Lanesborough REIT

LRT.UN-T

Analysis and Opinions about LRT.UN-T

Signal
Opinion
Expert
COMMENT
COMMENT
August 16, 2012

Loved the REIT sector a few years ago. He watched this one a little bit but it didn’t fit into his qualifications. When you have a sector that is in a recovery mode and you have some that are not only laggards but are real dogs, you have to take a really strong look at financial statements to see why.

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Loved the REIT sector a few years ago. He watched this one a little bit but it didn’t fit into his qualifications. When you have a sector that is in a recovery mode and you have some that are not only laggards but are real dogs, you have to take a really strong look at financial statements to see why.

DON'T BUY
DON'T BUY
August 4, 2011
Convertible debenture maturing 12/11. You don't get the balance sheet protection that you think you are getting. This is a company that you do not want to get the equity of.
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Convertible debenture maturing 12/11. You don't get the balance sheet protection that you think you are getting. This is a company that you do not want to get the equity of.
COMMENT
COMMENT
July 28, 2010
Basically a bet on Fort McMurray. Heavy concentration of decent quality apartments there. Had high-cost debt and in the process of selling assets to cover this. Lots of upside leverage if Fort McMurray comes back, which he thinks it is. High risk/high reward. No distribution at this point. (He owns some warrants, but no equity.)
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Basically a bet on Fort McMurray. Heavy concentration of decent quality apartments there. Had high-cost debt and in the process of selling assets to cover this. Lots of upside leverage if Fort McMurray comes back, which he thinks it is. High risk/high reward. No distribution at this point. (He owns some warrants, but no equity.)
DON'T BUY
DON'T BUY
September 3, 2009
Apartments. They have problems because of a lack of money. Have a line of credit based on some Saskatchewan property, which is holding the dam.
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Apartments. They have problems because of a lack of money. Have a line of credit based on some Saskatchewan property, which is holding the dam.
SELL
SELL
August 10, 2009
Totally destroyed themselves. Have huge debts and huge problems.
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Totally destroyed themselves. Have huge debts and huge problems.
COMMENT
COMMENT
June 25, 2009
There is much too much debt and much too much structure into the higher cost in the oil sands. They will be lucky to survive.
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There is much too much debt and much too much structure into the higher cost in the oil sands. They will be lucky to survive.
DON'T BUY
DON'T BUY
April 29, 2009
Got itself in serious trouble. Had much too much debt.
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Got itself in serious trouble. Had much too much debt.
DON'T BUY
DON'T BUY
February 14, 2008
One of the problems is a lot of debt and a high payout ratio. A huge portion of their assets is in Alberta and in the oil sands area. He would be careful on this one.
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One of the problems is a lot of debt and a high payout ratio. A huge portion of their assets is in Alberta and in the oil sands area. He would be careful on this one.
VAGUE
VAGUE
Higher risk then most.
DON'T BUY
DON'T BUY
June 29, 2007
Focused on multi-residential. Some development risk.
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Focused on multi-residential. Some development risk.
HOLD
HOLD
April 3, 2007
Multi-residential. Focused on secondary properties in western Canada. Highly levered to the oil sands. Over distributing, but can see this disappearing by the end of 2007.
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Multi-residential. Focused on secondary properties in western Canada. Highly levered to the oil sands. Over distributing, but can see this disappearing by the end of 2007.
BUY
BUY
January 19, 2007
Multi-residential. Has a lot of exposure to western Canada and 30 to 40% of the revenue comes from Fort McMurray. This area has almost zero vacancy.
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Multi-residential. Has a lot of exposure to western Canada and 30 to 40% of the revenue comes from Fort McMurray. This area has almost zero vacancy.
WEAK BUY
WEAK BUY
January 12, 2007
One of the most extreme of the western plays. High yield. Probably overpaying its distributions. He feels it will earn its income and it will be a safe investment. Quite a bit of debt. Potentially, Alberta has a lot of risks.
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One of the most extreme of the western plays. High yield. Probably overpaying its distributions. He feels it will earn its income and it will be a safe investment. Quite a bit of debt. Potentially, Alberta has a lot of risks.
HOLD
HOLD
December 8, 2006
Sold his holdings at around $6. Heavily weighted to Alberta. Will revisit in January. Reasonable yield.
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Sold his holdings at around $6. Heavily weighted to Alberta. Will revisit in January. Reasonable yield.
BUY
BUY
November 21, 2006
Multi-residential REIT. Heavy exposure to western Canada, particularly Fort McMurray. Started in 2005 with high yield and payout ratios well in excess of 100%. Management has increased free cash flow and reduced payout ratio to 150%. Buy for growth, not yield.
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Multi-residential REIT. Heavy exposure to western Canada, particularly Fort McMurray. Started in 2005 with high yield and payout ratios well in excess of 100%. Management has increased free cash flow and reduced payout ratio to 150%. Buy for growth, not yield.
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