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
TOP PICK
TOP PICK
November 16, 2011
Very hard to make money on seniors housing but this is a group that is finally putting it together. 25% of their holdings is in the US, which came out with much better numbers than expected. Selling off a lot of units in the US and concentrating in 4 states. High yield.
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Very hard to make money on seniors housing but this is a group that is finally putting it together. 25% of their holdings is in the US, which came out with much better numbers than expected. Selling off a lot of units in the US and concentrating in 4 states. High yield.
TOP PICK
TOP PICK
October 21, 2011
Doesn’t like seniors housing but this one is very cheap. Trading at around 14X free cash flow. Probably worth $8.50-$8.75.
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Doesn’t like seniors housing but this one is very cheap. Trading at around 14X free cash flow. Probably worth $8.50-$8.75.
BUY
BUY
October 18, 2011
Everyone thinks retirement/nursing homes are wonderful because of demographics but it is a hard business. Margins are tight. His guess is that with risk, (don’t put too much in) it should do well over time.
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Everyone thinks retirement/nursing homes are wonderful because of demographics but it is a hard business. Margins are tight. His guess is that with risk, (don’t put too much in) it should do well over time.
TOP PICK
TOP PICK
October 12, 2011
Operator of seniors housing – 25% in US, rest in Canada. 7.5% yield. People are aging. 5% of individuals in Canada live in seniors housing. Many seniors waited until after recession to sell house and move into senior’s residence so occupancy is increasing.
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Operator of seniors housing – 25% in US, rest in Canada. 7.5% yield. People are aging. 5% of individuals in Canada live in seniors housing. Many seniors waited until after recession to sell house and move into senior’s residence so occupancy is increasing.
COMMENT
COMMENT
September 26, 2011
Seniors housing space. Has been challenged in this space. Has some exposure in the US, which has been in minefield for seniors housing. Management is stabilized and solid. This is a sector you might be cautious of.
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Seniors housing space. Has been challenged in this space. Has some exposure in the US, which has been in minefield for seniors housing. Management is stabilized and solid. This is a sector you might be cautious of.
TOP PICK
TOP PICK
September 19, 2011
Retirement homes in Ontario. Have done a lot of work, which the market has not accepted. 25% of their businesses in the US where they have turned the management over to a high-quality service. Concentrating on 4 states and selling the rest. 7.5% yield.
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Retirement homes in Ontario. Have done a lot of work, which the market has not accepted. 25% of their businesses in the US where they have turned the management over to a high-quality service. Concentrating on 4 states and selling the rest. 7.5% yield.
BUY
BUY
September 14, 2011
US government reimbursement scare dropped the stock. Also got painted with Extendicare (EXE.UN-T) because about 25% of their suites are in the US, but these are private care, meaning the individuals pay not the government. Over 8% yield.
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US government reimbursement scare dropped the stock. Also got painted with Extendicare (EXE.UN-T) because about 25% of their suites are in the US, but these are private care, meaning the individuals pay not the government. Over 8% yield.
PAST TOP PICK
PAST TOP PICK
September 13, 2011
(Top Pick Sept. 28/10, Down 17.82) Thought that market was improving with capacity to fill up. In Q4 it turned out they weren’t filling up. They weren’t able to hit the numbers so he exited. Business fundamentals were deteriorating.
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(Top Pick Sept. 28/10, Down 17.82) Thought that market was improving with capacity to fill up. In Q4 it turned out they weren’t filling up. They weren’t able to hit the numbers so he exited. Business fundamentals were deteriorating.
WEAK BUY
WEAK BUY
August 24, 2011
Demand for seniors housing will do nothing but increase in our lifetime. He is concerned about government regulation and the impact on profitability. Governments are coming down from chronic care and continuing care down to the light care. Liberals especially would increase regulation of these kinds of housing. There is tremendous growth potential but he is worried about regulation. He likes H&R REIT, Cromby REIT, and Canadian Apartment REIT.
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Demand for seniors housing will do nothing but increase in our lifetime. He is concerned about government regulation and the impact on profitability. Governments are coming down from chronic care and continuing care down to the light care. Liberals especially would increase regulation of these kinds of housing. There is tremendous growth potential but he is worried about regulation. He likes H&R REIT, Cromby REIT, and Canadian Apartment REIT.
BUY
BUY
August 18, 2011
Likes this for the fundamentals and of the $.54 distribution, only $0.03 is taxable and the rest is return of capital.
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Likes this for the fundamentals and of the $.54 distribution, only $0.03 is taxable and the rest is return of capital.
WEAK BUY
WEAK BUY
August 12, 2011
Almost all in Canada. One of the problems they all have is they always have trouble making money. He has it just for yield. Retirement home business. Suspicion there will be a new big issue come in. He thinks it’s ok but don’t go in heavily.
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Almost all in Canada. One of the problems they all have is they always have trouble making money. He has it just for yield. Retirement home business. Suspicion there will be a new big issue come in. He thinks it’s ok but don’t go in heavily.
BUY
BUY
August 10, 2011
Operations have turned around nicely over the last couple of years. Cheap. He might look at this for himself in the next couple of months.
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Operations have turned around nicely over the last couple of years. Cheap. He might look at this for himself in the next couple of months.
TOP PICK
TOP PICK
August 4, 2011
Very cheap because it has been selling off in sympathy with Extendicare REIT (EXE.UN-T) but this one has no skilled nursing facilities in the US. Good opportunity. Expecting a 30% total return.
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Very cheap because it has been selling off in sympathy with Extendicare REIT (EXE.UN-T) but this one has no skilled nursing facilities in the US. Good opportunity. Expecting a 30% total return.
WEAK BUY
WEAK BUY
July 18, 2011
Seniors housing has been checkered with a series of disappointments. This is one of the ones that have survived but stock has still been very disappointing. Just came out with a secondary issue, which is probably the base for it. Not wild about it
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Seniors housing has been checkered with a series of disappointments. This is one of the ones that have survived but stock has still been very disappointing. Just came out with a secondary issue, which is probably the base for it. Not wild about it
SELL
SELL
June 21, 2011
Seniors housing space. Have had some challenges and some management changes. Currently faced with some challenges in the US. Demographic profile favours them. Wouldn't be his favourite. Would prefer Leisure World (LW-T).
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Seniors housing space. Have had some challenges and some management changes. Currently faced with some challenges in the US. Demographic profile favours them. Wouldn't be his favourite. Would prefer Leisure World (LW-T).
TOP PICK
TOP PICK
June 20, 2011
Seniors housing operator in Canada and the US with about 25% from the US. Seniors will become a larger proportion of the overall population. Occupancy has declined due to the recession but over time it will improve. I've made some management changes, which should be positive. Good yield at 6.7%.
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Seniors housing operator in Canada and the US with about 25% from the US. Seniors will become a larger proportion of the overall population. Occupancy has declined due to the recession but over time it will improve. I've made some management changes, which should be positive. Good yield at 6.7%.
BUY WEAKNESS
BUY WEAKNESS
May 26, 2011
At this price there isn’t a ton of upside left. (Worth about $9.25-$9.50). Offers a very compelling yield and is 100% return of capital, so you don’t pay taxes on proceeds. Try to get it at around $8.
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At this price there isn’t a ton of upside left. (Worth about $9.25-$9.50). Offers a very compelling yield and is 100% return of capital, so you don’t pay taxes on proceeds. Try to get it at around $8.
WATCH
WATCH
May 17, 2011
Chartwell Reit`s evaluation, execution and retirement utility generation of funds (RUG) has caused a drop. He likes Leisure World better but still feels Chartwell will recover and go up.
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Chartwell Reit`s evaluation, execution and retirement utility generation of funds (RUG) has caused a drop. He likes Leisure World better but still feels Chartwell will recover and go up.
TOP PICK
TOP PICK
March 30, 2011
75% of suites are in Canada, rest in US. Population is getting older. Typically seniors have to sell house to move, and with depressed housing market, stock was depressed because of vacancy rates. 6% yield is safe. Good capital upside.
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75% of suites are in Canada, rest in US. Population is getting older. Typically seniors have to sell house to move, and with depressed housing market, stock was depressed because of vacancy rates. 6% yield is safe. Good capital upside.
TOP PICK
TOP PICK
February 14, 2011
Senior housing. Likes the aging demographics. Population in Canada is expected to grow by 4 million in the next 10 years with over half from 65 and up. Good yield of 6.4%.
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Senior housing. Likes the aging demographics. Population in Canada is expected to grow by 4 million in the next 10 years with over half from 65 and up. Good yield of 6.4%.
PAST TOP PICK
PAST TOP PICK
January 7, 2011
(Top Pick Jan 19/10, Up 21.88%)
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(Top Pick Jan 19/10, Up 21.88%)
PAST TOP PICK
PAST TOP PICK
November 17, 2010
(Top Pick Jan 19/10, Up 23%) A cost of capital play- they secure CMHC financing. Disappointing quarter this quarter, but it is an operating business. He still has faith in the business. 6.5% yield.
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(Top Pick Jan 19/10, Up 23%) A cost of capital play- they secure CMHC financing. Disappointing quarter this quarter, but it is an operating business. He still has faith in the business. 6.5% yield.
TOP PICK
TOP PICK
September 28, 2010
Likes the REIT space. Have about 25,000 beds/suites in senior housing. Currently at about 90% capacity so there is upside as they fill that up.
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Likes the REIT space. Have about 25,000 beds/suites in senior housing. Currently at about 90% capacity so there is upside as they fill that up.
BUY WEAKNESS
BUY WEAKNESS
August 20, 2010
Historically has not like this name but they changed management, de-levered balance sheet and cut distributions twice. Assets are good, so stepped in after 2nd cut and has done very well. Try to get in the $7’s.
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Historically has not like this name but they changed management, de-levered balance sheet and cut distributions twice. Assets are good, so stepped in after 2nd cut and has done very well. Try to get in the $7’s.
BUY
BUY
July 15, 2010
Seniors housing. Attractively priced. 6.9% yield.
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Seniors housing. Attractively priced. 6.9% yield.
BUY WEAKNESS
BUY WEAKNESS
April 28, 2010
Own primarily independent living and assisted living residences. Really not geared for aging demographics. There is a huge spread between the cash flow and financing costs. Distributions have been cut to a level that are sustainable. Try to buy at around $7.
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Own primarily independent living and assisted living residences. Really not geared for aging demographics. There is a huge spread between the cash flow and financing costs. Distributions have been cut to a level that are sustainable. Try to buy at around $7.
HOLD
HOLD
March 19, 2010
Everyone says that nursing homes and retirement homes is a big growth market but it is a very hard market to make money at. Wouldn't buy if you are a conservative investor because there are risks to it.
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Everyone says that nursing homes and retirement homes is a big growth market but it is a very hard market to make money at. Wouldn't buy if you are a conservative investor because there are risks to it.
HOLD
HOLD
February 10, 2010
Has moved up nicely off the bottom from a year ago. Had a couple of distribution cuts so is now down around 7%. Getting to be fairly fully priced.
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Has moved up nicely off the bottom from a year ago. Had a couple of distribution cuts so is now down around 7%. Getting to be fairly fully priced.
TOP PICK
TOP PICK
January 19, 2010
This name had tones of turnover – asset sales, management, restructuring and 2 distribution cuts. Access to CMHC financing (4% or better). It’s a consolidation play. They did a good job of managing debt maturity profile. Trading below net asset value.
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This name had tones of turnover – asset sales, management, restructuring and 2 distribution cuts. Access to CMHC financing (4% or better). It’s a consolidation play. They did a good job of managing debt maturity profile. Trading below net asset value.
DON'T BUY
DON'T BUY
January 4, 2010
Seniors housing real estate trust. Hasn't performed well in the past few years. A tough industry to be in. Regulations can change quickly.
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Seniors housing real estate trust. Hasn't performed well in the past few years. A tough industry to be in. Regulations can change quickly.
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