Crombie Real Estate Investment Trust

CRR.UN-T

TSE:CRR.UN

14.90
0.73 (4.67%)
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
HOLD
HOLD
November 5, 2010
Shopping centers. Strategic relationship with Sobeys.
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Shopping centers. Strategic relationship with Sobeys.
BUY WEAKNESS
BUY WEAKNESS
October 5, 2010
Waiting for a pullback to buy more. Thinks this will grow into a billion dollar market cap company. His favourite REIT.
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Waiting for a pullback to buy more. Thinks this will grow into a billion dollar market cap company. His favourite REIT.
BUY
BUY
September 1, 2010
Focused in the eastern provinces and are anchored by Sobey's and other defensive staple retail outlets. Slightly more defensive than H & R (HR.UN-T) and hasn't participated as much so this would be a good time to get in.
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Focused in the eastern provinces and are anchored by Sobey's and other defensive staple retail outlets. Slightly more defensive than H & R (HR.UN-T) and hasn't participated as much so this would be a good time to get in.
TOP PICK
TOP PICK
June 14, 2010
Nice strip malls anchored by Sobey's, Shoppers etc. Mainly in Atlantic Canada. Expect a lot of European families will want to get their money out and look for some Canadian real estate with good yield. Trading at a 15% multiple discount to H&R (HR.UN-T). 7.8% dividend.
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Nice strip malls anchored by Sobey's, Shoppers etc. Mainly in Atlantic Canada. Expect a lot of European families will want to get their money out and look for some Canadian real estate with good yield. Trading at a 15% multiple discount to H&R (HR.UN-T). 7.8% dividend.
PAST TOP PICK
PAST TOP PICK
May 17, 2010
(A Top Pick June 9/09. Up 52%.) Sobeys, Sobeys Family and the Empire Group. Had a financing deal with the Royal Bank of Scotland and had to do a lot of scrambling when the money wasn't there but have done a very good job. Still a Buy.
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(A Top Pick June 9/09. Up 52%.) Sobeys, Sobeys Family and the Empire Group. Had a financing deal with the Royal Bank of Scotland and had to do a lot of scrambling when the money wasn't there but have done a very good job. Still a Buy.
COMMENT
COMMENT
May 12, 2010
Very solid balance sheet and good management. Try to expand out west through acquisitions. Should be growth further down the pipe but flat for the next couple of years.
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Very solid balance sheet and good management. Try to expand out west through acquisitions. Should be growth further down the pipe but flat for the next couple of years.
HOLD
HOLD
April 28, 2010
Suffers because it is in the retail space in Canada, which has strong competition that tends to hog most of the capital and the limelight. Good quality portfolio and the distribution is very sustainable.
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Suffers because it is in the retail space in Canada, which has strong competition that tends to hog most of the capital and the limelight. Good quality portfolio and the distribution is very sustainable.
BUY
BUY
April 15, 2010
Part of the Sobey empire system in the Maritimes. Very conservative but very well run. Don't expect a lot of growth. Very secure 7.5% income.
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Part of the Sobey empire system in the Maritimes. Very conservative but very well run. Don't expect a lot of growth. Very secure 7.5% income.
BUY
BUY
January 19, 2010
(Market Call Minute) Buy in $10 range.
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(Market Call Minute) Buy in $10 range.
TOP PICK
TOP PICK
October 27, 2009
6.25% convertible debenture. Trading at around $10.50 and conversion is at $11 so that there is a strong chance that the conversion will fall in and it will then mirror the stock.
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6.25% convertible debenture. Trading at around $10.50 and conversion is at $11 so that there is a strong chance that the conversion will fall in and it will then mirror the stock.
PAST TOP PICK
PAST TOP PICK
(A Top Pick June 2/08. Down 7.41%.)
PAST TOP PICK
PAST TOP PICK
June 25, 2009
(A Top Pick June 2/08. Down 23.26%.) Shopping centres in the Maritimes. 11.3% yield. A lot of changes in structure with this one. Had trouble getting refinancing but that is now done. Still a Buy.
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(A Top Pick June 2/08. Down 23.26%.) Shopping centres in the Maritimes. 11.3% yield. A lot of changes in structure with this one. Had trouble getting refinancing but that is now done. Still a Buy.
TOP PICK
TOP PICK
June 9, 2009
(A Top Pick June 2/08. Down 20.71%.) Had some debt problems but raise some money and recently did a stock issue. Very high yield of 11%. Conservative management.
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(A Top Pick June 2/08. Down 20.71%.) Had some debt problems but raise some money and recently did a stock issue. Very high yield of 11%. Conservative management.
BUY
BUY
March 17, 2009
Primarily an enclosed shopping centres. Big concentrations in eastern Canada. Suffers because retail and multi-resident are the biggest sectors in Canada and they have to compete for capital against bigger names. Management has consistently over-delivered on results. Have a huge chunk of variable rate debts to term out and market is concerned that he expects them to term out later this year. Good price.
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Primarily an enclosed shopping centres. Big concentrations in eastern Canada. Suffers because retail and multi-resident are the biggest sectors in Canada and they have to compete for capital against bigger names. Management has consistently over-delivered on results. Have a huge chunk of variable rate debts to term out and market is concerned that he expects them to term out later this year. Good price.
HOLD
HOLD
December 16, 2008
very cheap at this level. Sustainable payout ratio, great tenant base. There is some concern of a bridge loan, but has been banking with Bank of Nova Scotia and has a good history. Good portfolio but not spectacular. They've had a good 3rd quarter and there's not much risk of a distribution cut.
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very cheap at this level. Sustainable payout ratio, great tenant base. There is some concern of a bridge loan, but has been banking with Bank of Nova Scotia and has a good history. Good portfolio but not spectacular. They've had a good 3rd quarter and there's not much risk of a distribution cut.
BUY
BUY
December 8, 2008
(Market Call Minute.) Very cheap valuation. Solid company.
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(Market Call Minute.) Very cheap valuation. Solid company.
PAST TOP PICK
PAST TOP PICK
June 10, 2008
(A Top Pick July 17/07. Down 2%.) Nothing wrong with this one. Under followed. Likes the 7.7% yield. Pretty good commercial property. Good defensive Buy.
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(A Top Pick July 17/07. Down 2%.) Nothing wrong with this one. Under followed. Likes the 7.7% yield. Pretty good commercial property. Good defensive Buy.
TOP PICK
TOP PICK
June 2, 2008
Mostly in Atlantic Canada. Have Sobey’s as anchor stores. High yield and well managed.
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Mostly in Atlantic Canada. Have Sobey’s as anchor stores. High yield and well managed.
WEAK BUY
WEAK BUY
March 24, 2008
You get Atlantic exposure out of this company. Their Q4 was very strong. A good name. Not a core name.
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You get Atlantic exposure out of this company. Their Q4 was very strong. A good name. Not a core name.
BUY
BUY
February 29, 2008
Primarily retail. Most of its exposure is in Atlantic Canada. They are the monetization vehicle for Sobey’s and Empire. Recently blended in 62 properties of real estate from Empire. Reported 2 days ago and their results were fantastic. Distribution is covered and the debt is well in place.
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Primarily retail. Most of its exposure is in Atlantic Canada. They are the monetization vehicle for Sobey’s and Empire. Recently blended in 62 properties of real estate from Empire. Reported 2 days ago and their results were fantastic. Distribution is covered and the debt is well in place.
BUY
BUY
January 14, 2008
(Market Call Minute.) Discount to NAV, good cash flow generation and a strong portfolio makes it a Buy.
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(Market Call Minute.) Discount to NAV, good cash flow generation and a strong portfolio makes it a Buy.
COMMENT
COMMENT
July 25, 2007
Should have secured distributions for the foreseeable future. Extremely stable assets and very stable distribution policy. Low payout ratio. Very low yield and you may be better off with a bond.
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Should have secured distributions for the foreseeable future. Extremely stable assets and very stable distribution policy. Low payout ratio. Very low yield and you may be better off with a bond.
TOP PICK
TOP PICK
July 17, 2007
About 6.8% yield. Only been public for a little while and is not that widely followed. Will be the landlord for a lot of Sobey’s stores. The biggest commercial landlord in Atlantic Canada. Recently made some acquisitions in eastern Ontario. Higher growth possibility than some of the other REIT’s.
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About 6.8% yield. Only been public for a little while and is not that widely followed. Will be the landlord for a lot of Sobey’s stores. The biggest commercial landlord in Atlantic Canada. Recently made some acquisitions in eastern Ontario. Higher growth possibility than some of the other REIT’s.
BUY
BUY
June 29, 2007
Most of it is grocery anchored retail, with some office as well. A good name, with good management team.
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Most of it is grocery anchored retail, with some office as well. A good name, with good management team.
BUY
BUY
April 3, 2007
Primarily retail focused in Atlantic Canada. Good partnership with Sobeys, which is how they intend to grow in western & central Canada.
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Primarily retail focused in Atlantic Canada. Good partnership with Sobeys, which is how they intend to grow in western & central Canada.
BUY
BUY
December 22, 2006
Retail focused on unenclosed and neighbourhood shopping centres. Primarily Atlantic Canada. Good yield and trades at a discount to some of the other retail REITs.
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Retail focused on unenclosed and neighbourhood shopping centres. Primarily Atlantic Canada. Good yield and trades at a discount to some of the other retail REITs.
BUY
BUY
December 8, 2006
Shopping centres (concentrates on Sobey’s stores) in the Maritimes. Good quality REIT. Insiders have significant holdings. Good long-term play. He is looking at it again.
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Shopping centres (concentrates on Sobey’s stores) in the Maritimes. Good quality REIT. Insiders have significant holdings. Good long-term play. He is looking at it again.
WEAK BUY
WEAK BUY
June 5, 2006
Trading a little above its issue price. It produces income but there won't be anything spectacular.
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Trading a little above its issue price. It produces income but there won't be anything spectacular.
DON'T BUY
DON'T BUY
April 21, 2006
Good quality REIT overall. A lot of the properties are anchored by Sobey’s Grocery. Maritime focused REIT, a slower growth area. They talk about making acquisitions in the west where growth is, but there are already a lot of ways for investors to play the western market.
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Good quality REIT overall. A lot of the properties are anchored by Sobey’s Grocery. Maritime focused REIT, a slower growth area. They talk about making acquisitions in the west where growth is, but there are already a lot of ways for investors to play the western market.
DON'T BUY
DON'T BUY
April 7, 2006
Just went public at $10. You won't hurt yourself by buying this one, but wouldn't buy at this price. There is a lot of exposure to Zellers and not sure where that store fits into the Canadian retail landscape over in the next 5 years. Buy Northern Property (NPR.UN-T) instead as it is a safer alternative with better properties in areas that have higher growth.
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Just went public at $10. You won't hurt yourself by buying this one, but wouldn't buy at this price. There is a lot of exposure to Zellers and not sure where that store fits into the Canadian retail landscape over in the next 5 years. Buy Northern Property (NPR.UN-T) instead as it is a safer alternative with better properties in areas that have higher growth.
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