TSE:AP.UN
54.24
0.61
(1.14%)
Analysis and Opinions about AP.UN-T
Signal
Opinion
Expert
BUY WEAKNESS
BUY WEAKNESS
November 27, 2019
It is well positioned in Toronto office space that is in niche places. It trades at a fair price, it is not cheap. If you own it, continue to hold it. Toronto has some of the lowest office vacancy rates in North America. He is waiting to buy it at a discount to NAV.
Show full opinionHide full opinion
It is well positioned in Toronto office space that is in niche places. It trades at a fair price, it is not cheap. If you own it, continue to hold it. Toronto has some of the lowest office vacancy rates in North America. He is waiting to buy it at a discount to NAV.
PAST TOP PICK
PAST TOP PICK
October 7, 2019
(A Top Pick Jul 16/19, Up 14%) The REITs and consumer staples have done well since the summer. He may shave his REIT holdings though. AP.U has had a sharp move upwards in recent months so he may take some profits.
Show full opinionHide full opinion(A Top Pick Jul 16/19, Up 14%) The REITs and consumer staples have done well since the summer. He may shave his REIT holdings though. AP.U has had a sharp move upwards in recent months so he may take some profits.
BUY
BUY
September 6, 2019
Fundamentally, maybe it is too expensive. But technically, it is looking very well. Would be a buyer or holder, since it is going higher and higher slowly. They own office properties especially around the Toronto area
Show full opinionHide full opinionFundamentally, maybe it is too expensive. But technically, it is looking very well. Would be a buyer or holder, since it is going higher and higher slowly. They own office properties especially around the Toronto area
COMMENT
COMMENT
September 5, 2019
If Toronto's going to become like Manhatten, we have to build up. Companies like this own the best real estate. Toronto is exploding, and it won't stop. Tremendous operators. Moved into data connecting. Valuation has run up, and this gives him pause.
Show full opinionHide full opinionIf Toronto's going to become like Manhatten, we have to build up. Companies like this own the best real estate. Toronto is exploding, and it won't stop. Tremendous operators. Moved into data connecting. Valuation has run up, and this gives him pause.
BUY WEAKNESS
BUY WEAKNESS
August 22, 2019
In a TFSA or cash account? Can't advise on which account. Allied is a great play if you want to play the strong Toronto office market. They're attracting tech tenants in the hip office areas. A great management team and a sharp balance sheet. But the share price is topping out. Own this and sleep well at night.
Show full opinionHide full opinionIn a TFSA or cash account? Can't advise on which account. Allied is a great play if you want to play the strong Toronto office market. They're attracting tech tenants in the hip office areas. A great management team and a sharp balance sheet. But the share price is topping out. Own this and sleep well at night.
HOLD
HOLD
July 31, 2019
A pure play office REIT in Toronto, where supply and demand is favorable. A good hold. Yield 3.3%
Show full opinionHide full opinionA pure play office REIT in Toronto, where supply and demand is favorable. A good hold. Yield 3.3%
TOP PICK
TOP PICK
July 16, 2019
They will be rangbound and are defensive. A good summertime play. Have REITs in your portfolio for the dividend and defensiveness. He aims to make 5% over the next few months.
Show full opinionHide full opinionThey will be rangbound and are defensive. A good summertime play. Have REITs in your portfolio for the dividend and defensiveness. He aims to make 5% over the next few months.
TOP PICK
TOP PICK
July 9, 2019
They repurpose real estate in high return markets. They have done this will deleveraging their balance sheet. One of the few international REITs in Canada. A pullback in stock price makes this a good time to enter. Yield 3.3% (Analysts’ price target is $51.58)
Show full opinionHide full opinionThey repurpose real estate in high return markets. They have done this will deleveraging their balance sheet. One of the few international REITs in Canada. A pullback in stock price makes this a good time to enter. Yield 3.3% (Analysts’ price target is $51.58)
DON'T BUY
DON'T BUY
May 29, 2018
Always liked it. It's the best in class, dealing in the industrial space in Canadian cities. They have executed very well. They beat their last quarter and outperform the market. But it trades at a pricey 26x AFFO which gives him pause. It rents small office space that's attracting tech companies. This is in the sweet spot, but this REIT is hard to own when it's this expensive.
Always liked it. It's the best in class, dealing in the industrial space in Canadian cities. They have executed very well. They beat their last quarter and outperform the market. But it trades at a pricey 26x AFFO which gives him pause. It rents small office space that's attracting tech companies. This is in the sweet spot, but this REIT is hard to own when it's this expensive.
PAST TOP PICK
PAST TOP PICK
December 5, 2017
(A Top Pick Nov 8/16. Up 26%.) One of the highest quality Canadian REITs available. Focused on the major urban centres. The only negative is that it’s trading at a bit of a premium to most analysts’ estimates NAV, so he would be a little cautious. The argument would be that in the next 12 months it will grow into that premium. Dividend yield of 3.7%.
(A Top Pick Nov 8/16. Up 26%.) One of the highest quality Canadian REITs available. Focused on the major urban centres. The only negative is that it’s trading at a bit of a premium to most analysts’ estimates NAV, so he would be a little cautious. The argument would be that in the next 12 months it will grow into that premium. Dividend yield of 3.7%.
DON'T BUY
DON'T BUY
September 7, 2017
Industrial, office and retail. They expanded into the US. There was a little selloff with the raise in rates. The rest of the rate increases are baked into the stock price.
Industrial, office and retail. They expanded into the US. There was a little selloff with the raise in rates. The rest of the rate increases are baked into the stock price.
TOP PICK
TOP PICK
January 31, 2017
An office REIT, not necessarily a cheap one, but does have a lot of development potential. They own Class I brick and beam office buildings, which tend to be older office buildings where you see a lot of advertising and technology companies in. There is scarcity value. They have dominant market share in Canada. The nicest thing is the development intensification potential, because in some cases they are taking these buildings, expanding them, building them up, and will be able to get much better yields when they do that. Dividend yield of 4.51%. (Analysts’ price target is $38.53.)
An office REIT, not necessarily a cheap one, but does have a lot of development potential. They own Class I brick and beam office buildings, which tend to be older office buildings where you see a lot of advertising and technology companies in. There is scarcity value. They have dominant market share in Canada. The nicest thing is the development intensification potential, because in some cases they are taking these buildings, expanding them, building them up, and will be able to get much better yields when they do that. Dividend yield of 4.51%. (Analysts’ price target is $38.53.)
COMMENT
COMMENT
December 9, 2016
Missed on Q3, so he reduced his guidance. Poorer lease-ups in Montréal and temporary vacancies in Vancouver and Edmonton. 2016 was definitely a step-back year. There has been a big pull-back in REITs, but this is still trading towards its five-year average, so it is not cheap. However, he sees a big return of growth next year which would give about 12% adjusted funds from operations growth smoothed out from 2016 to 2018. One of the best balance sheets out there, and a lower payout ratio. The kind of REIT that should hold up in a rising bond yield environment. He would Sell a Call on this, wait for it to come off a couple of bucks, and then Write a Put on it. Dividend yield of 4.3%.
Missed on Q3, so he reduced his guidance. Poorer lease-ups in Montréal and temporary vacancies in Vancouver and Edmonton. 2016 was definitely a step-back year. There has been a big pull-back in REITs, but this is still trading towards its five-year average, so it is not cheap. However, he sees a big return of growth next year which would give about 12% adjusted funds from operations growth smoothed out from 2016 to 2018. One of the best balance sheets out there, and a lower payout ratio. The kind of REIT that should hold up in a rising bond yield environment. He would Sell a Call on this, wait for it to come off a couple of bucks, and then Write a Put on it. Dividend yield of 4.3%.
COMMENT
COMMENT
November 30, 2016
Its assets are wonderful old buildings all across Canada. A very unique asset class. These are hot and where you want to be if you are a hip kind of company. It has been really well run with a strong kind of discipline. It can be volatile, and most recently because of interest rate increases and the decline in REITs in general. This is one of the favourite REITs, and has suffered alongside most REITs. Dividend yield of 4.5%.
Its assets are wonderful old buildings all across Canada. A very unique asset class. These are hot and where you want to be if you are a hip kind of company. It has been really well run with a strong kind of discipline. It can be volatile, and most recently because of interest rate increases and the decline in REITs in general. This is one of the favourite REITs, and has suffered alongside most REITs. Dividend yield of 4.5%.
PAST TOP PICK
PAST TOP PICK
November 17, 2016
(A Top Pick Nov 12/15. Up 5.27%.) Really unique properties, probably the best landholdings of any of the REITs. As the economy moves, the growth we have seen in the past just won’t be there in the future. It will probably take 3 or 4 quarters before the growth stabilizes.
(A Top Pick Nov 12/15. Up 5.27%.) Really unique properties, probably the best landholdings of any of the REITs. As the economy moves, the growth we have seen in the past just won’t be there in the future. It will probably take 3 or 4 quarters before the growth stabilizes.
