Chartwell Seniors Housing

CSH.UN-T

TSE:CSH.UN

8.48
0.26 (2.97%)
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
BUY
BUY
May 23, 2008
REITs in general are a good income player right now. Real estate trusts are a good opportunity to pick up some good value and get a good yield.
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REITs in general are a good income player right now. Real estate trusts are a good opportunity to pick up some good value and get a good yield.
COMMENT
COMMENT
May 20, 2008
Senior housing was a disaster area. Had thought demographics looked wonderful, but they stuck 20,000 beds on in an 18-24 months space. Overcapacity and couldn’t get enough staff and margins got shot to pieces. Has now stabilized but there has been a selloff in REITs. Operations and management are pretty good.
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Senior housing was a disaster area. Had thought demographics looked wonderful, but they stuck 20,000 beds on in an 18-24 months space. Overcapacity and couldn’t get enough staff and margins got shot to pieces. Has now stabilized but there has been a selloff in REITs. Operations and management are pretty good.
TOP PICK
TOP PICK
April 28, 2008
Had been over distributing the last few years and finally cut their distributions so the balance sheet is a little cleaner going forward. A large owner/operator of long-term care facilities. This will be a good story for the next 10 years. Could be taken over in the next few years.
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Had been over distributing the last few years and finally cut their distributions so the balance sheet is a little cleaner going forward. A large owner/operator of long-term care facilities. This will be a good story for the next 10 years. Could be taken over in the next few years.
PAST TOP PICK
PAST TOP PICK
April 16, 2008
(A Top Pick July 23/07. Down 35% including distributions.) Always followed a philosophy of growing internally and through acquisition. Last year investors lost patience with the continued acquisition strategy with no benefits on the bottom line. Integration has proved difficult for them. New management will be focusing more on the bottom line. Still a Buy.
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(A Top Pick July 23/07. Down 35% including distributions.) Always followed a philosophy of growing internally and through acquisition. Last year investors lost patience with the continued acquisition strategy with no benefits on the bottom line. Integration has proved difficult for them. New management will be focusing more on the bottom line. Still a Buy.
WEAK BUY
WEAK BUY
March 24, 2008
Been buyers at the $8.5 level, based on the free cash flow yield. Would buy at this level. Comfortable with their payout ratio at 100%
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Been buyers at the $8.5 level, based on the free cash flow yield. Would buy at this level. Comfortable with their payout ratio at 100%
COMMENT
COMMENT
February 29, 2008
Senior housing/launching will not qualify as REITs for tax purposes. Tax will be minimal for them. They have had operational issues. If it dropped below $10, it would be extremely cheap and he would have a hard time not buying it. He went unload his position at $11.50 or better.
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Senior housing/launching will not qualify as REITs for tax purposes. Tax will be minimal for them. They have had operational issues. If it dropped below $10, it would be extremely cheap and he would have a hard time not buying it. He went unload his position at $11.50 or better.
DON'T BUY
DON'T BUY
February 14, 2008
Payout ratio is way too high and is almost certainly going to have to cut its distribution. 10% is a very high yield. If the price ever came down to around $9, it would certainly be a good buy.
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Payout ratio is way too high and is almost certainly going to have to cut its distribution. 10% is a very high yield. If the price ever came down to around $9, it would certainly be a good buy.
HOLD
HOLD
February 1, 2008
Was under a strategic review process for much of 2007. This does not fit the criteria of REITs for tax purposes. Expect that this will eventually become privatized. Not sure if the distribution is safe.
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Was under a strategic review process for much of 2007. This does not fit the criteria of REITs for tax purposes. Expect that this will eventually become privatized. Not sure if the distribution is safe.
COMMENT
COMMENT
January 29, 2008
This REIT has struggled since inception. Payout ratio is over 100%, which is usually a negative. Put itself up for sale unsuccessfully last year. Expect someone will take the business out as it has good assets. Hard to tell if there will be a cut in distributions.
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This REIT has struggled since inception. Payout ratio is over 100%, which is usually a negative. Put itself up for sale unsuccessfully last year. Expect someone will take the business out as it has good assets. Hard to tell if there will be a cut in distributions.
BUY
BUY
January 22, 2008
(Market Call Minute.) At this level it looks attractive. Has consistently missed on its earnings to cash flow but he would buy it here.
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(Market Call Minute.) At this level it looks attractive. Has consistently missed on its earnings to cash flow but he would buy it here.
DON'T BUY
DON'T BUY
January 18, 2008
Seniors residences. Ha more activity than most. Has expanded a lot. Been a huge disappointment at times because of numbers. Because they don't fit the REIT criteria they will have to restructure. Have set themselves up to be taken over. An area that very few companies have made any money at. Given the yield on it, it is Buyer Beware.
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Seniors residences. Ha more activity than most. Has expanded a lot. Been a huge disappointment at times because of numbers. Because they don't fit the REIT criteria they will have to restructure. Have set themselves up to be taken over. An area that very few companies have made any money at. Given the yield on it, it is Buyer Beware.
BUY
BUY
December 7, 2007
Owner/operator of seniors housing facilities. Mainly independent living and assisted living through Canada and the US. Missed on their quarterly numbers for a number of quarters in a row and will not qualify as a REIT going forward and will be taxable. At these levels, you are getting a significant discount to NAV. If you Buy start lightening your position at around $12.
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Owner/operator of seniors housing facilities. Mainly independent living and assisted living through Canada and the US. Missed on their quarterly numbers for a number of quarters in a row and will not qualify as a REIT going forward and will be taxable. At these levels, you are getting a significant discount to NAV. If you Buy start lightening your position at around $12.
HOLD
HOLD
December 4, 2007
There has been a lot going on in the seniors housing space this year. Trading at around 11X AFFO. They are over distributing. Has been a growth by acquisition. Have a very good platform in the US and Canada, however have not been able to grow accretively on a per unit basis. There is potential for a distribution cut.
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There has been a lot going on in the seniors housing space this year. Trading at around 11X AFFO. They are over distributing. Has been a growth by acquisition. Have a very good platform in the US and Canada, however have not been able to grow accretively on a per unit basis. There is potential for a distribution cut.
HOLD
HOLD
November 28, 2007
One of the names that is really in a “show me” mode now. Has been a perennial disappointer in growing its cash flows and managing its payout ratios. Starting to see some better metrics. Acquisition program is starting to slow down and seeing some decent growth in same property Net Operating Income.
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One of the names that is really in a “show me” mode now. Has been a perennial disappointer in growing its cash flows and managing its payout ratios. Starting to see some better metrics. Acquisition program is starting to slow down and seeing some decent growth in same property Net Operating Income.
HOLD
HOLD
November 19, 2007
Beneficial stable interest rates have had an inverse negative affect on stock price, cant figure this out. An excellent place to be. As the price decreases its likely someone will come and take company because it’s a great longer term business. Like management and longer term demographics. 10.5% yield.
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Beneficial stable interest rates have had an inverse negative affect on stock price, cant figure this out. An excellent place to be. As the price decreases its likely someone will come and take company because it’s a great longer term business. Like management and longer term demographics. 10.5% yield.
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