Chartwell Seniors Housing

CSH.UN-T

TSE:CSH.UN

8.63
0.32 (3.58%)
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
COMMENT
COMMENT
March 25, 2009
Primary retirement housing in Canada and US. Had some operational issues right from its IPO. Some concerns if they will be able to meet debt obligations when they come due. If they could get their operating costs in line, they would be okay.
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Primary retirement housing in Canada and US. Had some operational issues right from its IPO. Some concerns if they will be able to meet debt obligations when they come due. If they could get their operating costs in line, they would be okay.
DON'T BUY
DON'T BUY
March 17, 2009
Senior housing facilities in Canada/US. An accretive acquisition and roll up story. You can buy seniors housing anywhere from 9 to 12-13 caps (?) and your cost of financing is in the 6%-8% range. Can tap into CMHC financing in Canada, but not in the US. Expect them to tread water for the foreseeable future. Have some issues with acquisition of the external developer and have always had operational issues. Better value and less risk elsewhere.
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Senior housing facilities in Canada/US. An accretive acquisition and roll up story. You can buy seniors housing anywhere from 9 to 12-13 caps (?) and your cost of financing is in the 6%-8% range. Can tap into CMHC financing in Canada, but not in the US. Expect them to tread water for the foreseeable future. Have some issues with acquisition of the external developer and have always had operational issues. Better value and less risk elsewhere.
BUY
BUY
February 3, 2009
(Market Call Minute.) Stock has been quite beaten up. Outlook for seniors housing is quite good. Have access to cheap liquidity from CHMC. Potential takeout.
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(Market Call Minute.) Stock has been quite beaten up. Outlook for seniors housing is quite good. Have access to cheap liquidity from CHMC. Potential takeout.
DON'T BUY
DON'T BUY
January 22, 2009
Beginning to hit some of their numbers operationally. Prefers other REITs.
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Beginning to hit some of their numbers operationally. Prefers other REITs.
VAGUE
VAGUE
December 16, 2008
Paying 17%, nice contract win, REITS are cheap, but he is not interested in this one.
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Paying 17%, nice contract win, REITS are cheap, but he is not interested in this one.
COMMENT
COMMENT
December 8, 2008
Very well run. Has been very acquisitive over the last few years but this has slowed down considerably. This will refocus them on the company operations, which is a good thing. Food, labour and energy costs have been moving higher into mid-2008. Expects to see these costs start to decline.
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Very well run. Has been very acquisitive over the last few years but this has slowed down considerably. This will refocus them on the company operations, which is a good thing. Food, labour and energy costs have been moving higher into mid-2008. Expects to see these costs start to decline.
COMMENT
COMMENT
November 20, 2008
Seniors/long-term-care space both in Canada and US. Have a history of forecasting cash flows and not meeting it. They now have a good chance of meeting their targets. He will be watching their next couple of earnings to see if they can meet their targets.
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Seniors/long-term-care space both in Canada and US. Have a history of forecasting cash flows and not meeting it. They now have a good chance of meeting their targets. He will be watching their next couple of earnings to see if they can meet their targets.
TOP PICK
TOP PICK
November 19, 2008
Recently announced results and they earned their distributions. Have plenty of funds to satisfy distribution requirements over the next year. 21% yield.
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Recently announced results and they earned their distributions. Have plenty of funds to satisfy distribution requirements over the next year. 21% yield.
DON'T BUY
DON'T BUY
November 3, 2008
Seniors housing REIT. Not been a big fan because operationally it has been very difficult. Prefers REITs that own real estate and lease it out long-term. Cut their distribution 30% and then lowered guidance to the point where they were over distributing again.
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Seniors housing REIT. Not been a big fan because operationally it has been very difficult. Prefers REITs that own real estate and lease it out long-term. Cut their distribution 30% and then lowered guidance to the point where they were over distributing again.
PAST TOP PICK
PAST TOP PICK
October 29, 2008
(A Top Pick Apr 28/08. Down 52%.) Dropped because of US$ exposure and market weakness. Debt to equity ratio is more severe than what he would like. High-risk story. Good possibility company gets consolidated when the market recovers. You can Buy, but only take a half position for now and Buy the rest later.
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(A Top Pick Apr 28/08. Down 52%.) Dropped because of US$ exposure and market weakness. Debt to equity ratio is more severe than what he would like. High-risk story. Good possibility company gets consolidated when the market recovers. You can Buy, but only take a half position for now and Buy the rest later.
HOLD
HOLD
October 2, 2008
Were focused on acquisitions and payout ratio continues to be more than 100%. The longer it stays down at these levels the more it could be bought and it should be held with that in mind.
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Were focused on acquisitions and payout ratio continues to be more than 100%. The longer it stays down at these levels the more it could be bought and it should be held with that in mind.
DON'T BUY
DON'T BUY
August 13, 2008
Reported yesterday and missed mainly because of currency exchange. Cut distributions about 30% earlier this year. Questions management’s ability.
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Reported yesterday and missed mainly because of currency exchange. Cut distributions about 30% earlier this year. Questions management’s ability.
PAST TOP PICK
PAST TOP PICK
August 7, 2008
(A Top Pick July 23/07. Down 40% total return.) Was a seller at higher prices. Have changed their philosophy, which makes him a little bit more optimistic. Instead of acquiring, they are focusing on their operations. One of the best operators in their business. Cost pressures are hurting their bottom line.
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(A Top Pick July 23/07. Down 40% total return.) Was a seller at higher prices. Have changed their philosophy, which makes him a little bit more optimistic. Instead of acquiring, they are focusing on their operations. One of the best operators in their business. Cost pressures are hurting their bottom line.
DON'T BUY
DON'T BUY
June 12, 2008
Cut their distribution recently, which was right. Strategy had been to grow into the distribution, which they failed to do. Offers fairly attractive value but you have to underwrite the growth to get an attractive return. Would be looking for it below $9.50 before Buying again.
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Cut their distribution recently, which was right. Strategy had been to grow into the distribution, which they failed to do. Offers fairly attractive value but you have to underwrite the growth to get an attractive return. Would be looking for it below $9.50 before Buying again.
HOLD
HOLD
June 2, 2008
People have not made money in this area. Have made a number of acquisitions and are creating a portfolio that someone will want. Almost always surprise on the negative in their reports. Have bought their convertibles, but not the stock.
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People have not made money in this area. Have made a number of acquisitions and are creating a portfolio that someone will want. Almost always surprise on the negative in their reports. Have bought their convertibles, but not the stock.
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