Crombie Real Estate Investment Trust

CRR.UN-T

TSE:CRR.UN

16.12
0.14 (0.88%)
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.
More at Wikipedia

Analysis and Opinions about CRR.UN-T

Signal
Opinion
Expert
BUY
BUY
February 26, 2014

Grocery anchored, very stable, safe with good yield. There is very little gain in the leases but stable with excellent quality properties and excellent management.

Show full opinionHide full opinion

Grocery anchored, very stable, safe with good yield. There is very little gain in the leases but stable with excellent quality properties and excellent management.

BUY
BUY
February 11, 2014

Very conservative REIT out East. They are anchored by a lot of the grocery stores of Sobeys (SBY-T), Shoppers Drugs, etc. A great asset to own when you are in the late stages of a real estate cycle, which he feels we are.

Show full opinionHide full opinion

Very conservative REIT out East. They are anchored by a lot of the grocery stores of Sobeys (SBY-T), Shoppers Drugs, etc. A great asset to own when you are in the late stages of a real estate cycle, which he feels we are.

HOLD
HOLD
January 17, 2014

Very stable company. A little bit concerned about the amount of growth that is possible going forward with the Safeway portfolio that they bought. It has a lease structure that doesn’t have a lot of cash flow growth, but the 6% dividend is very safe. He is giving it a few more quarters to see how everything plays out.

Show full opinionHide full opinion

Very stable company. A little bit concerned about the amount of growth that is possible going forward with the Safeway portfolio that they bought. It has a lease structure that doesn’t have a lot of cash flow growth, but the 6% dividend is very safe. He is giving it a few more quarters to see how everything plays out.

COMMENT
COMMENT
December 20, 2013

Currently have a 6.8% yield. He has this as a neutral. Most of the properties are in Eastern Canada. Got hit in the summer, mostly because of interest rates. Payout is tracking 97%, which is a little bit rich. He would prefer the ones in Western Canada, so he would not be adding this to his portfolios.

Show full opinionHide full opinion

Currently have a 6.8% yield. He has this as a neutral. Most of the properties are in Eastern Canada. Got hit in the summer, mostly because of interest rates. Payout is tracking 97%, which is a little bit rich. He would prefer the ones in Western Canada, so he would not be adding this to his portfolios.

BUY
BUY
December 17, 2013

6.6% yield. Dividend is safe. Well run organization. Buy for yield. Not a lot of price upside.

Show full opinionHide full opinion

6.6% yield. Dividend is safe. Well run organization. Buy for yield. Not a lot of price upside.

DON'T BUY
DON'T BUY
November 15, 2013

Valuation on this is 14.3, so it is not cheap. Payout ratio is 97%, which is not so good. Balance sheet of 56% of the fair value is not so good. However, comp annual growth rate versus retail peers is about 3%, which is a little bit better. You could try to get this one a little bit lower than where it is right now. Not one of the ones he would be buying at this level.

Show full opinionHide full opinion

Valuation on this is 14.3, so it is not cheap. Payout ratio is 97%, which is not so good. Balance sheet of 56% of the fair value is not so good. However, comp annual growth rate versus retail peers is about 3%, which is a little bit better. You could try to get this one a little bit lower than where it is right now. Not one of the ones he would be buying at this level.

HOLD
HOLD
November 13, 2013

(Market Call Minute.) Bought a great portfolio of Safeway stores but bought at the top of the market so there needs to be a bit of a transition period to allow them to determine how to extract cash flow growth from them.

Show full opinionHide full opinion

(Market Call Minute.) Bought a great portfolio of Safeway stores but bought at the top of the market so there needs to be a bit of a transition period to allow them to determine how to extract cash flow growth from them.

TOP PICK
TOP PICK
October 31, 2013

The Sobey family’s main investment is the Empire Group (EMP.A-T), but they have created this REIT, which is basically their separation. This company tends to own commercial property where Sobey stores are the anchor tenant. With Sobey’s as a tenant, you can get good quality other tenants. Largely in Atlantic Canada, but are spreading west. 6.7% yield which is probably due to go up in the next little while. When REITs went down, this fell to about 15% so you can get this at a 15% discount.

Show full opinionHide full opinion

The Sobey family’s main investment is the Empire Group (EMP.A-T), but they have created this REIT, which is basically their separation. This company tends to own commercial property where Sobey stores are the anchor tenant. With Sobey’s as a tenant, you can get good quality other tenants. Largely in Atlantic Canada, but are spreading west. 6.7% yield which is probably due to go up in the next little while. When REITs went down, this fell to about 15% so you can get this at a 15% discount.

WAIT
WAIT
August 27, 2013

There will be a time when REITs are oversold giving a good entry point but doesn’t think we are there just yet. Have great real estate and great land but it comes down to the multiple compression as opposed to a multiple expansion. Stocks always overshoot on the downside and would get to a point of good value but he wants to be comfortable that rates are not going to go up much higher.

Show full opinionHide full opinion

There will be a time when REITs are oversold giving a good entry point but doesn’t think we are there just yet. Have great real estate and great land but it comes down to the multiple compression as opposed to a multiple expansion. Stocks always overshoot on the downside and would get to a point of good value but he wants to be comfortable that rates are not going to go up much higher.

BUY
BUY
August 2, 2013

Tied to Sobey’s (SBY-T) so when Sobey’s acquired Safeway (SWY-N) it was telegraphed that those assets would make their way into Crombie. Probably worth about $17. Prefers others. 6.6% yield.

Show full opinionHide full opinion

Tied to Sobey’s (SBY-T) so when Sobey’s acquired Safeway (SWY-N) it was telegraphed that those assets would make their way into Crombie. Probably worth about $17. Prefers others. 6.6% yield.

HOLD
HOLD
July 9, 2013

(Market Call Minute.) Has done a great job of diversifying outside of Atlantic Canada. With Empire’s purchase of Safeway he thinks there could be a large equity raise down the line to purchase those assets.

Show full opinionHide full opinion

(Market Call Minute.) Has done a great job of diversifying outside of Atlantic Canada. With Empire’s purchase of Safeway he thinks there could be a large equity raise down the line to purchase those assets.

BUY
BUY
July 2, 2013

(Market Call Minute) Sobeys real estate. Defensive.

Show full opinionHide full opinion

(Market Call Minute) Sobeys real estate. Defensive.

WAIT
WAIT
June 17, 2013

Seeing a lot of action in the grocery space. The risk is that they have to issue a lot of stock to pay for the Safeway transaction. It would hurt the yield. Thinks it is a good deal. They diversify the asset base. He would wait for the equity deal.

Show full opinionHide full opinion

Seeing a lot of action in the grocery space. The risk is that they have to issue a lot of stock to pay for the Safeway transaction. It would hurt the yield. Thinks it is a good deal. They diversify the asset base. He would wait for the equity deal.

COMMENT
COMMENT
May 24, 2013

Moving out of REITs and prefers AX and Boardwalk. Likes REITs in Australia. Likes REITs in the west because of the demographics.

Show full opinionHide full opinion

Moving out of REITs and prefers AX and Boardwalk. Likes REITs in Australia. Likes REITs in the west because of the demographics.

BUY
BUY
May 8, 2013

It is in a long term uptrend. No indication that Real Estate in Canada is softening.

Show full opinionHide full opinion

It is in a long term uptrend. No indication that Real Estate in Canada is softening.

BUY
BUY
May 6, 2013

(Market Call Minute) Solid management team that continue to make acquisitions to diversify from maritime base.

Show full opinionHide full opinion

(Market Call Minute) Solid management team that continue to make acquisitions to diversify from maritime base.

COMMENT
COMMENT
April 26, 2013

Many of the REITs that he has are classified as “outperform” but this one he has as a “neutral.” Cautious on this. His target is $15.75 so there is not much upside. Most of the properties are in West Nova Scotia, Newfoundland and Ontario. 5.8% yield.

Show full opinionHide full opinion

Many of the REITs that he has are classified as “outperform” but this one he has as a “neutral.” Cautious on this. His target is $15.75 so there is not much upside. Most of the properties are in West Nova Scotia, Newfoundland and Ontario. 5.8% yield.

BUY WEAKNESS
BUY WEAKNESS
April 10, 2013

This one is fair in terms of valuation. They are trying to expand their reach into other regions. Unlike a lot of other REITs that have quieted their spending for 2013, this company wants to keep growing by acquisition. Fair in terms of multiple. Nothing really spectacular about this one.

Show full opinionHide full opinion

This one is fair in terms of valuation. They are trying to expand their reach into other regions. Unlike a lot of other REITs that have quieted their spending for 2013, this company wants to keep growing by acquisition. Fair in terms of multiple. Nothing really spectacular about this one.

HOLD
HOLD
March 11, 2013

(Market Call Minute.) Have the exposure to Sobey’s.

Show full opinionHide full opinion

(Market Call Minute.) Have the exposure to Sobey’s.

PAST TOP PICK
PAST TOP PICK
November 14, 2012

(Top Pick Dec 7/11 Up 17.71%) Just reported and they had a really good quarter. Good entry point and he is going to hold it.

Show full opinionHide full opinion

(Top Pick Dec 7/11 Up 17.71%) Just reported and they had a really good quarter. Good entry point and he is going to hold it.

BUY WEAKNESS
BUY WEAKNESS
April 26, 2012
Exposure out east is going to benefit them with the new Irving ship building. Just bought a portfolio in Ontario and probably paid a little too much but thinks it helps solidify their portfolio and their geography. Decent growth.
Show full opinionHide full opinion
Exposure out east is going to benefit them with the new Irving ship building. Just bought a portfolio in Ontario and probably paid a little too much but thinks it helps solidify their portfolio and their geography. Decent growth.
BUY
BUY
April 16, 2012
(Market Call Minute.) One of the most conservative managements. Slower growth than some of the others. Very good base.
Show full opinionHide full opinion
(Market Call Minute.) One of the most conservative managements. Slower growth than some of the others. Very good base.
BUY
BUY
February 14, 2012
Based in Atlantic Canada. Largely retail with a bit of office and one hotel. Have expanded into Ontario and Saskatchewan. Signed a shipping contract in Halifax, which will be a huge benefit to them. Not overly cheap but if you buy, you are looking at a 10%-12% return.
Show full opinionHide full opinion
Based in Atlantic Canada. Largely retail with a bit of office and one hotel. Have expanded into Ontario and Saskatchewan. Signed a shipping contract in Halifax, which will be a huge benefit to them. Not overly cheap but if you buy, you are looking at a 10%-12% return.
COMMENT
COMMENT
February 10, 2012
Has had a heck of a move. Have a relationship with Empire Company (EMP.A-T) that he views as extremely positive. Sobeys grocers have also been doing very well. Considers them as one of the better defensive names.
Show full opinionHide full opinion
Has had a heck of a move. Have a relationship with Empire Company (EMP.A-T) that he views as extremely positive. Sobeys grocers have also been doing very well. Considers them as one of the better defensive names.
COMMENT
COMMENT
January 6, 2012
Very responsible retail, which is tied into the Empire group (EMP.A-T). Yield of about 6.5%. Conservative and have a lot of their own money tied into this. Very steady.
Show full opinionHide full opinion
Very responsible retail, which is tied into the Empire group (EMP.A-T). Yield of about 6.5%. Conservative and have a lot of their own money tied into this. Very steady.
TOP PICK
TOP PICK
December 7, 2011
This is the Sobey’s family REIT with strip malls anchored by Sobey stores. Mostly Atlantic Canada and a little Ontario and Quebec.. Has lagged REITs a little because it is illiquid. Almost 7% yield. The ship building contract in Halifax outs some real juice into the local economy. Looking for 3%-5% growth.
Show full opinionHide full opinion
This is the Sobey’s family REIT with strip malls anchored by Sobey stores. Mostly Atlantic Canada and a little Ontario and Quebec.. Has lagged REITs a little because it is illiquid. Almost 7% yield. The ship building contract in Halifax outs some real juice into the local economy. Looking for 3%-5% growth.
BUY
BUY
December 5, 2011
This is a unique story in the real estate space. 35% of their real estate exposure is tied to Sobey’s Empire. When they develop properties, they develop with a partnership with Empire. With shipbuilding coming through Irvings, it will be heavily concentrated in New Brunswick and Nova Scotia for the Eastern markets. This will help them over the next 3-4 years.
Show full opinionHide full opinion
This is a unique story in the real estate space. 35% of their real estate exposure is tied to Sobey’s Empire. When they develop properties, they develop with a partnership with Empire. With shipbuilding coming through Irvings, it will be heavily concentrated in New Brunswick and Nova Scotia for the Eastern markets. This will help them over the next 3-4 years.
PAST TOP PICK
PAST TOP PICK
July 6, 2011
(A Top Pick June 14/10. Up 25.32%.) Strong management. Have a pipeline to the Sobey’s company empire. Will benefit in 2012-2013 from Target stores coming into Canada.
Show full opinionHide full opinion
(A Top Pick June 14/10. Up 25.32%.) Strong management. Have a pipeline to the Sobey’s company empire. Will benefit in 2012-2013 from Target stores coming into Canada.
DON'T BUY
DON'T BUY
June 21, 2011
Retail sector in eastern Canada. This would not be his favourite. Feels management is sleepy and there is deferred maintenance in their property. There are better names out there.
Show full opinionHide full opinion
Retail sector in eastern Canada. This would not be his favourite. Feels management is sleepy and there is deferred maintenance in their property. There are better names out there.
COMMENT
COMMENT
May 26, 2011
Primarily a retail REIT. Based in Atlantic Canada with a huge exposure to Sobey’s. Good quality name that you can park capital in. Won’t generate a lot of outperformance for the long term. Sound management and good assets. It’s fine, but prefers others.
Show full opinionHide full opinion
Primarily a retail REIT. Based in Atlantic Canada with a huge exposure to Sobey’s. Good quality name that you can park capital in. Won’t generate a lot of outperformance for the long term. Sound management and good assets. It’s fine, but prefers others.
Showing 61 to 90 of 120 entries