Chartwell Seniors Housing

CSH.UN-T

TSE:CSH.UN

8.58
0.05 (0.58%)
Chartwell Retirement Residences is the largest participant in the Canadian seniors housing sector, with nearly 180 locations across Quebec, Ontario, Alberta, and British Columbia.
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Analysis and Opinions about CSH.UN-T

Signal
Opinion
Expert
HOLD
HOLD
February 8, 2007
ING Realty Investors are rumoured to be interested in this as a takeover. The company has made some recent acquisitions that are attractive. The market has some uncertainty as to how the government will treat this REIT. Feels it is expensive.
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ING Realty Investors are rumoured to be interested in this as a takeover. The company has made some recent acquisitions that are attractive. The market has some uncertainty as to how the government will treat this REIT. Feels it is expensive.
TOP PICK
TOP PICK
January 22, 2007
Seniors’ housing provider. 7% yield. If you have a long-term time horizon, you can make 8%-10% a year.
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Seniors’ housing provider. 7% yield. If you have a long-term time horizon, you can make 8%-10% a year.
BUY
BUY
January 19, 2007
A seniors housing REIT. A large growing portfolio in the US. This is a very fragmented market and they are making a lot of accretive acquisitions. Leverages the little higher than normal. Expect them to grow into their payout ratio. Looking for distribution increase towards the end of the year.
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A seniors housing REIT. A large growing portfolio in the US. This is a very fragmented market and they are making a lot of accretive acquisitions. Leverages the little higher than normal. Expect them to grow into their payout ratio. Looking for distribution increase towards the end of the year.
WEAK BUY
WEAK BUY
January 12, 2007
Has made some major acquisitions, of which, one has not performed well. This is probably something worthwhile looking at. The worst is probably already in the market. They'll have to do something to do with their structure. Has potential, but more risk than others.
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Has made some major acquisitions, of which, one has not performed well. This is probably something worthwhile looking at. The worst is probably already in the market. They'll have to do something to do with their structure. Has potential, but more risk than others.
BUY
BUY
January 4, 2007
Long-term care industry in Canada and US. Had brought 3 companies together and had some issues with operating costs, but he thinks they have a legitimate chance of bringing this under control. Sees good growth opportunities in the US and somewhat in Canada.
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Long-term care industry in Canada and US. Had brought 3 companies together and had some issues with operating costs, but he thinks they have a legitimate chance of bringing this under control. Sees good growth opportunities in the US and somewhat in Canada.
COMMENT
COMMENT
December 19, 2006
New trust rules say that to qualify as a REIT, 75% of the properties have to be in Canada. Also, only 5% of your overall revenue stream is coming from management fees. There’s ways around this. Retirement businesses are very highly regulated.
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New trust rules say that to qualify as a REIT, 75% of the properties have to be in Canada. Also, only 5% of your overall revenue stream is coming from management fees. There’s ways around this. Retirement businesses are very highly regulated.
COMMENT
COMMENT
December 15, 2006
REITs are up about 5% since the Oct 31/06 announcement as most are excluded from the new legislation. Those that aren’t are quite capable of restructuring. Will continue to be pressure until the rules are clarified.
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REITs are up about 5% since the Oct 31/06 announcement as most are excluded from the new legislation. Those that aren’t are quite capable of restructuring. Will continue to be pressure until the rules are clarified.
COMMENT
COMMENT
December 8, 2006
Announced a number of major acquisitions following the 2nd quarter. Stock price down because market expected it would be funded through a new issue. Past couple of quarters were weaker than expected. Takes a while to integrate the acquisitions. Doesn’t qualify on the REIT tax exemption.
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Announced a number of major acquisitions following the 2nd quarter. Stock price down because market expected it would be funded through a new issue. Past couple of quarters were weaker than expected. Takes a while to integrate the acquisitions. Doesn’t qualify on the REIT tax exemption.
BUY
BUY
November 21, 2006
A seniors housing REIT. An external acquisition story. Their unit price has suffered because in doing their acquisitions, they haven't realized as much value in the accretions as some thought they would. Good yield. Expect that growth will outperform going forward.
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A seniors housing REIT. An external acquisition story. Their unit price has suffered because in doing their acquisitions, they haven't realized as much value in the accretions as some thought they would. Good yield. Expect that growth will outperform going forward.
PAST TOP PICK
PAST TOP PICK
November 10, 2006
(A Top Pick June 23/06. Up 2.1%.) Four years will give them time to re-structure their business to change their tax.
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(A Top Pick June 23/06. Up 2.1%.) Four years will give them time to re-structure their business to change their tax.
COMMENT
COMMENT
October 13, 2006
Likes this one longer term but does have some issues with things like external development of property from a governance point of view. Good management. A bit acquisition driven.
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Likes this one longer term but does have some issues with things like external development of property from a governance point of view. Good management. A bit acquisition driven.
WEAK BUY
WEAK BUY
September 7, 2006
Seniors housing. The seniors market tends to be priced a bit lower than your traditional REITs. It will be making some acquisitions in order to increase growth. Not a big fan of REITs.
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Seniors housing. The seniors market tends to be priced a bit lower than your traditional REITs. It will be making some acquisitions in order to increase growth. Not a big fan of REITs.
BUY
BUY
July 14, 2006
This was an amalgamation of 3 large senior citizens residences and initially there was disappointment in the lack of synergies. Believes it is a good place to be in the long-term.
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This was an amalgamation of 3 large senior citizens residences and initially there was disappointment in the lack of synergies. Believes it is a good place to be in the long-term.
TOP PICK
TOP PICK
June 23, 2006
The senior care part of the REIT sector has been really hammered over the last few months. They know how to grow their asset base outside of Ontario and Canada. Sees some very positive trends in this company. Good price.
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The senior care part of the REIT sector has been really hammered over the last few months. They know how to grow their asset base outside of Ontario and Canada. Sees some very positive trends in this company. Good price.
TOP PICK
TOP PICK
June 21, 2006
Pays 7.9%. Great management team. Demographics on long-term retirement are good. Q3 and Q4 numbers for last year were under expectations but Q1 this year was right on. Looks like they've turned the corner. Have some good growth pipeline opportunities this year. With the price pullback, it's a good buying opportunity.
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Pays 7.9%. Great management team. Demographics on long-term retirement are good. Q3 and Q4 numbers for last year were under expectations but Q1 this year was right on. Looks like they've turned the corner. Have some good growth pipeline opportunities this year. With the price pullback, it's a good buying opportunity.
TOP PICK
TOP PICK
June 9, 2006
Recently upgraded it to an outperform rating. Have had tremendous asset growth with increased book value by 3.5 times. Very active on the acquisition front. On track for a very stellar year.
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Recently upgraded it to an outperform rating. Have had tremendous asset growth with increased book value by 3.5 times. Very active on the acquisition front. On track for a very stellar year.
WATCH
WATCH
June 5, 2006
Getting into the range where he would like to look at it.
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Getting into the range where he would like to look at it.
BUY
BUY
May 12, 2006
Downward pressure was on concerns that they were going to make a bid on Retirement Residences (RRR.UN-T). They are now out of the running on that. Also affected by the sell off of the REIT market. This seems to be abating.
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Downward pressure was on concerns that they were going to make a bid on Retirement Residences (RRR.UN-T). They are now out of the running on that. Also affected by the sell off of the REIT market. This seems to be abating.
TOP PICK
TOP PICK
April 26, 2006
Likes senior housing space given the favorable demographic trends. Focused on the white care side where you are not competing against government nursing homes. Margins are a little higher. High quality properties. Good growth profile. Good entry point.
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Likes senior housing space given the favorable demographic trends. Focused on the white care side where you are not competing against government nursing homes. Margins are a little higher. High quality properties. Good growth profile. Good entry point.
BUY
BUY
April 7, 2006
Three main retirement REITs that he owns are Sunrise Senior Living (SZR.UN-T), Chartwell Seniors Housing (CSH.UN-T) and Retirement Residences (RRR.UN-T). Chartwell would be his top pick.
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Three main retirement REITs that he owns are Sunrise Senior Living (SZR.UN-T), Chartwell Seniors Housing (CSH.UN-T) and Retirement Residences (RRR.UN-T). Chartwell would be his top pick.
DON'T BUY
DON'T BUY
March 11, 2006
He is not very positive about it. Very weak returns. Thought to have lots of potential and well managed. It is in the right field. He has not been able to get a good focus on what management is doing. Retirement Reit is a better play for now.
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He is not very positive about it. Very weak returns. Thought to have lots of potential and well managed. It is in the right field. He has not been able to get a good focus on what management is doing. Retirement Reit is a better play for now.
BUY
BUY
February 8, 2006
Good growth. Good aquisition. Seniors housing.
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Good growth. Good aquisition. Seniors housing.
PAST TOP PICK
PAST TOP PICK
December 23, 2005
(A Top Pick Sept 23/05. Up 3%.) A Conservative Way to play the ageing population. Has expanded into the US in a joint venture with Industrial Alliance (IAG-T). A good, long-term, core holding.
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(A Top Pick Sept 23/05. Up 3%.) A Conservative Way to play the ageing population. Has expanded into the US in a joint venture with Industrial Alliance (IAG-T). A good, long-term, core holding.
HOLD
HOLD
November 25, 2005
Has had a 50% effective return since its IPO in Nov/03. Has a market perform rating on it. It has effectively tripled the size of its portfolios but hasn't seen this growth filter down to its bottom line in terms of funds from operation growth. It remains a good growth name and will continue to see accretive aquisitions.
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Has had a 50% effective return since its IPO in Nov/03. Has a market perform rating on it. It has effectively tripled the size of its portfolios but hasn't seen this growth filter down to its bottom line in terms of funds from operation growth. It remains a good growth name and will continue to see accretive aquisitions.
WEAK BUY
WEAK BUY
October 31, 2005
Basically giving you a 5/6% rate of return. A reasonably well managed, middle of the road retirement REIT. Doesn't expect any trouble, but also no great things with it either.
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Basically giving you a 5/6% rate of return. A reasonably well managed, middle of the road retirement REIT. Doesn't expect any trouble, but also no great things with it either.
PAST TOP PICK
PAST TOP PICK
October 28, 2005
(A Top Pick Aug 26/05. Down 6% not including distributions.) Has held in here pretty good. Has one of the better growth profiles in the REIT sectors.
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(A Top Pick Aug 26/05. Down 6% not including distributions.) Has held in here pretty good. Has one of the better growth profiles in the REIT sectors.
VAGUE
VAGUE
October 14, 2005
Prefers this over Retriement Residence REIT (RRR.UN-T). For the same exposure, but cheaper, you might want to consider Extendicare (EXE.MV-T).
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Prefers this over Retriement Residence REIT (RRR.UN-T). For the same exposure, but cheaper, you might want to consider Extendicare (EXE.MV-T).
Ravi Sood

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Price
$14.000
Owned
Unknown
TOP PICK
TOP PICK
October 14, 2005
Favourable on senior housing based on long term demographic trends. Very high quality management team. Well positioned in the market. Recently made some acquisitions which should be very positive.
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Favourable on senior housing based on long term demographic trends. Very high quality management team. Well positioned in the market. Recently made some acquisitions which should be very positive.
TOP PICK
TOP PICK
September 23, 2005
Has had since it started. Growing in the states with 10% of their portfolio being US. Going to continue to grow.
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Has had since it started. Growing in the states with 10% of their portfolio being US. Going to continue to grow.
TOP PICK
TOP PICK
August 26, 2005
Above average growth profile. Big growth story. Seniors housing, good demographic trends, the aging population in Canada.
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Above average growth profile. Big growth story. Seniors housing, good demographic trends, the aging population in Canada.
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