Owned Owned
Yes

TOP PICK

The largest seniors housing operator in Canada. Provides a nice yield of 4%. This is an industry where there is good secular growth and tends to be not as cyclical. Sold off their US operations about a year ago, and redeployed that capital back into the US to grow their presence. Recently announced an acquisition of another retirement home and have been doing that for the last few months. They are slowly starting to increase their dividend. 16% of the population is 65 and older, and in 15 years, they estimate it will be 25%.

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The largest seniors housing operator in Canada. Provides a nice yield of 4%. This is an industry where there is good secular growth and tends to be not as cyclical. Sold off their US operations about a year ago, and redeployed that capital back into the US to grow their presence. Recently announced an acquisition of another retirement home and have been doing that for the last few months. They are slowly starting to increase their dividend. 16% of the population is 65 and older, and in 15 years, they estimate it will be 25%.

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0 0 0 0 0
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.040
Owned Owned
Yes

WATCH

It broke out and that was extremely bullish.  He likes the REIT space.  A lot of them are breaking out.  It may be overbought because of the parabolic move and if it pulled back it would be a fantastic entry point.

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It broke out and that was extremely bullish.  He likes the REIT space.  A lot of them are breaking out.  It may be overbought because of the parabolic move and if it pulled back it would be a fantastic entry point.

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Keith Richards

Portfolio , ValueTrend Wealth Ma...

Price Price
$14.030
Owned Owned
Unknown

COMMENT

Extendicare (EXE-T) or Chartwell (CSH.UN-T)? This has been a very good performing stock, and thinks it is going to continue to do well. It is based on an aging demographics trend. This is the one he would prefer.

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Extendicare (EXE-T) or Chartwell (CSH.UN-T)? This has been a very good performing stock, and thinks it is going to continue to do well. It is based on an aging demographics trend. This is the one he would prefer.

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0 0 0 0 0
0 comments
Steve DiGregori

Portfolio , Canoe Financial...

Price Price
$14.040
Owned Owned
Unknown

COMMENT

Had owned this last year, and conceptually had liked where they were placed because of aging population. Did a great sale of their US assets. He has trouble with the valuation, where it is basically trading at 14-15X operating cash flow. A lot of that is based on capitalization rates they use in real estate. Because interest rates are low, capitalization rates are low. Wouldn’t worry about the safety of the payout, but to him, it is a high valuation. He would rather take more of a gamble and buy some of the distressed players like Artis Real Estate Investment Trust (AX.UN-T) that has a 9% yield. This one has a dividend yield of 3.9%.

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Had owned this last year, and conceptually had liked where they were placed because of aging population. Did a great sale of their US assets. He has trouble with the valuation, where it is basically trading at 14-15X operating cash flow. A lot of that is based on capitalization rates they use in real estate. Because interest rates are low, capitalization rates are low. Wouldn’t worry about the safety of the payout, but to him, it is a high valuation. He would rather take more of a gamble and buy some of the distressed players like Artis Real Estate Investment Trust (AX.UN-T) that has a 9% yield. This one has a dividend yield of 3.9%.

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John Zechner

Chairman, J. Zechner & Assoc...

Price Price
$14.170
Owned Owned
No

HOLD

Likes this company. There is good secular growth that underpins the sector, i.e. that the number of people over age 65 is going to double within the next 25 years, which obviously creates more demand for retirement residences and facilities. This is one of the biggest providers in Canada, and do a fantastic job when it comes to managing expenses. If you own, you could consider taking a little money off the table, but it is a good, long term hold.

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Likes this company. There is good secular growth that underpins the sector, i.e. that the number of people over age 65 is going to double within the next 25 years, which obviously creates more demand for retirement residences and facilities. This is one of the biggest providers in Canada, and do a fantastic job when it comes to managing expenses. If you own, you could consider taking a little money off the table, but it is a good, long term hold.

property mngmnt/investment
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Andy Nasr

VP & Inves, Sentry Investments...

Price Price
$14.220
Owned Owned
Yes

PAST TOP PICK

(Top Pick Oct 6/15, Up 13.54%) He likes the REIT space and the healthcare space, but wanted to stay away from the Pharma space.  This one was an outperformer compared to its peers.  Stay with it.

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(Top Pick Oct 6/15, Up 13.54%) He likes the REIT space and the healthcare space, but wanted to stay away from the Pharma space.  This one was an outperformer compared to its peers.  Stay with it.

property mngmnt/investment
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Bill Carrigan

Technical , Getting Technical In...

Price Price
$13.700
Owned Owned
Yes

HOLD

Owns some of their convertible debentures, which will eventually become stock. Thinks it is going to be a little more difficult to repeat their success going forward. They will make small tuck-in acquisitions where they can, and you will get the dividend plus a tiny bit of growth. Valuations are relatively fair right now.

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Owns some of their convertible debentures, which will eventually become stock. Thinks it is going to be a little more difficult to repeat their success going forward. They will make small tuck-in acquisitions where they can, and you will get the dividend plus a tiny bit of growth. Valuations are relatively fair right now.

property mngmnt/investment
0 0 0 0 0
0 comments
Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$13.850
Owned Owned
Yes

PAST TOP PICK

(Top Pick Mar 12/15, Up 16.21%) They refocused into Canada and are starting to raise their dividend.  She likes the outlook for senior’s housing.  Penetration is very low in the industry.  Their occupancy is increasing and has further to go.  The cash from the US assets is being used in Canada now for growth and acquisitions.

property mngmnt/investment
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(Top Pick Mar 12/15, Up 16.21%) They refocused into Canada and are starting to raise their dividend.  She likes the outlook for senior’s housing.  Penetration is very low in the industry.  Their occupancy is increasing and has further to go.  The cash from the US assets is being used in Canada now for growth and acquisitions.

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0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$13.440
Owned Owned
Yes

COMMENT

The sector is rather strange because of a transforming acquisition by Ontario Teachers on Amica, which messed up all valuations on these retirement investments. Sold their US assets and are now totally located in Canada. The largest provider of seniors housing. Have done a good job of curtailing costs and have grown through acquisitions. They only pay out about 70% of their Net Operating Income. They are in a good spot to execute further, as well as a possible distribution increase. The sector is still somewhat expensive.

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The sector is rather strange because of a transforming acquisition by Ontario Teachers on Amica, which messed up all valuations on these retirement investments. Sold their US assets and are now totally located in Canada. The largest provider of seniors housing. Have done a good job of curtailing costs and have grown through acquisitions. They only pay out about 70% of their Net Operating Income. They are in a good spot to execute further, as well as a possible distribution increase. The sector is still somewhat expensive.

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Paul Gardner, C

Partner an, Avenue Investment Ma...

Price Price
$12.350
Owned Owned
No

BUY

It is a pretty good long term hold.  4.5% yield and it is off the recent highs.  The payout is about 80% which leaves room for error or dividend increases.  They have promised another dividend increase.  Their occupancy rates are historically low so there is room for improvement there.  The retirement business is a tough business with low margins, but there is no shortage of potential clients, who are getting peak value for their homes as they move out of them.  He would buy at these levels.

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It is a pretty good long term hold.  4.5% yield and it is off the recent highs.  The payout is about 80% which leaves room for error or dividend increases.  They have promised another dividend increase.  Their occupancy rates are historically low so there is room for improvement there.  The retirement business is a tough business with low margins, but there is no shortage of potential clients, who are getting peak value for their homes as they move out of them.  He would buy at these levels.

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Don Lato

President, Padlock Investment M...

Price Price
$12.500
Owned Owned
Unknown

COMMENT

Extendicare (EXE-T) or Chartwell (CSH.UN-T)? This has a higher percentage of independent living and would be his preference. It has slimmed-down and is more of a Canadian focused retirement play right now. He likes it when there is a mix of assisted independent and full government support.

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Extendicare (EXE-T) or Chartwell (CSH.UN-T)? This has a higher percentage of independent living and would be his preference. It has slimmed-down and is more of a Canadian focused retirement play right now. He likes it when there is a mix of assisted independent and full government support.

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Michael Simpson

Senior Vic, Sentry Investments...

Price Price
$12.490
Owned Owned
Unknown

COMMENT

Has reduced his holdings in REITs, but when you look at Canada he doesn’t think interest rates are going to go up soon, they are definitely going to stay where they are. Because of that, REITs should have a good level of support here. He is cautious because of the housing market. His company has a $14 target on this.

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Has reduced his holdings in REITs, but when you look at Canada he doesn’t think interest rates are going to go up soon, they are definitely going to stay where they are. Because of that, REITs should have a good level of support here. He is cautious because of the housing market. His company has a $14 target on this.

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Jaime Carrasco

Portfolio , Canaccord Genuity...

Price Price
$12.490
Owned Owned
No

BUY

Has owned this for a number of years. The stock has pulled back and this is a good opportunity to pick it up. In 20 years, 1 out of 4 persons are going to be over the age of 65. As we live longer, the demand for seniors housing really kicks in. Longevity is increasing. This company is very well positioned. They sold off their US operations, and refocused on Canada. Dividend is attractive at 4.5%.

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Has owned this for a number of years. The stock has pulled back and this is a good opportunity to pick it up. In 20 years, 1 out of 4 persons are going to be over the age of 65. As we live longer, the demand for seniors housing really kicks in. Longevity is increasing. This company is very well positioned. They sold off their US operations, and refocused on Canada. Dividend is attractive at 4.5%.

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$12.350
Owned Owned
Yes

BUY

A sector he likes, but has not gone into.  Everyone recognizes the demographic imperative.  We have more people over 65 than under 14 for the first time in history.  The evidence is that they can make money and these guys are one of the better operators.  It is more like a hotel than an apartment building in that there is high staffing.

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A sector he likes, but has not gone into.  Everyone recognizes the demographic imperative.  We have more people over 65 than under 14 for the first time in history.  The evidence is that they can make money and these guys are one of the better operators.  It is more like a hotel than an apartment building in that there is high staffing.

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0 0 0 0 0
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David Baskin

President, Baskin Wealth Manage...

Price Price
$12.800
Owned Owned
Unknown

BUY

They have been a problem for so many years.  They blew their brains out trying to get into the US.  But now, since they sold those assets, they lowered their debt and own good assets now.  Retirement residences are better than nursing homes. 

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They have been a problem for so many years.  They blew their brains out trying to get into the US.  But now, since they sold those assets, they lowered their debt and own good assets now.  Retirement residences are better than nursing homes. 

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Paul Gardner, C

Partner an, Avenue Investment Ma...

Price Price
$12.800
Owned Owned
Unknown

BUY

He looks at financials and meets with management as well as visiting facilities.  It is especially important with seniors’ housing because it is so operationally intensive.  It is important that the properties are as fully leased as possible.  You have to assess demand and supply of real estate.  It has been very hard for them to push occupancy over 90% but they have finally done it.  In the future the demand will increase.  The payout ratio and the balance sheet are reasonable.  They could buy back stock or make acquisitions.  There is a speculation they could get a bid from a US buyer.  He is comfortable buying it here.

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He looks at financials and meets with management as well as visiting facilities.  It is especially important with seniors’ housing because it is so operationally intensive.  It is important that the properties are as fully leased as possible.  You have to assess demand and supply of real estate.  It has been very hard for them to push occupancy over 90% but they have finally done it.  In the future the demand will increase.  The payout ratio and the balance sheet are reasonable.  They could buy back stock or make acquisitions.  There is a speculation they could get a bid from a US buyer.  He is comfortable buying it here.

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Andy Nasr

VP & Inves, Sentry Investments...

Price Price
$12.810
Owned Owned
Unknown

COMMENT

Has often used this as a core holding. Their market focus is on seniors’ retirement homes. They are able to provide an excellent service and are excellent operators, but also combine that with real estate expertise and development. He wants to continue to be invested in this for a long time. 4.3% dividend yield.

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Has often used this as a core holding. Their market focus is on seniors’ retirement homes. They are able to provide an excellent service and are excellent operators, but also combine that with real estate expertise and development. He wants to continue to be invested in this for a long time. 4.3% dividend yield.

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Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$12.910
Owned Owned
Yes

PAST TOP PICK

(Top Pick Dec 9/14, Up 14.23%) She continues to like it.  They were quick to re-deploy their capital from selling off US holdings.  People are living longer, increasing demand.

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(Top Pick Dec 9/14, Up 14.23%) She continues to like it.  They were quick to re-deploy their capital from selling off US holdings.  People are living longer, increasing demand.

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$12.810
Owned Owned
Yes

COMMENT

A good, long term play. They have one of the largest public portfolios in Canada. A very attractive asset for perhaps a US company that is looking to expand, or perhaps a Canadian pension fund. If nothing happens, you collect a very good dividend. This is slow, steady growth, and should do quite well in this low interest rate environment.

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A good, long term play. They have one of the largest public portfolios in Canada. A very attractive asset for perhaps a US company that is looking to expand, or perhaps a Canadian pension fund. If nothing happens, you collect a very good dividend. This is slow, steady growth, and should do quite well in this low interest rate environment.

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Andrew Hamlin

VP & Portf, Aston Hill Financial...

Price Price
$12.280
Owned Owned
Yes

COMMENT

Stock vs. Stock.  EXE-T vs. CSH.UN-T.  EXE-T is more into nursing homes.  CSH.UN-T is more focused on retirement care, which is privately funded.  He would not be adding to it right now.  EXE-T looks like it is trading at a slight premium to its NAV.  CSH.UN-T is affected by the 4.5% cap rate that another was taken out at.  It would have room to move in the case of a takeover, but is trading rich relative to other REITs otherwise.

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Stock vs. Stock.  EXE-T vs. CSH.UN-T.  EXE-T is more into nursing homes.  CSH.UN-T is more focused on retirement care, which is privately funded.  He would not be adding to it right now.  EXE-T looks like it is trading at a slight premium to its NAV.  CSH.UN-T is affected by the 4.5% cap rate that another was taken out at.  It would have room to move in the case of a takeover, but is trading rich relative to other REITs otherwise.

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Ben Cheng

President , Aston Hill Financial...

Price Price
$12.850
Owned Owned
Unknown

PAST TOP PICK

(A Top Pick Nov 11/14. Up 17.65%.) Likes the seniors housing community. Everyone is getting older. Statscan just came out that presently the 65+ population is about 16% of the Canadian population. They envision that in 15 years it is going to be 25%. Penetration rate is still very low in Canada at about 8%, so she can envision that the demand will grow. This company divested their US assets and are focused in Canada. Pays a nice distribution of around 4%.

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(A Top Pick Nov 11/14. Up 17.65%.) Likes the seniors housing community. Everyone is getting older. Statscan just came out that presently the 65+ population is about 16% of the Canadian population. They envision that in 15 years it is going to be 25%. Penetration rate is still very low in Canada at about 8%, so she can envision that the demand will grow. This company divested their US assets and are focused in Canada. Pays a nice distribution of around 4%.

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$13.010
Owned Owned
Yes

BUY

Demographics are good behind the retirement business and these are good operators.  They sold off their US portfolio and are expanding in Canada.  He continues to like it.  What is the next one?  They kept on getting taken out.

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Demographics are good behind the retirement business and these are good operators.  They sold off their US portfolio and are expanding in Canada.  He continues to like it.  What is the next one?  They kept on getting taken out.

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Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$12.610
Owned Owned
Unknown

PAST TOP PICK

(A Top Pick Oct 6/15. Up 4.93%.) He picked this because it fits in with a dominant theme that he likes, healthcare.

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(A Top Pick Oct 6/15. Up 4.93%.) He picked this because it fits in with a dominant theme that he likes, healthcare.

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Bill Carrigan

Technical , Getting Technical In...

Price Price
$12.860
Owned Owned
No

COMMENT

Really likes the seniors’ housing space in Canada. It is supported by great long-term demographics. The biggest issue in the last few years is that the sector has been oversupplied. This is probably the 1st year where you are going to see demand exceed supply. This will show up in higher occupancy and rent in 2016. Thinks there is at least an upside of $1-$2 next year, in addition to the healthy dividend yield.

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Really likes the seniors’ housing space in Canada. It is supported by great long-term demographics. The biggest issue in the last few years is that the sector has been oversupplied. This is probably the 1st year where you are going to see demand exceed supply. This will show up in higher occupancy and rent in 2016. Thinks there is at least an upside of $1-$2 next year, in addition to the healthy dividend yield.

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Andy Nasr

VP & Inves, Sentry Investments...

Price Price
$12.810
Owned Owned
Yes

BUY

A very well-run company. It has the demographic tailwind behind it. The demand is going to be there. Have run their business very well. Recently made an interesting move by cashing in their chips in the US and taking advantage of the US$. Solid dividend that is well covered by their cash flow.

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A very well-run company. It has the demographic tailwind behind it. The demand is going to be there. Have run their business very well. Recently made an interesting move by cashing in their chips in the US and taking advantage of the US$. Solid dividend that is well covered by their cash flow.

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Don Lato

President, Padlock Investment M...

Price Price
$12.570
Owned Owned
Yes

COMMENT

Trading at 28X earnings. This is in an interesting part of the business, retirement residences, where there is a lot of future demand. Looking at the balance sheet from his perspective, the BV has been steadily going down. Those kinds of companies make him queasy. He likes to see companies where the BV is rising. There are better yields out there than this.

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Trading at 28X earnings. This is in an interesting part of the business, retirement residences, where there is a lot of future demand. Looking at the balance sheet from his perspective, the BV has been steadily going down. Those kinds of companies make him queasy. He likes to see companies where the BV is rising. There are better yields out there than this.

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Ross Healy

Chairman, Strategic Analysis C...

Price Price
$12.440
Owned Owned
No

DON'T BUY

The sector is incredibly hot.  They benefited from recent M & A activity in the sector.  You had to deal with this US exposure in the past, but now they have cleaned up the balance sheet by selling the US assets.  It is expensive because there is this underlying tone that all seniors housing will be bought out.  It is a tough business with a lot of regulations.  It has outperformed because of the repositioning and restructuring.  He preferred ACC-T, but he exited the space in favour of apartments.

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The sector is incredibly hot.  They benefited from recent M & A activity in the sector.  You had to deal with this US exposure in the past, but now they have cleaned up the balance sheet by selling the US assets.  It is expensive because there is this underlying tone that all seniors housing will be bought out.  It is a tough business with a lot of regulations.  It has outperformed because of the repositioning and restructuring.  He preferred ACC-T, but he exited the space in favour of apartments.

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Paul Gardner, C

Partner an, Avenue Investment Ma...

Price Price
$12.240
Owned Owned
No

TOP PICK

The REITs surprised him in how well they held up.  Investors are seeking out yield.  It is an outperformer and satisfies one of his dominant themes of aging population.  There is some growth possibilities in addition to the decent yield.

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The REITs surprised him in how well they held up.  Investors are seeking out yield.  It is an outperformer and satisfies one of his dominant themes of aging population.  There is some growth possibilities in addition to the decent yield.

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Bill Carrigan

Technical , Getting Technical In...

Price Price
$12.300
Owned Owned
Yes

BUY

(Market Call Minute) It has behaved okay.  This is a time you can buy some dividend yield pretty inexpensively.

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(Market Call Minute) It has behaved okay.  This is a time you can buy some dividend yield pretty inexpensively.

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David Burrows

President , Barometer Capital Ma...

Price Price
$12.160
Owned Owned
No

COMMENT

Senior housing and senior living has seen a lot of M&A activity. A lot of the US REITs are coming up to Canada to pick away at some of our assets, as valuations are cheaper and Cap rates (the net operating income generated versus the cost to buy them) are higher. Currently it is a little bit expensive. Price to AFFO is 17X. Dividend yield of close to 5%. He would prefer Sienna (SIA-T), which has a higher yield and a lower payout ratio and trading at a Price to AFFO of 13X.

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Senior housing and senior living has seen a lot of M&A activity. A lot of the US REITs are coming up to Canada to pick away at some of our assets, as valuations are cheaper and Cap rates (the net operating income generated versus the cost to buy them) are higher. Currently it is a little bit expensive. Price to AFFO is 17X. Dividend yield of close to 5%. He would prefer Sienna (SIA-T), which has a higher yield and a lower payout ratio and trading at a Price to AFFO of 13X.

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0 comments
Mohsin Bashir

VP Investm, Stone Asset Manageme...

Price Price
$12.450
Owned Owned
Unknown

COMMENT

(Market Call Minute.) On the back of the take out of another retirement home, this is a very good hold. It looks like a good sector.

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(Market Call Minute.) On the back of the take out of another retirement home, this is a very good hold. It looks like a good sector.

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Michael Smedley

Exec VP & , Morgan Meighan & Ass...

Price Price
$12.120
Owned Owned
No

TOP PICK

Thinks this has further upside. There is the possibility of a takeover, as there is so much demand from Canadian and American institutions for this sector. Because of that, you could see significant upside. If it doesn’t, this is still an excellent company. The challenge is that there is a real estate component and an operating component. The company has always been looked at from a real estate value of about $12 a share, but that operating business is worth something, especially when you are the only remaining public operator and you have an excellent reputation. Should be a core holding of every portfolio. Yield of 4.43%.

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Thinks this has further upside. There is the possibility of a takeover, as there is so much demand from Canadian and American institutions for this sector. Because of that, you could see significant upside. If it doesn’t, this is still an excellent company. The challenge is that there is a real estate component and an operating component. The company has always been looked at from a real estate value of about $12 a share, but that operating business is worth something, especially when you are the only remaining public operator and you have an excellent reputation. Should be a core holding of every portfolio. Yield of 4.43%.

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0 comments
Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$12.430
Owned Owned
Yes

BUY

One of their peers was taken out by a pension fund, CPP.  This moved up their price.  She could see more M&A activity.   

property mngmnt/investment
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0 comments

One of their peers was taken out by a pension fund, CPP.  This moved up their price.  She could see more M&A activity.   

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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$12.290
Owned Owned
Yes

COMMENT

Continues to like this. It is very operationally intensive and you need to see an increase in occupancy before it dramatically improves the bottom line. It is starting to get there. This is one of the first years where supply/demand are going to remain very well-balanced, and he thinks demand is going to exceed supply this year. He sees $1 or $2 of capital appreciation potential in addition to the dividend.

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Continues to like this. It is very operationally intensive and you need to see an increase in occupancy before it dramatically improves the bottom line. It is starting to get there. This is one of the first years where supply/demand are going to remain very well-balanced, and he thinks demand is going to exceed supply this year. He sees $1 or $2 of capital appreciation potential in addition to the dividend.

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0 0 0 0 0
0 comments
Andy Nasr

VP & Inves, Sentry Investments...

Price Price
$12.370
Owned Owned
Yes

BUY on WEAKNESS

It had a dip down when it was removed from the REIT index.  She likes the industry.  They recently sold off their US portfolio.  They paid off some debt.  They have an attractive yield and she sees it slowly increasing over time.  It held up well in this market.  There is always in the background that they could be taken out by a US company.  They are good operators.

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0 0 0 0 0
0 comments

It had a dip down when it was removed from the REIT index.  She likes the industry.  They recently sold off their US portfolio.  They paid off some debt.  They have an attractive yield and she sees it slowly increasing over time.  It held up well in this market.  There is always in the background that they could be taken out by a US company.  They are good operators.

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0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$11.750
Owned Owned
Yes

PAST TOP PICK

(Top Pick Jul 15/14, Up 14.13%) They went too aggressively into the US.  A lot of US health care REITs have shown an interest in Canada.

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(Top Pick Jul 15/14, Up 14.13%) They went too aggressively into the US.  A lot of US health care REITs have shown an interest in Canada.

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0 comments
Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$11.520
Owned Owned
Yes

WEAK BUY

Removed from the REIT index last week.  Retirement homes, nursing homes.  They did very poorly in the US and got out.  They now have the ability to spend and acquire.  You are playing the proper demographic.  He thinks it is on the cheaper side, as are many of these.  You may see more M&A in this sector. 

property mngmnt/investment
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Removed from the REIT index last week.  Retirement homes, nursing homes.  They did very poorly in the US and got out.  They now have the ability to spend and acquire.  You are playing the proper demographic.  He thinks it is on the cheaper side, as are many of these.  You may see more M&A in this sector. 

property mngmnt/investment
0 0 0 0 0
0 comments
Paul Gardner, C

Partner an, Avenue Investment Ma...

Price Price
$11.870
Owned Owned
Unknown

BUY

(A Top Pick of his in May.) This has huge demographic tailwinds behind it. Recently sold all their US properties, and reinvested some of those funds in Canada. Very good payout ratio. Yield of about 5.5%. A good, long term play for both income and capital appreciation.

property mngmnt/investment
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(A Top Pick of his in May.) This has huge demographic tailwinds behind it. Recently sold all their US properties, and reinvested some of those funds in Canada. Very good payout ratio. Yield of about 5.5%. A good, long term play for both income and capital appreciation.

property mngmnt/investment
0 0 0 0 0
0 comments
Don Lato

President, Padlock Investment M...

Price Price
$11.810
Owned Owned
Yes

TOP PICK

Largest seniors housing operator in Canada. Attractive dividend yield of 4.8%. Have only recently started to increase their distributions, which is good in a rising rate environment. She likes the industry because it bodes well with aging demographics. The seniors’ population is going to double over the next 10-20 years at a much faster pace than the overall general population. Recently sold all of its US properties and have decided to refocus on Canada.

property mngmnt/investment
1 0 0 0 0
0 comments

Largest seniors housing operator in Canada. Attractive dividend yield of 4.8%. Have only recently started to increase their distributions, which is good in a rising rate environment. She likes the industry because it bodes well with aging demographics. The seniors’ population is going to double over the next 10-20 years at a much faster pace than the overall general population. Recently sold all of its US properties and have decided to refocus on Canada.

property mngmnt/investment
1 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$11.450
Owned Owned
Yes

BUY

Recently another such company was bought out at a 13% premium.  You could apply this premium to this company.  He likes it because they divested their US business.  They have a tremendous pipeline of projects.  Investors get a very good yield and should be buying it.  The company just announced a buyback program.  It is at a discount to NAV.  He prefers an operator that has real estate behind them, rather than a manufacturer of products that seniors’ use.

property mngmnt/investment
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0 comments

Recently another such company was bought out at a 13% premium.  You could apply this premium to this company.  He likes it because they divested their US business.  They have a tremendous pipeline of projects.  Investors get a very good yield and should be buying it.  The company just announced a buyback program.  It is at a discount to NAV.  He prefers an operator that has real estate behind them, rather than a manufacturer of products that seniors’ use.

property mngmnt/investment
0 0 0 0 0
0 comments
Andrew Hamlin

VP & Portf, Aston Hill Financial...

Price Price
$11.450
Owned Owned
Unknown

BUY

He really likes this at this price. The stock has pulled back. DRIP is a great way to continue to own it and increase your investment in it longer-term. The nice thing about the seniors sector is that it is going to be supported by favourable demographics. The number of people over 75 is going to double within the next 25 years. The caveat is that it is very operationally intensive and expenses have to be managed very carefully. We are finally seeing demand exceed supply.

property mngmnt/investment
0 0 0 0 0
0 comments

He really likes this at this price. The stock has pulled back. DRIP is a great way to continue to own it and increase your investment in it longer-term. The nice thing about the seniors sector is that it is going to be supported by favourable demographics. The number of people over 75 is going to double within the next 25 years. The caveat is that it is very operationally intensive and expenses have to be managed very carefully. We are finally seeing demand exceed supply.

property mngmnt/investment
0 0 0 0 0
0 comments
Andy Nasr

VP & Inves, Sentry Investments...

Price Price
$11.410
Owned Owned
Yes

COMMENT

Has been moved out of the REIT Index, which is part of the reason for its drop. Dividend of about 4.8%, which should grow about 5.4%. The demographics certainly make sense. He is relatively neutral on REITs, given that rising interest rates are not great for real estate trusts.

property mngmnt/investment
0 0 0 0 0
0 comments

Has been moved out of the REIT Index, which is part of the reason for its drop. Dividend of about 4.8%, which should grow about 5.4%. The demographics certainly make sense. He is relatively neutral on REITs, given that rising interest rates are not great for real estate trusts.

property mngmnt/investment
0 0 0 0 0
0 comments
Stan Wong

Director &, Private Wealth Manag...

Price Price
$11.480
Owned Owned
No

BUY

When comparing to other REITs, the dividend has to do with the payout ratio.  It is very safe and well covered.  It was removed from the REIT index because it is not technically a REIT and so index vehicles had to sell it.  This made a fantastic opportunity to own this company. 

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When comparing to other REITs, the dividend has to do with the payout ratio.  It is very safe and well covered.  It was removed from the REIT index because it is not technically a REIT and so index vehicles had to sell it.  This made a fantastic opportunity to own this company. 

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Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$11.510
Owned Owned
Unknown

DON'T BUY

(Kicked out of the REIT sector because it doesn’t qualify anymore. Looked on more as healthcare.) It is still interest sensitive. Chart shows a huge leg lower this year, along with the higher yield. The trend is still very much lower. You probably want to stay away from this one right now.

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(Kicked out of the REIT sector because it doesn’t qualify anymore. Looked on more as healthcare.) It is still interest sensitive. Chart shows a huge leg lower this year, along with the higher yield. The trend is still very much lower. You probably want to stay away from this one right now.

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Jon Vialoux

Research A, CastleMoore Inc....

Price Price
$11.050
Owned Owned
Unknown

BUY

Likes the aging demographics and the Senior Housing industry. The seniors’ population is going to be growing much higher than the general population. This has been trending down because 1) the prospect of rising interest rates and 2) this is being removed from the REITs Index in mid June, and she expects there is going to be a lot of Index selling.

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Likes the aging demographics and the Senior Housing industry. The seniors’ population is going to be growing much higher than the general population. This has been trending down because 1) the prospect of rising interest rates and 2) this is being removed from the REITs Index in mid June, and she expects there is going to be a lot of Index selling.

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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$10.760
Owned Owned
Yes

COMMENT

This really depends on your view on the whole retirement residence area. Demographics are good because of our aging population. One of the difficulties is getting staff. Labour costs are something you have to watch quite closely. Has come off in the last few months, mostly because of worries about what is going to happen with US interest rate increases. If you don’t think rates are going to go up much in the next year, this is a pretty good buying opportunity.

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This really depends on your view on the whole retirement residence area. Demographics are good because of our aging population. One of the difficulties is getting staff. Labour costs are something you have to watch quite closely. Has come off in the last few months, mostly because of worries about what is going to happen with US interest rate increases. If you don’t think rates are going to go up much in the next year, this is a pretty good buying opportunity.

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Gavin Graham

Trustee, Pointbreak ETFs...

Price Price
$10.910
Owned Owned
Unknown

PARTIAL BUY