Canadian Apartment Properties

CAR.UN-T

Analysis and Opinions about CAR.UN-T

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
March 18, 2019
They just had a good quarter. A solid 10% YOY growth. Occupancy at 99%. He sees 5% AFFO growth. A low 73% payout ratio, so the dividend is safe. Great balance sheet. It's amazing, apart from a very high valuation and pays only a small dividend. A fine name, but he wouldn't buy it now.
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They just had a good quarter. A solid 10% YOY growth. Occupancy at 99%. He sees 5% AFFO growth. A low 73% payout ratio, so the dividend is safe. Great balance sheet. It's amazing, apart from a very high valuation and pays only a small dividend. A fine name, but he wouldn't buy it now.
DON'T BUY
DON'T BUY
February 11, 2019
It is probably the best one in Canada in terms of residential REITs. You want to be cautious on REITs because they are expensive. This is not an ideal time to step into REITs.
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It is probably the best one in Canada in terms of residential REITs. You want to be cautious on REITs because they are expensive. This is not an ideal time to step into REITs.
TOP PICK
TOP PICK
February 7, 2019
Within the REIT sector, apartments are interesting because there is a real lack of rental space. Rental rates are really accelerating at just under 12%. They are growing cash to be distributed at about 8%. They have a 2.8% dividend that is growing faster than other apartment REITs. They have a strong balance sheet. They can get into more projects. They will add apartments in Toronto and Vancouver. It is one of his largest positions as a firm. (Analysts’ price target is $50.56)
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Within the REIT sector, apartments are interesting because there is a real lack of rental space. Rental rates are really accelerating at just under 12%. They are growing cash to be distributed at about 8%. They have a 2.8% dividend that is growing faster than other apartment REITs. They have a strong balance sheet. They can get into more projects. They will add apartments in Toronto and Vancouver. It is one of his largest positions as a firm. (Analysts’ price target is $50.56)
BUY
BUY
January 16, 2019
They just did a money raise, and he likes this stock--and rentals. Young people must rent, but there are limited units. This applies across Canada.
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They just did a money raise, and he likes this stock--and rentals. Young people must rent, but there are limited units. This applies across Canada.
BUY WEAKNESS
BUY WEAKNESS
December 5, 2018
A shortage of housing and a willingness to rent to added to their tailwinds. At these levels, he would wait for a better price.
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A shortage of housing and a willingness to rent to added to their tailwinds. At these levels, he would wait for a better price.
BUY
BUY
November 27, 2018
It's still a buy. Doug Ford took rent control off new Ontario apartments, which did this sector a favour. This will spur new building of units. A well-run company. The dividend is under 4%, which is slightly lower than other REITs, but boasts better growth potential.
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It's still a buy. Doug Ford took rent control off new Ontario apartments, which did this sector a favour. This will spur new building of units. A well-run company. The dividend is under 4%, which is slightly lower than other REITs, but boasts better growth potential.
BUY
BUY
August 29, 2018

Still likes the assets, management, and the huge shortage of high-quality apartments in markets like Toronto.
A great holding.

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Still likes the assets, management, and the huge shortage of high-quality apartments in markets like Toronto.
A great holding.

DON'T BUY
DON'T BUY
July 31, 2018

Has done fantastically, owning apartment buildings mainly in Ontario. Largest landlord in Toronto region, and benefiting from high rents. Biggest issue is that it’s very expensive, trading about 28x AFFO, compared to most REITs at 16-18x. Large cap spend on older units, but they’re developing so there’s growth. Question as to what new Ontario government will do with rent control.

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Has done fantastically, owning apartment buildings mainly in Ontario. Largest landlord in Toronto region, and benefiting from high rents. Biggest issue is that it’s very expensive, trading about 28x AFFO, compared to most REITs at 16-18x. Large cap spend on older units, but they’re developing so there’s growth. Question as to what new Ontario government will do with rent control.

HOLD
HOLD
June 22, 2018

They did very well in Q1. Funds from operations up 10% y-o-y. NOI up 7%. Good balance sheet. 72% payout ratio. 47% debt to fair value. Everything great except it is trading at 22.8 times 2019 earnings.

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They did very well in Q1. Funds from operations up 10% y-o-y. NOI up 7%. Good balance sheet. 72% payout ratio. 47% debt to fair value. Everything great except it is trading at 22.8 times 2019 earnings.

COMMENT
COMMENT
February 23, 2018

Income generator. A stable one. It is richly valued. They look for a combination if income and growth.

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Income generator. A stable one. It is richly valued. They look for a combination if income and growth.

SELL
SELL
February 15, 2018

Take the money and run. It is an all stock deal. He is not bullish on the sector. His issue with the sector is valuation. There is very little growth here except by acquisition.

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Take the money and run. It is an all stock deal. He is not bullish on the sector. His issue with the sector is valuation. There is very little growth here except by acquisition.

PAST TOP PICK
PAST TOP PICK
February 13, 2018

(A Top Pick Feb. 16/17, Up 16%) High-quality properties with low vacancies and benefits from a tight rental market. Well-run though they lost their chairman. Good yield play of 3.6% that will likely rise. Lower dividend than other REITs, but with higher-growth potential.

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(A Top Pick Feb. 16/17, Up 16%) High-quality properties with low vacancies and benefits from a tight rental market. Well-run though they lost their chairman. Good yield play of 3.6% that will likely rise. Lower dividend than other REITs, but with higher-growth potential.

DON'T BUY
DON'T BUY
February 9, 2018

Never a fun of REITs. He mistrusts them. He worries about the return of capital issue on REITs. He is not very keen on buying Toronto Real Estate now also. He rather had a covered call on banks for income.

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Never a fun of REITs. He mistrusts them. He worries about the return of capital issue on REITs. He is not very keen on buying Toronto Real Estate now also. He rather had a covered call on banks for income.

COMMENT
COMMENT
February 7, 2018

Brookfield (BPY.UN-T) vs Canadian Apartment (CAR.UN-T) He thinks Brookfield has good management and is well diversified buy has had liquidity issues. He expects Canadian Apartment to continue to outperform, because it is focused on the Greater Toronto Area where vacancy is tight and rents continue to go up. He regrets not getting into CAR.UN-T.

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Brookfield (BPY.UN-T) vs Canadian Apartment (CAR.UN-T) He thinks Brookfield has good management and is well diversified buy has had liquidity issues. He expects Canadian Apartment to continue to outperform, because it is focused on the Greater Toronto Area where vacancy is tight and rents continue to go up. He regrets not getting into CAR.UN-T.

BUY
BUY
January 4, 2018

He still likes it. They had a change of ownership. They seem to be steady. He has a lot of clients at 70 that want to sell their house and move into an apartment. But there are insufficient apartments.

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He still likes it. They had a change of ownership. They seem to be steady. He has a lot of clients at 70 that want to sell their house and move into an apartment. But there are insufficient apartments.

Showing 31 to 45 of 174 entries