Canadian Apartment Properties

CAR.UN-T

Analysis and Opinions about CAR.UN-T

Signal
Opinion
Expert
COMMENT
COMMENT
December 12, 2017

Doesn't follow this closely. It owns a lot of apartment buildings, particularly in areas like Metropolitan Toronto, where the housing market is relatively tight. Very steady cash flow streams. They get rate increases every year, so it's a relatively defensive type of investment. A good candidate if looking for yield and a defence of cash flow. Dividend yield of 3.5%.

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Doesn't follow this closely. It owns a lot of apartment buildings, particularly in areas like Metropolitan Toronto, where the housing market is relatively tight. Very steady cash flow streams. They get rate increases every year, so it's a relatively defensive type of investment. A good candidate if looking for yield and a defence of cash flow. Dividend yield of 3.5%.

HOLD
HOLD
November 29, 2017

He continues to like this. The demand/supply fundamentals are great. CHMC just released an apartment survey and their outlook for vacancies in major metropolitan city centres are absurdly low in Toronto, Montréal and Ottawa. This one tends to be focused in eastern Canada, and are definitely going to benefit from that low vacancy rate. Also, management spent a ton of money in the last 10 years reinvesting in their properties, allowing them to charge a little more for rent.

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He continues to like this. The demand/supply fundamentals are great. CHMC just released an apartment survey and their outlook for vacancies in major metropolitan city centres are absurdly low in Toronto, Montréal and Ottawa. This one tends to be focused in eastern Canada, and are definitely going to benefit from that low vacancy rate. Also, management spent a ton of money in the last 10 years reinvesting in their properties, allowing them to charge a little more for rent.

COMMENT
COMMENT
November 14, 2017

There is a huge shortage of rentable apartments, particularly in Toronto. Rents keep going up. With the extension of rent control to newly built buildings in Ontario, no one is going to build anymore apartments. That has been great for this company.

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There is a huge shortage of rentable apartments, particularly in Toronto. Rents keep going up. With the extension of rent control to newly built buildings in Ontario, no one is going to build anymore apartments. That has been great for this company.

COMMENT
COMMENT
October 19, 2017

Owns apartments in Canada, with significant exposure to Eastern Canada and a modest exposure to continental Europe. He owns this and continues to like it. It is very well-capitalized and well-run. Spent over $1 billion in investing in their own properties, enabling them to affect above guideline increases in Ontario. They will be able to benefit from the Ontario changes in rent regulations. 3.7% dividend yield.

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Owns apartments in Canada, with significant exposure to Eastern Canada and a modest exposure to continental Europe. He owns this and continues to like it. It is very well-capitalized and well-run. Spent over $1 billion in investing in their own properties, enabling them to affect above guideline increases in Ontario. They will be able to benefit from the Ontario changes in rent regulations. 3.7% dividend yield.

COMMENT
COMMENT
September 13, 2017

When talking apartments, where are they located? Most of these are located in Ontario. It has done incredibly well because the Ontario economy has done well. They don’t have much exposure in Alberta, but they do have some in the Netherlands. A good company. They are not over distributing their balance sheet, so he does like this. Rent controls are back on which is not a big thing for this company, but also not a great thing. Trading at about 16X Price to AFFO, on the high side historically.

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When talking apartments, where are they located? Most of these are located in Ontario. It has done incredibly well because the Ontario economy has done well. They don’t have much exposure in Alberta, but they do have some in the Netherlands. A good company. They are not over distributing their balance sheet, so he does like this. Rent controls are back on which is not a big thing for this company, but also not a great thing. Trading at about 16X Price to AFFO, on the high side historically.

WEAK BUY
WEAK BUY
August 17, 2017

Mr. Swartz passed away in the last couple of days after being ill. That is why you saw dislocation. Along with other REITs it took a hit from higher rates. It is okay to hold. He would not want to hold retail REITs.

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Mr. Swartz passed away in the last couple of days after being ill. That is why you saw dislocation. Along with other REITs it took a hit from higher rates. It is okay to hold. He would not want to hold retail REITs.

COMMENT
COMMENT
August 2, 2017

He likes this and the apartment sector in general. Apartments are more affordable housing, and tend to be countercyclical. When the economy goes down, you tend to have people move into more affordable housing. A lot of their Net Operating Income is concentrated in Ontario. Spent a lot of money in the last 5 years on improving their properties, which has resulted in significant increases in rents. If you hold this longer-term, you should be fine. Dividend yield of 3.9%.

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He likes this and the apartment sector in general. Apartments are more affordable housing, and tend to be countercyclical. When the economy goes down, you tend to have people move into more affordable housing. A lot of their Net Operating Income is concentrated in Ontario. Spent a lot of money in the last 5 years on improving their properties, which has resulted in significant increases in rents. If you hold this longer-term, you should be fine. Dividend yield of 3.9%.

COMMENT
COMMENT
June 21, 2017

Apartment REITs? Apartment REITs are very defensive. If the economy slows down, it actually increases the demand for low income housing, which is what these apartments are. If you see the Canadian economy decline or slip into a recession, you’ll probably see more people migrate into apartments that rent out for a lot less than what it would cost you for a house or a condo. This one has been very well-managed and have spent a lot of money reinvesting back into properties. That has allowed them to affect an increase in rents above the guideline increases that is allowed in Ontario.

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Apartment REITs? Apartment REITs are very defensive. If the economy slows down, it actually increases the demand for low income housing, which is what these apartments are. If you see the Canadian economy decline or slip into a recession, you’ll probably see more people migrate into apartments that rent out for a lot less than what it would cost you for a house or a condo. This one has been very well-managed and have spent a lot of money reinvesting back into properties. That has allowed them to affect an increase in rents above the guideline increases that is allowed in Ontario.

BUY
BUY
April 17, 2017

Wonderful management team that have sold out of their apartments in Ontario. They have the best apartments across Canada. They are looking to expand outside of Canada. It is inexpensive here. He likes apartments here.

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Wonderful management team that have sold out of their apartments in Ontario. They have the best apartments across Canada. They are looking to expand outside of Canada. It is inexpensive here. He likes apartments here.

BUY
BUY
March 28, 2017

They have some exposure to Alberta but most is Ontario, Quebec and BC. There is very little vacancy. They have executed incredibly well. He likes the company and its assets. This one is defensive in nature. Apartments do well in a real estate downturn.

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They have some exposure to Alberta but most is Ontario, Quebec and BC. There is very little vacancy. They have executed incredibly well. He likes the company and its assets. This one is defensive in nature. Apartments do well in a real estate downturn.

BUY
BUY
March 1, 2017

He is not a fan of REITs. They generally don’t increase the distributions. To grow they have to issue more capital. They’ve never been the best compounders of capital. However, this one is a wonderful company, and one that pretty much increases distribution every year. They own the best apartments in Canada, and are now looking for growth outside of Canada.

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He is not a fan of REITs. They generally don’t increase the distributions. To grow they have to issue more capital. They’ve never been the best compounders of capital. However, this one is a wonderful company, and one that pretty much increases distribution every year. They own the best apartments in Canada, and are now looking for growth outside of Canada.

TOP PICK
TOP PICK
February 16, 2017

Canada’s biggest land lord. They are opening up frontiers in Europe. It is a wonderfully run company. Very nice distribution. Very solid balance sheet. (Analysts target: $33.15).

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Canada’s biggest land lord. They are opening up frontiers in Europe. It is a wonderfully run company. Very nice distribution. Very solid balance sheet. (Analysts target: $33.15).

PAST TOP PICK
PAST TOP PICK
February 3, 2017

(A Top Pick Dec 18/15. Up 22.55%.) The minute you put in mortgage reforms and try to avoid people overextending themselves on a house, they are going to rent. He is a big fan of renting. It has a great role in society. This is the largest landlord in Ontario, and benefits from that.

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(A Top Pick Dec 18/15. Up 22.55%.) The minute you put in mortgage reforms and try to avoid people overextending themselves on a house, they are going to rent. He is a big fan of renting. It has a great role in society. This is the largest landlord in Ontario, and benefits from that.

COMMENT
COMMENT
December 20, 2016

H&R Reit (HR.UN-T) or Canadian Apartment Properties (CAR.UN-T)?On REITs, it is not the front-page story that kills you, but the story you don’t know that kills you. Everybody knows interest rates are probably going to go up, which may already be priced into some. A lot of them benefit from rising interest rates because it means the economy is improving. These are 2 of the best along with RioCan (REI.UN-T). These are great investments, but are not his best investment idea. If he had a list of 30 stocks, 29 and 30 would be a REIT. You don’t get a lot of dividend increases or capital appreciation. You own them for the income. A younger person’s portfolio should not have a REIT.

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H&R Reit (HR.UN-T) or Canadian Apartment Properties (CAR.UN-T)?On REITs, it is not the front-page story that kills you, but the story you don’t know that kills you. Everybody knows interest rates are probably going to go up, which may already be priced into some. A lot of them benefit from rising interest rates because it means the economy is improving. These are 2 of the best along with RioCan (REI.UN-T). These are great investments, but are not his best investment idea. If he had a list of 30 stocks, 29 and 30 would be a REIT. You don’t get a lot of dividend increases or capital appreciation. You own them for the income. A younger person’s portfolio should not have a REIT.

PAST TOP PICK
PAST TOP PICK
November 17, 2016

(A Top Pick Nov 12/15. Up 23.09%.) He is really concerned about Toronto prices. This move of mortgage rates going up is very dangerous for housing prices. They are also making it harder for new buyers, which means they have to rent longer, so you want to own the biggest apartment landlord in Ontario.

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(A Top Pick Nov 12/15. Up 23.09%.) He is really concerned about Toronto prices. This move of mortgage rates going up is very dangerous for housing prices. They are also making it harder for new buyers, which means they have to rent longer, so you want to own the biggest apartment landlord in Ontario.

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