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80% of asset value is in Toronto and Montreal. Good operators in a difficult market. Discount to NAV. Committed to distribution of 10%, sustainable if they can continue executing into 2024. Sold data centres, giving breathing room.

investment companies / funds
Risk of bankruptcy?

Bankruptcy is extreme. And he bought it just a week ago. He's not bullish on office or retail, but it gets to the point where it's been hit so hard, you have to put in 1 of 3 real estate chips on a name like this. Premier asset, trading at a 30% discount. There will be a recovery, but it will take a while. Its smaller floor plans are appealing. 

Yields almost 11%, but he thinks it's sustainable. Sold data centres earlier this year, so that helped their leverage.

investment companies / funds
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

AP.UN reported EPS of ($0.1842) and revenues of $138.455M, slightly beating estimates of $138.4M. FFO per unit was $0.598, a slight increase from its prior quarter, and AFFO per unit increased to $0.545. Management noted high demand for workspace in urban areas of major cities. Its dividend has risen to 11% and the stock remains cheap. Sales of its UDC portfolio have helped bolster its balance sheet and liquidity. We think a drop in rates can help this name, but we would like to see more catalysts here to get more interested in the name. For now, its small size and office exposure is not overly compelling, and we feel these are getting reflected in the company's valuation.
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investment companies / funds

80% of portfolio in Toronto and Montreal. Availability rates are over 16%, yet new builds continue. Sold data centres. Good position on cashflow. Valuation now more compelling. Enticing 9% yield if you're willing to take the risk. Difficult asset class going forward, perhaps better value elsewhere. Many of these stocks look oversold, though he's not willing to place bets today.

investment companies / funds

Thinks office use will continue despite remote work.
Interest rates tough on business (debt levels & alternative bond yields).
Well run business with solid management team.
Pressure on stock lately - unsure on future of the business.
Difficult to ascertain future of office REIT sector. 

investment companies / funds

Interest rates not only factor negatively impacting company.
Work from home, and overall economy also impacting share price.
Looking into company - has met with management. 
Good long term assets - waiting to see how economy performs in the fall.
Major change in how people work balanced with low share price buying opportunity.

investment companies / funds

High book value REIT. 
Trending in the wrong direction.
High interest rates tough on business.
Wait to buy when downward trend reverses. 
Next 10-12 months will present a buying opportunity. 

investment companies / funds

Focus on office properties has put pressure on. We won't be working from home forever, but looks that way in the short term. Asset sales should help. Interest rates going up makes borrowing more expensive. Be cautious. Residentials and industrials offer more positive news in the short term.

investment companies / funds
What's a tenable payout ratio?

Careful. Some companies base the ratio on earnings, others on free cash flow because their earnings are depleted by non-cash expenses for tax purposes. AP.UN is down by two-thirds and he's watching it carefully. Their downtown core assets are depleted, because office and commercial RE are radioactive, but this is the time to start looking at this. Has been best in class historically. Is watching this very carefully.

investment companies / funds

Way off from highs. Covid has changed how and where we work. What is your conviction level that office occupancy will revert to the pre-Covid mean? What's the timeline for that? He doesn't have the answers. It's in the "too hard" pile. If looking for a similar yield, try BCE.

investment companies / funds

It has great assets in Toronto and its stores are boutique style so demand will decline between 10 to 15% in a recession. It wants to raise capital by putting the data centre portfolio on the market. Will go to future development and reduce debt. It is in a bit of a difficult spot so wait and see.

investment companies / funds
Pays an attractive yield over 6%. They primarily hold office RE, which is slowly improving. They target 90% occupancy by end-2022. She's watching this, because it has fallen a lot, but the overhang is how much workers return to the office or stay at home. Is watching this as rates rise, which is a headwind. She herself is back at her office (and is appearing on the show in studio for the first time in years).w
investment companies / funds
Pays over a 6% dividend which offers defence in this quarter.
investment companies / funds
Focused on office space in Canada. Challenging sector with Covid-19 and shift in work preferences. Trading at wide discount to net asset value. Steering clear of office space (not sure on future of demand). Stuck at 45% utilization rate in office space. Company does have good buildings (if alternative uses are found).
investment companies / funds
Discount to NAV, rare. Whole sector is on sale. Beautiful properties, great managers. Still dealing with hybrid work model. Won't be a lot of office space expansion. Favours apartments and industrial.
investment companies / funds
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Allied Properties REIT(AP.UN-T) Rating

Ranking : 4 out of 5

Bullish - Buy Signals / Votes : 5

Neutral - Hold Signals / Votes : 1

Bearish - Sell Signals / Votes : 3

Total Signals / Votes : 9

Stockchase rating for Allied Properties REIT is calculated according to the stock experts' signals. A high score means experts mostly recommend to buy the stock while a low score means experts mostly recommend to sell the stock.

Allied Properties REIT(AP.UN-T) Frequently Asked Questions

What is Allied Properties REIT stock symbol?

Allied Properties REIT is a Canadian stock, trading under the symbol AP.UN-T on the Toronto Stock Exchange (AP.UN-CT). It is usually referred to as TSX:AP.UN or AP.UN-T

Is Allied Properties REIT a buy or a sell?

In the last year, 9 stock analysts published opinions about AP.UN-T. 5 analysts recommended to BUY the stock. 3 analysts recommended to SELL the stock. The latest stock analyst recommendation is . Read the latest stock experts' ratings for Allied Properties REIT.

Is Allied Properties REIT a good investment or a top pick?

Allied Properties REIT was recommended as a Top Pick by on . Read the latest stock experts ratings for Allied Properties REIT.

Why is Allied Properties REIT stock dropping?

Earnings reports or recent company news can cause the stock price to drop. Read stock experts’ recommendations for help on deciding if you should buy, sell or hold the stock.

Is Allied Properties REIT worth watching?

9 stock analysts on Stockchase covered Allied Properties REIT In the last year. It is a trending stock that is worth watching.

What is Allied Properties REIT stock price?

On 2023-12-08, Allied Properties REIT (AP.UN-T) stock closed at a price of $18.95.