Chartwell Seniors Housing

CSH.UN-T

TSE:CSH.UN

9.11
0.03 (0.33%)
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

Analysis and Opinions about CSH.UN-T

Signal
Opinion
Expert
WATCH
WATCH
April 18, 2016

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.

COMMENT
COMMENT
April 5, 2016

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.

COMMENT
COMMENT
April 4, 2016

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%.

HOLD
HOLD
March 30, 2016

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.

PAST TOP PICK
PAST TOP PICK
March 24, 2016

(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.

HOLD
HOLD
March 15, 2016

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.

PAST TOP PICK
PAST TOP PICK
March 10, 2016

(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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(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.

COMMENT
COMMENT
February 17, 2016

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.

BUY
BUY
January 27, 2016

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.

COMMENT
COMMENT
January 22, 2016

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.

COMMENT
COMMENT
January 22, 2016

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.

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.

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.

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.

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