Crombie Real Estate Investment Trust

CRR.UN-T

TSE:CRR.UN

13.20
0.46 (3.61%)
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
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.

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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.

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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.

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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.

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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.

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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.

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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.

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(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.

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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.

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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.

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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.

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(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.

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(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.

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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.

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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.

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

Showing 61 to 75 of 120 entries