Allied Properties REIT

AP.UN-T

Analysis and Opinions about AP.UN-T

Signal
Opinion
Expert
HOLD
HOLD
August 12, 2014

This has a great development pipeline. The acquisition they just announced is a good example of their ability to fund redevelopment and increase the NAV over and above what other office REITs can do, especially in the somewhat challenged office market where you are going to see a big increase in supply during the next few years. Relatively expensive. Trading at about a 15% premium to NAV, which makes it difficult to justify in the context of other office REITs, but pretty much in line amongst the highest quality office REITs globally.

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This has a great development pipeline. The acquisition they just announced is a good example of their ability to fund redevelopment and increase the NAV over and above what other office REITs can do, especially in the somewhat challenged office market where you are going to see a big increase in supply during the next few years. Relatively expensive. Trading at about a 15% premium to NAV, which makes it difficult to justify in the context of other office REITs, but pretty much in line amongst the highest quality office REITs globally.

BUY
BUY
July 15, 2014

You can’t do much better than owning this one. Often a Top Pick of his. It has pulled off a little if you want to add to your position. Doing amazing new developments in the Toronto area. A little income, tremendous income growth and guided by fantastic management.

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You can’t do much better than owning this one. Often a Top Pick of his. It has pulled off a little if you want to add to your position. Doing amazing new developments in the Toronto area. A little income, tremendous income growth and guided by fantastic management.

PAST TOP PICK
PAST TOP PICK
July 9, 2014

(Top Pick July 9/13, Up 12.65%) Has traded at a premium historically because of low leverage and payout ratio. This is a core holding in his portfolio.

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(Top Pick July 9/13, Up 12.65%) Has traded at a premium historically because of low leverage and payout ratio. This is a core holding in his portfolio.

PAST TOP PICK
PAST TOP PICK
June 13, 2014

(A Top Pick June 17/13. Up 12.92%.) Still a huge fan of this. Has tremendous growth opportunities sitting on its balance sheet. Class I Industrial Brick and Beam kind of office. Thinks it is still worth much more. Still a Buy.

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(A Top Pick June 17/13. Up 12.92%.) Still a huge fan of this. Has tremendous growth opportunities sitting on its balance sheet. Class I Industrial Brick and Beam kind of office. Thinks it is still worth much more. Still a Buy.

PAST TOP PICK
PAST TOP PICK
April 29, 2014

(Top Pick Jun 17/13, Up 10.90%) Tenanted by younger workers who want to live downtown. Fantastic neighbourhoods. 30% Toronto.

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(Top Pick Jun 17/13, Up 10.90%) Tenanted by younger workers who want to live downtown. Fantastic neighbourhoods. 30% Toronto.

BUY
BUY
April 7, 2014

There is no craze that the real estate market will fall apart.

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There is no craze that the real estate market will fall apart.

PAST TOP PICK
PAST TOP PICK
March 27, 2014

(Top Pick May 13’13, up 2.54%) Relatively expensive but held up rather well. High quality portfolio. Thinks there is $4-5 per share of development potential to be unlocked over next few years.

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(Top Pick May 13’13, up 2.54%) Relatively expensive but held up rather well. High quality portfolio. Thinks there is $4-5 per share of development potential to be unlocked over next few years.

TOP PICK
TOP PICK
March 17, 2014

Has gone nowhere over the last year because of the rise in interest rates. A specialty brick and beam, former warehouses on the fringes of Montréal and Toronto. One of the biggest Internet hotels in North America with the CBC. Also moving into Calgary, Kitchener and Waterloo. About 90% occupancy so they are well covered. 4.2% yield. A nice play on lower-cost office space, geographical expansion.

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Has gone nowhere over the last year because of the rise in interest rates. A specialty brick and beam, former warehouses on the fringes of Montréal and Toronto. One of the biggest Internet hotels in North America with the CBC. Also moving into Calgary, Kitchener and Waterloo. About 90% occupancy so they are well covered. 4.2% yield. A nice play on lower-cost office space, geographical expansion.

HOLD
HOLD
March 12, 2014

A little bit more growth than some of the others. Have done some joint ventures with Riocan (REI.UN-T) where they are redeveloping pieces of property.

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A little bit more growth than some of the others. Have done some joint ventures with Riocan (REI.UN-T) where they are redeveloping pieces of property.

TOP PICK
TOP PICK
February 28, 2014

Began several years ago as a brick and beam REIT and now they are a turnaround story. They buy rundown buildings and make them more competitive and get significantly greater rents.

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Began several years ago as a brick and beam REIT and now they are a turnaround story. They buy rundown buildings and make them more competitive and get significantly greater rents.

DON'T BUY
DON'T BUY
February 28, 2014

REITs should not be overweight. It is mostly in the East of Ontario so he prefers AX.UN-T. It needs to be more diversified so you could consider ETFs.

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REITs should not be overweight. It is mostly in the East of Ontario so he prefers AX.UN-T. It needs to be more diversified so you could consider ETFs.

PAST TOP PICK
PAST TOP PICK
February 26, 2014

(Top Pick Jun 17/13, Up 5.09%) One of Canada`s greatest stories. Well managed with expansion opportunities. Have above average rent growth.

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(Top Pick Jun 17/13, Up 5.09%) One of Canada`s greatest stories. Well managed with expansion opportunities. Have above average rent growth.

PAST TOP PICK
PAST TOP PICK
January 17, 2014

(A Top Pick June 17/13. Up 3.15%.) Brick and beam buildings. Excellent management. A lot of growth in this area. This is a stock that everyone should own.

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(A Top Pick June 17/13. Up 3.15%.) Brick and beam buildings. Excellent management. A lot of growth in this area. This is a stock that everyone should own.

BUY
BUY
December 20, 2013

Is this a good time to get into REITs such as Allied Properties (AP.UN-T) and RioCan (REI.UN-T)? This is a very good and timely question. He had dramatically reduced his weight in REITs when interest rates started to move, because there is a wrong tendency to think that all REITs are like long-term bonds. These 2 are both good ways to be in a REIT sector. Don’t go into REITs in a big way, have small weighting.

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Is this a good time to get into REITs such as Allied Properties (AP.UN-T) and RioCan (REI.UN-T)? This is a very good and timely question. He had dramatically reduced his weight in REITs when interest rates started to move, because there is a wrong tendency to think that all REITs are like long-term bonds. These 2 are both good ways to be in a REIT sector. Don’t go into REITs in a big way, have small weighting.

TOP PICK
TOP PICK
December 17, 2013

Very high quality organization. Development potential. Income. Growth, And stock has come off recently. An opportunity to pick it up at a very good price. Growth will be through internal development. Turning factories into restaurants.

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Very high quality organization. Development potential. Income. Growth, And stock has come off recently. An opportunity to pick it up at a very good price. Growth will be through internal development. Turning factories into restaurants.

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