Crombie Real Estate Investment Trust

CRR.UN-T

TSE:CRR.UN

16.03
0.02 (0.12%)
Crombie REIT is a Canadian unincorporated open ended publicly traded real estate investment trust which trades on the Toronto Stock Exchange and is based in New Glasgow, Nova Scotia.
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Analysis and Opinions about CRR.UN-T

Signal
Opinion
Expert
COMMENT
COMMENT
December 18, 2015

He is underweight, but it is winning him over. The reason is the amount of development they have in Western Canada; pristine, fantastic old Safeway sites, surrounded by apartments and other mixed uses with lots of land. Likes this name.

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He is underweight, but it is winning him over. The reason is the amount of development they have in Western Canada; pristine, fantastic old Safeway sites, surrounded by apartments and other mixed uses with lots of land. Likes this name.

COMMENT
COMMENT
November 18, 2015

This is the real estate arm of Sobey (the Empire Group of Companies), so wherever you find a Sobey’s store it is possible the land and building will be owned by this company. The Safeway deal with Empire extended their reach to the West Coast giving it some growth. This is excellent for income seekers. Has never viewed this as being a terrific growth vehicle. Dividend yield of 6.99%.

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This is the real estate arm of Sobey (the Empire Group of Companies), so wherever you find a Sobey’s store it is possible the land and building will be owned by this company. The Safeway deal with Empire extended their reach to the West Coast giving it some growth. This is excellent for income seekers. Has never viewed this as being a terrific growth vehicle. Dividend yield of 6.99%.

WEAK BUY
WEAK BUY
November 12, 2015

They had an interesting year. After Safeway, a lot of properties dropped to this REIT. There are a lot of high quality opportunities. He is warming up to this story.

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They had an interesting year. After Safeway, a lot of properties dropped to this REIT. There are a lot of high quality opportunities. He is warming up to this story.

BUY
BUY
October 22, 2015

He still likes the REIT sector. He thinks we will see very gradual interest rate increases and it could be a long time in Canada. They trade in quite a range, but if you are in them for the income you can ignore that for the most part. A REIT portfolio for income is great although it should not be the only thing you do. Pipelines and banks are also good things for long term income and growth.

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He still likes the REIT sector. He thinks we will see very gradual interest rate increases and it could be a long time in Canada. They trade in quite a range, but if you are in them for the income you can ignore that for the most part. A REIT portfolio for income is great although it should not be the only thing you do. Pipelines and banks are also good things for long term income and growth.

BUY WEAKNESS
BUY WEAKNESS
September 11, 2015

As a long-term hold, this is a very solid company. Had an analyst day in August about their Safeway Vancouver properties which is surrounded by condo towers. They need a bigger store, so they were able to close it down, build a bigger store with 2 towers on top of it. The company has identified 14 sorts of opportunities in Calgary and Vancouver. It gives you a nice upside on the growth, and meanwhile you are getting a good solid income. He expects a little bit of a fall back and you may be able to pick it up on weakness.

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As a long-term hold, this is a very solid company. Had an analyst day in August about their Safeway Vancouver properties which is surrounded by condo towers. They need a bigger store, so they were able to close it down, build a bigger store with 2 towers on top of it. The company has identified 14 sorts of opportunities in Calgary and Vancouver. It gives you a nice upside on the growth, and meanwhile you are getting a good solid income. He expects a little bit of a fall back and you may be able to pick it up on weakness.

HOLD
HOLD
July 27, 2015

He has been watching it. This earnings call they will be disclosing more about their development plans. The properties could have so much more built onto them. Definitely hold on to those shares.

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He has been watching it. This earnings call they will be disclosing more about their development plans. The properties could have so much more built onto them. Definitely hold on to those shares.

BUY
BUY
July 2, 2015

Sobeys Family/Empire Group. Many shopping plazas have Sobeys as an anchor tenant. He always liked them as a yield investment for 7.1%. 5 year Canada bonds are at 0.84%. A very good option for income.

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Sobeys Family/Empire Group. Many shopping plazas have Sobeys as an anchor tenant. He always liked them as a yield investment for 7.1%. 5 year Canada bonds are at 0.84%. A very good option for income.

WEAK BUY
WEAK BUY
June 23, 2015

The Sobeys family own 40% of this. It is perceived as very much an eastern play. But if you go into a Safeway property out west you are most likely on one of their properties. There are very interesting opportunities for an improvement in land use. The market has not been kind, but it is a waiting game. This is a very attractive entry point.

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The Sobeys family own 40% of this. It is perceived as very much an eastern play. But if you go into a Safeway property out west you are most likely on one of their properties. There are very interesting opportunities for an improvement in land use. The market has not been kind, but it is a waiting game. This is a very attractive entry point.

HOLD
HOLD
June 15, 2015

This was spun off by Empire (EMP.A-T), and it owns a majority of Sobey’s strip mall plazas. It used to be Atlantic Canada only, but continues to get more exposure across Canada. Has owned this for a long time. You own these to get the yield as a substitute for income.

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This was spun off by Empire (EMP.A-T), and it owns a majority of Sobey’s strip mall plazas. It used to be Atlantic Canada only, but continues to get more exposure across Canada. Has owned this for a long time. You own these to get the yield as a substitute for income.

HOLD
HOLD
May 21, 2015

Not a core holding. You get a good dividend, great management team and the properties are fantastic. You should see the unit price move up since it is trading at a discount.

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Not a core holding. You get a good dividend, great management team and the properties are fantastic. You should see the unit price move up since it is trading at a discount.

COMMENT
COMMENT
May 20, 2015

This is very, very stable and defensive in nature. Most of the stores are grocery defensive assets. The sector will get hurt if interest rates go up, but this REIT can handle it because of the very solid, stable assets. 7% yield.

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This is very, very stable and defensive in nature. Most of the stores are grocery defensive assets. The sector will get hurt if interest rates go up, but this REIT can handle it because of the very solid, stable assets. 7% yield.

COMMENT
COMMENT
May 15, 2015

Acquired Safeway, and many of their properties are in very urban areas with a lot of residential real estate built around. They have identified certain opportunities that they will be taking advantage of to build apartments. The stock has been a little bit range bound because people are uncomfortable with a tiny little bit of development risk. However, he thinks it has been too cheap for too long.

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Acquired Safeway, and many of their properties are in very urban areas with a lot of residential real estate built around. They have identified certain opportunities that they will be taking advantage of to build apartments. The stock has been a little bit range bound because people are uncomfortable with a tiny little bit of development risk. However, he thinks it has been too cheap for too long.

TOP PICK
TOP PICK
May 1, 2015

Retail and real estate holding strip mall shopping centres. By square footage, Sobeys is 50%, Shoppers is about 6% and Cineplex is 3rd. They have right of 1st refusal on anything from the family. This has an above average growth profile. Dividend yield of 6.74%.

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Retail and real estate holding strip mall shopping centres. By square footage, Sobeys is 50%, Shoppers is about 6% and Cineplex is 3rd. They have right of 1st refusal on anything from the family. This has an above average growth profile. Dividend yield of 6.74%.

BUY
BUY
April 22, 2015

Looking very inexpensive. Hasn’t really seen the growth potential coming out. At this price and with this yield, this is a great long-term Hold.

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Looking very inexpensive. Hasn’t really seen the growth potential coming out. At this price and with this yield, this is a great long-term Hold.

COMMENT
COMMENT
March 31, 2015

Fantastic assets. They are all mostly anchored in very defensive tenants. Consistency is fantastic. Gives a very good yield. In this late stage of the cycle, you probably want to go defensive. Only trading at around 15X AFFO. Not cheap, but not expensive.

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Fantastic assets. They are all mostly anchored in very defensive tenants. Consistency is fantastic. Gives a very good yield. In this late stage of the cycle, you probably want to go defensive. Only trading at around 15X AFFO. Not cheap, but not expensive.

TOP PICK
TOP PICK
March 24, 2015

A 6.69% dividend. He doesn’t care if interest rates go up a bit. It is owned by the Sobeys family. They expanded to Western Canada so there is more growth coming to them. The terrific dividend is probably still going to grow in 2015.

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A 6.69% dividend. He doesn’t care if interest rates go up a bit. It is owned by the Sobeys family. They expanded to Western Canada so there is more growth coming to them. The terrific dividend is probably still going to grow in 2015.

COMMENT
COMMENT
March 18, 2015

This is a retail REIT. The majority of their assets are tenanted by Sobies and Safeway. Over the last 3 years, this REIT has diversified from predominantly Atlantic Canada focused, to one that is now across Canada. Thinks the NAV is close to $14 and this screens as attractive. This will give you stable yield, and anywhere from 2%-3% free cash flow growth.

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This is a retail REIT. The majority of their assets are tenanted by Sobies and Safeway. Over the last 3 years, this REIT has diversified from predominantly Atlantic Canada focused, to one that is now across Canada. Thinks the NAV is close to $14 and this screens as attractive. This will give you stable yield, and anywhere from 2%-3% free cash flow growth.

COMMENT
COMMENT
March 3, 2015

A very interesting time for this company. Have not done much since they bought the Safeway portfolio. During that time, similar REITs have done quite well, so he thinks the market has been a little bit harsh on this one, and this is a time to be looking at it.

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A very interesting time for this company. Have not done much since they bought the Safeway portfolio. During that time, similar REITs have done quite well, so he thinks the market has been a little bit harsh on this one, and this is a time to be looking at it.

TOP PICK
TOP PICK
January 21, 2015

Has lagged RioCan (REI.UN-T), he thinks because of liquidity. It has the Safeway acquisition, through its parent Empire Sobeys, which it has to refurbish, and will have above-average growth from them. The shipping contracts in Nova Scotia are finally being signed, and he thinks this company will be a beneficiary there as well. You get a 6.72 % yield in a lower rate environment.

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Has lagged RioCan (REI.UN-T), he thinks because of liquidity. It has the Safeway acquisition, through its parent Empire Sobeys, which it has to refurbish, and will have above-average growth from them. The shipping contracts in Nova Scotia are finally being signed, and he thinks this company will be a beneficiary there as well. You get a 6.72 % yield in a lower rate environment.

COMMENT
COMMENT
January 20, 2015

About half their tenants are Sobie anchored grocery stores. A very conservative story and hasn’t moved that much. Trades at a lower valuation than others. He thinks there is a shot that this improves and goes up, maybe 5%. You are basically getting dividends of around 6%.

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About half their tenants are Sobie anchored grocery stores. A very conservative story and hasn’t moved that much. Trades at a lower valuation than others. He thinks there is a shot that this improves and goes up, maybe 5%. You are basically getting dividends of around 6%.

BUY
BUY
November 26, 2014

Likes this company. He sees it as a $14.75 stock in 12 months. Yield of almost 7%. Yield is becoming more sustainable at around 94% for 2015, versus 107% for the last 5 years. This has a defensive portfolio with grocery stores, yet growing nicely at about 4%, in line with retail peers. Pretty well positioned for future growth.

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Likes this company. He sees it as a $14.75 stock in 12 months. Yield of almost 7%. Yield is becoming more sustainable at around 94% for 2015, versus 107% for the last 5 years. This has a defensive portfolio with grocery stores, yet growing nicely at about 4%, in line with retail peers. Pretty well positioned for future growth.

WEAK BUY
WEAK BUY
October 16, 2014

Sobeys is the largest tenant. Over the last few years they grew outside of their Atlantic Canada focus. They also tried to improve their payout ratio and leverage. He would like it lower, however. But they substantially improved their asset quality and they diversified outside of the Atlantic region. The free cash flow growth still does not screen as well as others.

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Sobeys is the largest tenant. Over the last few years they grew outside of their Atlantic Canada focus. They also tried to improve their payout ratio and leverage. He would like it lower, however. But they substantially improved their asset quality and they diversified outside of the Atlantic region. The free cash flow growth still does not screen as well as others.

PAST TOP PICK
PAST TOP PICK
September 22, 2014

(A Top Pick Oct 31/13. Up 4.03%.) Still likes the name. Particularly likes the Sobey’s/Safeway deal because he thinks it gives them some expansion opportunities in the West.

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(A Top Pick Oct 31/13. Up 4.03%.) Still likes the name. Particularly likes the Sobey’s/Safeway deal because he thinks it gives them some expansion opportunities in the West.

HOLD
HOLD
September 10, 2014

Sobeys real estate. They have been at this for so long and they are good managers. In these late innings of this real estate cycle, they are a great defensive asset. But it will not go anywhere for a long time. Trades 5% less than its NAV.

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Sobeys real estate. They have been at this for so long and they are good managers. In these late innings of this real estate cycle, they are a great defensive asset. But it will not go anywhere for a long time. Trades 5% less than its NAV.

WEAK BUY
WEAK BUY
September 5, 2014

Growth is not why you go to them. There is only so much movement on grocery rent you can do. Safe long term, but there are other places you can go.

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Growth is not why you go to them. There is only so much movement on grocery rent you can do. Safe long term, but there are other places you can go.

BUY
BUY
July 9, 2014

Retail REIT and majority of assets are leased to Wal-Mart. Saw 5% funds from operations growth last quarter.

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Retail REIT and majority of assets are leased to Wal-Mart. Saw 5% funds from operations growth last quarter.

BUY
BUY
July 8, 2014

Great operators, great managers. Their assets out east are very strong and consistent. There is a certain defensiveness to this asset class. This company will probably outperform other REITs.

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Great operators, great managers. Their assets out east are very strong and consistent. There is a certain defensiveness to this asset class. This company will probably outperform other REITs.

BUY
BUY
June 11, 2014

This has a lot of growth and a lot of opportunity to do things that Sobey’s was not doing. Thinks there is above average growth and above average yield for a few years. Between Morguard (MRG.UN-T) this would be his favourite. A little bit undervalued.

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This has a lot of growth and a lot of opportunity to do things that Sobey’s was not doing. Thinks there is above average growth and above average yield for a few years. Between Morguard (MRG.UN-T) this would be his favourite. A little bit undervalued.

BUY
BUY
May 2, 2014

In the large cap REITs he owns RioCan (REI.UN-T) and this one and would prefer this one right now. It has a little higher growth and a higher yield. Yield of 6.6%.

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In the large cap REITs he owns RioCan (REI.UN-T) and this one and would prefer this one right now. It has a little higher growth and a higher yield. Yield of 6.6%.

WEAK BUY
WEAK BUY
April 29, 2014

Have done a very big acquisition recently. It is not viewed as a risky play. A safe hold.

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Have done a very big acquisition recently. It is not viewed as a risky play. A safe hold.

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