Crombie Real Estate Investment Trust

CRR.UN-T

TSE:CRR.UN

15.97
0.03 (0.19%)
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
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.

Derek Warren
Price
$13.410
Owned
Unknown
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.

Derek Warren
Price
$13.150
Owned
Unknown
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.

Paul Gardner, CFA
Price
$13.210
Owned
Unknown
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.

Derek Warren
Price
$13.360
Owned
No
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.

Jaime Carrasco
Price
$13.640
Owned
No
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.

Derek Warren
Price
$13.390
Owned
Unknown
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.

Greg Newman
Price
$13.350
Owned
Unknown
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.

Derek Warren
Price
$13.100
Owned
Unknown
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.

David Baskin
Price
$13.250
Owned
Yes
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.

James Telfser
Price
$12.810
Owned
No
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.

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