Chartwell Seniors Housing

CSH.UN-T

TSE:CSH.UN

13.66
0.00 (0.00%)
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
January 12, 2016

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%.

BUY
BUY
January 5, 2016

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.

BUY
BUY
January 5, 2016

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.

BUY
BUY
December 24, 2015

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.

Andy Nasr

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Price
$12.810
Owned
Unknown
COMMENT
COMMENT
December 18, 2015

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.

PAST TOP PICK
PAST TOP PICK
December 17, 2015

(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.

COMMENT
COMMENT
December 11, 2015

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.

COMMENT
COMMENT
December 3, 2015

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.

Ben Cheng

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Price
$12.850
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
November 25, 2015

(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%.

BUY
BUY
November 12, 2015

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.

PAST TOP PICK
PAST TOP PICK
November 6, 2015

(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.

COMMENT
COMMENT
November 3, 2015

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.

BUY
BUY
October 27, 2015

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.

COMMENT
COMMENT
October 20, 2015

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.

DON'T BUY
DON'T BUY
October 7, 2015

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.

TOP PICK
TOP PICK
October 6, 2015

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.

BUY
BUY
September 29, 2015

(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.

COMMENT
COMMENT
September 18, 2015

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.

COMMENT
COMMENT
September 15, 2015

(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.

TOP PICK
TOP PICK
September 11, 2015

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%.

BUY
BUY
September 9, 2015

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

COMMENT
COMMENT
September 8, 2015

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.

BUY WEAKNESS
BUY WEAKNESS
August 11, 2015

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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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.

PAST TOP PICK
PAST TOP PICK
July 27, 2015

(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.

WEAK BUY
WEAK BUY
July 20, 2015

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.

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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.

BUY
BUY
July 15, 2015

(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.

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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.

TOP PICK
TOP PICK
July 14, 2015

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.

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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.

BUY
BUY
July 9, 2015

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.

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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.

BUY
BUY
July 2, 2015

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.

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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.

COMMENT
COMMENT
June 25, 2015

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.

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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.

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