Boardwalk REIT | StockChase
144
Boardwalk REIT (BEI.UN-T)

Last Price Recorded: $42.5600 on 2017-12-15

ON STOCKCHASE SINCE Aug 2004

property mngmnt/investment
144
Boardwalk REIT (BEI.UN-T)

Last Price Recorded: $42.5600 on 2017-12-15

ON STOCKCHASE SINCE Aug 2004

property mngmnt/investment

Boardwalk REIT


Signal Opinion Expert
PAST TOP PICK
Boardwalk REIT(BEI.UN-T) 

October 19, 2017

(A Top Pick Sept 20/16. Down 15%.) Continues to like this because it is a relatively defensive asset class, lower income Housing. Western Canada has been particularly challenged given the downturn in energy. The market has been a little overreacting to the downturn. The benefit is that it has a relatively short lease term. Trades at a significant discount to NAV. Continue to Hold if you own. Dividend yield of 5.6%.

property mngmnt/investment

(A Top Pick Sept 20/16. Down 15%.) Continues to like this because it is a relatively defensive asset class, lower income Housing. Western Canada has been particularly challenged given the downturn in energy. The market has been a little overreacting to the downturn. The benefit is that it has a relatively short lease term. Trades at a significant discount to NAV. Continue to Hold if you own. Dividend yield of 5.6%.

property mngmnt/investment
Andy Nasr

VP & Investment Strategist, Sentry Investments...

PricePrice
$40.150
Owned Owned
Yes

HOLD
Boardwalk REIT(BEI.UN-T) 

September 13, 2017

Missed very big last quarter. One problem is that most assets are in Calgary, Edmonton and Saskatchewan, and the rental market there has been incredibly weak. There are signs of stabilization. The trouble is they are competing with condos, and they have large buildings. Last quarter, they came out with a significant amount of capital expenditures they have to put into their buildings. The positive is that they have a balance sheet that allows them to do CapX spending. Fantastic management and they are the biggest shareholder. Getting closer to the bottom and there is some stabilization. If you own, stick with it, but don’t buy it. Distribution yield is 5.7%, which he thinks is pretty safe.

property mngmnt/investment

Missed very big last quarter. One problem is that most assets are in Calgary, Edmonton and Saskatchewan, and the rental market there has been incredibly weak. There are signs of stabilization. The trouble is they are competing with condos, and they have large buildings. Last quarter, they came out with a significant amount of capital expenditures they have to put into their buildings. The positive is that they have a balance sheet that allows them to do CapX spending. Fantastic management and they are the biggest shareholder. Getting closer to the bottom and there is some stabilization. If you own, stick with it, but don’t buy it. Distribution yield is 5.7%, which he thinks is pretty safe.

property mngmnt/investment
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$39.030
Owned Owned
No

DON'T BUY
Boardwalk REIT(BEI.UN-T) 

August 24, 2017

He does not own any of the REITs.  He backed away because of rising interest rates.  He worries about commercial REITs in light of what AMZN-Q is doing.  BEI.UN-T is in Calgary and he thinks that area will lift again.

property mngmnt/investment

He does not own any of the REITs.  He backed away because of rising interest rates.  He worries about commercial REITs in light of what AMZN-Q is doing.  BEI.UN-T is in Calgary and he thinks that area will lift again.

property mngmnt/investment
Rick Stuchberry

Portfolio Manager, Richardson GMP...

PricePrice
$40.400
Owned Owned
No

TOP PICK
Boardwalk REIT(BEI.UN-T) 

January 23, 2017

A controversial call, because somebody downgraded it recently, which took the stock down a little. The yield is good and he likes management. A pristine balance sheet. Real estate is a laggard area, and he expects that part of the market to improve. Next 2 quarters are probably not going to be great and he is expecting a trough in Q2, which is when you really want to be in this, but you have to be 6 months ahead of that because the market is already looking for this. There is a 20% Short interest on this out of the US. Dividend yield of 4.70%. (Analysts’ price target is $46.68.)

property mngmnt/investment

A controversial call, because somebody downgraded it recently, which took the stock down a little. The yield is good and he likes management. A pristine balance sheet. Real estate is a laggard area, and he expects that part of the market to improve. Next 2 quarters are probably not going to be great and he is expecting a trough in Q2, which is when you really want to be in this, but you have to be 6 months ahead of that because the market is already looking for this. There is a 20% Short interest on this out of the US. Dividend yield of 4.70%. (Analysts’ price target is $46.68.)

property mngmnt/investment
Steve DiGregorio

Portfolio Manager, Canoe Financial...

PricePrice
$47.030
Owned Owned
Yes

DON'T BUY
Boardwalk REIT(BEI.UN-T) 

November 17, 2016

This is entirely about the Alberta economy and oil exposure. There are no other problems in this REIT. There was so much overheating in the oil economy in Alberta and Regina, and it weighed on this REIT. It is going to continue to disappoint. He owns a very small piece.

property mngmnt/investment

This is entirely about the Alberta economy and oil exposure. There are no other problems in this REIT. There was so much overheating in the oil economy in Alberta and Regina, and it weighed on this REIT. It is going to continue to disappoint. He owns a very small piece.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment...

PricePrice
$43.380
Owned Owned
Yes

TOP PICK
Boardwalk REIT(BEI.UN-T) 

September 20, 2016

Trades at a huge discount to replacement value, which he pegs at around $65. Apartments are a defensive asset class and this is a good example. If you are worried about house prices declining in Western Canada, people are going to rent instead of buy. You should see occupancy go up in low income Housing, which is where this company really benefits. 80% of the Net Operating Income comes from Alberta and Saskatchewan, which is why it trades at a sizable discount. Exceptional management team which owns 25% of the company. Dividend yield of 4.5%.

property mngmnt/investment

Trades at a huge discount to replacement value, which he pegs at around $65. Apartments are a defensive asset class and this is a good example. If you are worried about house prices declining in Western Canada, people are going to rent instead of buy. You should see occupancy go up in low income Housing, which is where this company really benefits. 80% of the Net Operating Income comes from Alberta and Saskatchewan, which is why it trades at a sizable discount. Exceptional management team which owns 25% of the company. Dividend yield of 4.5%.

property mngmnt/investment
Andy Nasr

VP & Investment Strategist, Sentry Investments...

PricePrice
$49.950
Owned Owned
Yes

WAIT
Boardwalk REIT(BEI.UN-T) 

September 2, 2016

(Market Call Minute.) Calgary apartments. If you are a long term holder, maybe just wait. Stay on the sidelines for a little while. They may have a write-down in the future.

property mngmnt/investment

(Market Call Minute.) Calgary apartments. If you are a long term holder, maybe just wait. Stay on the sidelines for a little while. They may have a write-down in the future.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment...

PricePrice
$51.480
Owned Owned
Unknown

PAST TOP PICK
Boardwalk REIT(BEI.UN-T) 

August 18, 2016

(Top Pick Nov 26/15, Up 12.38%) Largest apartment REIT in Canada.  There have been some concerns about lowering rents and marginally decreasing occupancy.  There was noise from Fort McMurray.  Net asset value is $66.  They had a special dividend last year.  They have a big short position.  It is an extremely well run company and he is buying on weakness.

property mngmnt/investment

(Top Pick Nov 26/15, Up 12.38%) Largest apartment REIT in Canada.  There have been some concerns about lowering rents and marginally decreasing occupancy.  There was noise from Fort McMurray.  Net asset value is $66.  They had a special dividend last year.  They have a big short position.  It is an extremely well run company and he is buying on weakness.

property mngmnt/investment
Michael Simpson, CFA

Senior Vice-President, Sentry Investments...

PricePrice
$50.250
Owned Owned
Yes

BUY
Boardwalk REIT(BEI.UN-T) 

July 28, 2016

(Market Call Minute) There was an overreaction when oil got below $40.  It will be a challenge to figure out if they will stabilize occupancy by lowering rents.

property mngmnt/investment

(Market Call Minute) There was an overreaction when oil got below $40.  It will be a challenge to figure out if they will stabilize occupancy by lowering rents.

property mngmnt/investment
Andy Nasr

VP & Investment Strategist, Sentry Investments...

PricePrice
$55.390
Owned Owned
Yes

WAIT
Boardwalk REIT(BEI.UN-T) 

June 15, 2016

Apartments, a lot of them in Western Canada including Fort McMurray. Dipped, but has recovered with the whole group. He would wait a quarter to see if they’ve overcome Fort McMurray and the Alberta exposure.

property mngmnt/investment

Apartments, a lot of them in Western Canada including Fort McMurray. Dipped, but has recovered with the whole group. He would wait a quarter to see if they’ve overcome Fort McMurray and the Alberta exposure.

property mngmnt/investment
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$53.440
Owned Owned
Unknown

BUY
Boardwalk REIT(BEI.UN-T) 

June 13, 2016

(Market Call Minute.)

property mngmnt/investment

(Market Call Minute.)

property mngmnt/investment
John Stephenson

President & CEO, Stephenson & Company...

PricePrice
$53.330
Owned Owned
Unknown

COMMENT
Boardwalk REIT(BEI.UN-T) 

February 17, 2016

Sold his holdings as soon as he saw the 5% vacancy rate occurring in Calgary. These are great managers. They own 30% of the float, so if you want to be aligned with the owners, this is the REIT to own. If you don’t have exposure to Alberta, this would be a great company to own.

property mngmnt/investment

Sold his holdings as soon as he saw the 5% vacancy rate occurring in Calgary. These are great managers. They own 30% of the float, so if you want to be aligned with the owners, this is the REIT to own. If you don’t have exposure to Alberta, this would be a great company to own.

property mngmnt/investment
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$42.140
Owned Owned
No

COMMENT
Boardwalk REIT(BEI.UN-T) 

February 3, 2016

Has been very good traditionally at maintaining occupancy, and will do so at the expense of possibly losing some rents. When they release earnings, you want to be looking for 2 numbers. What is occupancy and what are their earnings doing? Expects there has to be a correction in Alberta Apartments. Stock has gone from $65 down to the low $40, which he thinks is overdone. Has been buying back into the stock below $43. Dividend yield of about 4.8%.

property mngmnt/investment

Has been very good traditionally at maintaining occupancy, and will do so at the expense of possibly losing some rents. When they release earnings, you want to be looking for 2 numbers. What is occupancy and what are their earnings doing? Expects there has to be a correction in Alberta Apartments. Stock has gone from $65 down to the low $40, which he thinks is overdone. Has been buying back into the stock below $43. Dividend yield of about 4.8%.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment...

PricePrice
$42.920
Owned Owned
Yes

PAST TOP PICK
Boardwalk REIT(BEI.UN-T) 

January 5, 2016

(Top Pick Jan 20/15, Down 20.27%) He sold out at $53.  Management is second to none.  It is a very difficult market.  The numbers were okay last quarter, but it will be very difficult for them.  They will be impacted by the spike in vacancy rates.

property mngmnt/investment

(Top Pick Jan 20/15, Down 20.27%) He sold out at $53.  Management is second to none.  It is a very difficult market.  The numbers were okay last quarter, but it will be very difficult for them.  They will be impacted by the spike in vacancy rates.

property mngmnt/investment
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$47.010
Owned Owned
No

COMMENT
Boardwalk REIT(BEI.UN-T) 

December 11, 2015

REITs is an area where he is staying on the sidelines because he thinks they will be interest sensitive. His company has this as a Sector Perform with a $59 target. When looking at REITs, look at the geographical concentration of their properties. In this case they are in Alberta. At some point you are going to get a good rebound out of Alberta, but he doesn’t know when that is going to come.

property mngmnt/investment

REITs is an area where he is staying on the sidelines because he thinks they will be interest sensitive. His company has this as a Sector Perform with a $59 target. When looking at REITs, look at the geographical concentration of their properties. In this case they are in Alberta. At some point you are going to get a good rebound out of Alberta, but he doesn’t know when that is going to come.

property mngmnt/investment
Jaime Carrasco

Director & Associate Portfolio Manager, Scotiabank, Global W...

PricePrice
$45.170
Owned Owned
No

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