Crombie Real Estate Investment Trust | StockChase
112
Crombie Real Estate Investment Trust (CRR.UN-T)

Last Price Recorded: $13.8000 on 2017-12-12

ON STOCKCHASE SINCE Apr 2006

property mngmnt/investment
112
Crombie Real Estate Investment Trust (CRR.UN-T)

Last Price Recorded: $13.8000 on 2017-12-12

ON STOCKCHASE SINCE Apr 2006

property mngmnt/investment

Crombie Real Estate Investment Trust


Signal Opinion Expert
COMMENT

This is the real estate arm of Empire, and the major tenant is Sobey’s, which is struggling. About 30% of their rental is from Sobey’s. A strong, defensive style REIT, because it is generally anchored by non-cyclical retail outlets. You are going to clip your 6.5%, but doesn’t think you’re going to make anything more than that. This is not a growth story. He owns their debt.

property mngmnt/investment

This is the real estate arm of Empire, and the major tenant is Sobey’s, which is struggling. About 30% of their rental is from Sobey’s. A strong, defensive style REIT, because it is generally anchored by non-cyclical retail outlets. You are going to clip your 6.5%, but doesn’t think you’re going to make anything more than that. This is not a growth story. He owns their debt.

property mngmnt/investment
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$13.760
Owned Owned
Yes

HOLD

It did not get caught up in the troubles at Sobeys.  They bought some real estate from Safeway after accusation by EMP-T.  He was nervous about being Amazoned (AMZN-Q).  REITs historically have difficulty in rising interest rate environments.  He sold although there is nothing wrong with it.

property mngmnt/investment

It did not get caught up in the troubles at Sobeys.  They bought some real estate from Safeway after accusation by EMP-T.  He was nervous about being Amazoned (AMZN-Q).  REITs historically have difficulty in rising interest rate environments.  He sold although there is nothing wrong with it.

property mngmnt/investment
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$13.460
Owned Owned
No

COMMENT

Chart shows a bit of a base followed by a bit of a break out. What can happen after you get a break out is that you get a bit of a test down to the old break out. If it does bounce off that and moves up, it could be a very good stock.

property mngmnt/investment

Chart shows a bit of a base followed by a bit of a break out. What can happen after you get a break out is that you get a bit of a test down to the old break out. If it does bounce off that and moves up, it could be a very good stock.

property mngmnt/investment
Keith Richards

Portfolio Manager, ValueTrend Wealth Ma...

PricePrice
$14.320
Owned Owned
Unknown

COMMENT

Because Sobey’s is the main tenant, there is a lot of looking at the Empire stock right now. That has put pressure on the real estate. The concern is that the Empire Group, in order to raise money to fix their grocery business, will sell the rest of their real estate down into Crombie, which would mean a very large equity issue. Because of that, he is not there right now. He is waiting to see what happens.

property mngmnt/investment

Because Sobey’s is the main tenant, there is a lot of looking at the Empire stock right now. That has put pressure on the real estate. The concern is that the Empire Group, in order to raise money to fix their grocery business, will sell the rest of their real estate down into Crombie, which would mean a very large equity issue. Because of that, he is not there right now. He is waiting to see what happens.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment...

PricePrice
$13.500
Owned Owned
No

HOLD

The volatility is a reflection of the broader real estate sector.  It has to do with the threat of rising interest rates.  They can benefit from underlying growth in Sobeys.  This REIT is not very affected by EMP-T’s difficulties in integrating Safeway.

property mngmnt/investment

The volatility is a reflection of the broader real estate sector.  It has to do with the threat of rising interest rates.  They can benefit from underlying growth in Sobeys.  This REIT is not very affected by EMP-T’s difficulties in integrating Safeway.

property mngmnt/investment
Andy Nasr

VP & Investment Strategist, Sentry Investments...

PricePrice
$13.360
Owned Owned
Unknown

HOLD

A relatively stable name. Sold off a lot, primarily related to interest rate concerns as well as some of the grocery store challenges. Thinks it offers pretty good returns here. 6.6% yield.

property mngmnt/investment

A relatively stable name. Sold off a lot, primarily related to interest rate concerns as well as some of the grocery store challenges. Thinks it offers pretty good returns here. 6.6% yield.

property mngmnt/investment
Andy Nasr

VP & Investment Strategist, Sentry Investments...

PricePrice
$13.560
Owned Owned
Unknown

BUY

He likes that their portfolio has a lot of development potential, especially in the Safeway portfolio that they purchased. The market however has been very harsh on this because of their relation with the Empire group and the grocery debacle. He doesn’t think the grocery is going to fail. This means you are buying a company with great real estate solid locations with development opportunities. The rest of the legacy portfolio is solid cash producing assets, often the only grocery store in town. You are getting this at a very steep discount.

property mngmnt/investment

He likes that their portfolio has a lot of development potential, especially in the Safeway portfolio that they purchased. The market however has been very harsh on this because of their relation with the Empire group and the grocery debacle. He doesn’t think the grocery is going to fail. This means you are buying a company with great real estate solid locations with development opportunities. The rest of the legacy portfolio is solid cash producing assets, often the only grocery store in town. You are getting this at a very steep discount.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment...

PricePrice
$13.350
Owned Owned
Yes

COMMENT

OK in a TFSA? Yes, that is fine. He really likes this one. The biggest risk is the Sobeys family, which has been an underperforming grocer. That doesn’t affect this REIT unless something major goes wrong. The discount it has been trading at, relevant to its peers is too wide, and there is still a chance for a re-rating of the stock. However, he thinks that will have to wait until there is a little bit of stability in Sobeys.

property mngmnt/investment

OK in a TFSA? Yes, that is fine. He really likes this one. The biggest risk is the Sobeys family, which has been an underperforming grocer. That doesn’t affect this REIT unless something major goes wrong. The discount it has been trading at, relevant to its peers is too wide, and there is still a chance for a re-rating of the stock. However, he thinks that will have to wait until there is a little bit of stability in Sobeys.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment...

PricePrice
$15.180
Owned Owned
Unknown

DON'T BUY

(Market Call Minute) Decent for Canadian investors.  It had a good run.  He prefers some Western Canadian REITs that represent deeper value.

property mngmnt/investment

(Market Call Minute) Decent for Canadian investors.  It had a good run.  He prefers some Western Canadian REITs that represent deeper value.

property mngmnt/investment
Andy Nasr

VP & Investment Strategist, Sentry Investments...

PricePrice
$15.530
Owned Owned
Unknown

TOP PICK

Empire, a tenant of this company, is having trouble with Sobey’s with disappointing results this week and a management shakeup. He likes opportunities like this. Already trading at a discount to other retail REITs, 15X versus 20X for others. Their problems do not change the location of the buildings, and a well located property that provides grocery stores, will always have strong value. If this negative news puts pressure on this company, it is one that should be bought, because it has good management which will be able to manage through it. Dividend yield of 5.74%.

property mngmnt/investment

Empire, a tenant of this company, is having trouble with Sobey’s with disappointing results this week and a management shakeup. He likes opportunities like this. Already trading at a discount to other retail REITs, 15X versus 20X for others. Their problems do not change the location of the buildings, and a well located property that provides grocery stores, will always have strong value. If this negative news puts pressure on this company, it is one that should be bought, because it has good management which will be able to manage through it. Dividend yield of 5.74%.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment...

PricePrice
$15.530
Owned Owned
Yes

COMMENT

This has been a really solid performer. He is more focused on the apartment sector, a little bit more into office space, and away from retail. The chart emphasizes the stability which is the one aspect of this company that is quite attractive. 6% dividend yield. If you own this, you should do fine through the end of the year.

property mngmnt/investment

This has been a really solid performer. He is more focused on the apartment sector, a little bit more into office space, and away from retail. The chart emphasizes the stability which is the one aspect of this company that is quite attractive. 6% dividend yield. If you own this, you should do fine through the end of the year.

property mngmnt/investment
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$15.330
Owned Owned
No

BUY

(Market Call Minute) Management has done a good job.  It ranks well.

property mngmnt/investment

(Market Call Minute) Management has done a good job.  It ranks well.

property mngmnt/investment
Bruce Campbell (2)

President & Portfolio Manager, Stone Castle Investm...

PricePrice
$15.350
Owned Owned
Yes

COMMENT

Sell Crombie (CRR.UN-T) and buy Aecon (ARE-T)? A well-managed business, but REITs have had a long time to be able to move higher and higher in terms of valuations. Probably not a bad time to be making a switch, but be careful of moving to Aecon because it has also moved considerably. 

property mngmnt/investment

Sell Crombie (CRR.UN-T) and buy Aecon (ARE-T)? A well-managed business, but REITs have had a long time to be able to move higher and higher in terms of valuations. Probably not a bad time to be making a switch, but be careful of moving to Aecon because it has also moved considerably. 

property mngmnt/investment
Mohsin Bashir

VP Investments, Stone Asset Manageme...

PricePrice
$15.200
Owned Owned
Unknown

COMMENT

Artis REIT (AX.UN-T) or Crombie REIT (CRR.UN-T)? Likes this one as a good place to start adding, which he is doing right now. He likes the food side and their attachment to Sobey’s. He has just raised the target. A very steady, safe, boring business that generates a lot of cash flows.

property mngmnt/investment

Artis REIT (AX.UN-T) or Crombie REIT (CRR.UN-T)? Likes this one as a good place to start adding, which he is doing right now. He likes the food side and their attachment to Sobey’s. He has just raised the target. A very steady, safe, boring business that generates a lot of cash flows.

property mngmnt/investment
Jaime Carrasco

Director & Associate Portfolio Manager, Scotiabank, Global W...

PricePrice
$14.720
Owned Owned
Yes

TOP PICK

This is typically Sobey’s anchored, Eastern Canadian. Now with the Safeway transaction, they’re also in Western Canada and have said they are going to develop and maintain this. Their last quarter was excellent. Dividend yield of 6.31%.

property mngmnt/investment

This is typically Sobey’s anchored, Eastern Canadian. Now with the Safeway transaction, they’re also in Western Canada and have said they are going to develop and maintain this. Their last quarter was excellent. Dividend yield of 6.31%.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment...

PricePrice
$14.350
Owned Owned
Yes

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