TSE:IIP.UN
16.51
0.11
(0.67%)
Analysis and Opinions about IIP.UN-T
Signal
Opinion
Expert
STRONG BUY
STRONG BUY
Loves this. They're in Ottawa, Montreal, and the GTA, benefiting from strong population growth. They buy undermanaged apartments, invest capital and fix them up. So, they can increase rents. They've done this for a long time. A darling that he's long owned. They're developing land with Brookfield around Burlington.
BUY
BUY
December 2, 2019
It's fairly valued now. He likes IIP for renovating buildings well then capturing the upside in rent. Free cash flow yield of 3% and free cash flow growth of 15%. The stock will move and up from time to time, but if you buy it now you will make money.
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It's fairly valued now. He likes IIP for renovating buildings well then capturing the upside in rent. Free cash flow yield of 3% and free cash flow growth of 15%. The stock will move and up from time to time, but if you buy it now you will make money.
HOLD
HOLD
November 27, 2019
CAR.UN vs IIP.UN He likes both as they both have exposure to apartments in the Toronto market. Both have outstanding management teams and great opportunities ahead. He would hold both of them.
Show full opinionHide full opinionCAR.UN vs IIP.UN He likes both as they both have exposure to apartments in the Toronto market. Both have outstanding management teams and great opportunities ahead. He would hold both of them.
BUY
BUY
November 4, 2019
He likes the management and the location. Management is highly aligned and are good at putting capital into their buildings and get 15-20% returns on that capital. They are all along the highway 401 in Ontario. (Analysts’ price target is $16.50)
Show full opinionHide full opinionHe likes the management and the location. Management is highly aligned and are good at putting capital into their buildings and get 15-20% returns on that capital. They are all along the highway 401 in Ontario. (Analysts’ price target is $16.50)
DON'T BUY
DON'T BUY
October 22, 2019
Likes the apartment space--anything with rentals will play out very well. The earnings haven't kept up with the stock price--which have done amazingly well. This could move back to $12, running out of steam. They've overrun their fair market value by 20%.
Show full opinionHide full opinionLikes the apartment space--anything with rentals will play out very well. The earnings haven't kept up with the stock price--which have done amazingly well. This could move back to $12, running out of steam. They've overrun their fair market value by 20%.
HOLD
HOLD
October 18, 2019
No reason to sell this one at is continues to outperform the S&P. If interest rates begin to rise next year it might cause him to take some profit.
Show full opinionHide full opinionNo reason to sell this one at is continues to outperform the S&P. If interest rates begin to rise next year it might cause him to take some profit.
HOLD
HOLD
October 9, 2019
He likes holding this one. Apartments are doing well in the space. He worries if these are being over valued. REIT distribution yeilds need to be re-though. Real Estate is very capital intensive and high distributions may require more debt and more equity to get raised to pay them. He prefers a lower yield and low payout ratios. This REIT has done things well, with a low distribution yield that is allowing free cash flow to grow at 18%. He prefers owning apartment REITs versus owning a condo. Yield 1.8%
Show full opinionHide full opinionHe likes holding this one. Apartments are doing well in the space. He worries if these are being over valued. REIT distribution yeilds need to be re-though. Real Estate is very capital intensive and high distributions may require more debt and more equity to get raised to pay them. He prefers a lower yield and low payout ratios. This REIT has done things well, with a low distribution yield that is allowing free cash flow to grow at 18%. He prefers owning apartment REITs versus owning a condo. Yield 1.8%
COMMENT
COMMENT
August 28, 2019
All apartment REITs now are beasts--don't sell them. They keep going up. IIP owns great properties in Toronto, Ottawa and Montreal, many apartments which have little supply but strong demand. The IIP valuation is too high for him, but it will generate good cash flow growth at 10% a year. The only thing to stop this is a recession which he doesn't expect.
Show full opinionHide full opinionAll apartment REITs now are beasts--don't sell them. They keep going up. IIP owns great properties in Toronto, Ottawa and Montreal, many apartments which have little supply but strong demand. The IIP valuation is too high for him, but it will generate good cash flow growth at 10% a year. The only thing to stop this is a recession which he doesn't expect.
BUY
BUY
August 27, 2019
A REIT for a TFSA? He likes multi-family residentials and industrials REITs. So, he likes IIP.UN-T and Granite REIT.
A REIT for a TFSA? He likes multi-family residentials and industrials REITs. So, he likes IIP.UN-T and Granite REIT.
BUY WEAKNESS
BUY WEAKNESS
July 23, 2019
He missed this and kicks himself for it. They own multi-dwelling apartments in Ontario and Quebec. They have executed incredibly well and have record occupancy. The only problem is that it trades at a 25% premium to NAV -- just too expensive.
Show full opinionHide full opinionHe missed this and kicks himself for it. They own multi-dwelling apartments in Ontario and Quebec. They have executed incredibly well and have record occupancy. The only problem is that it trades at a 25% premium to NAV -- just too expensive.
HOLD
HOLD
July 9, 2019
Entry into Montreal? The management team is one of the best out there. They buy undervalued properties and get big uplifts. They have perfected in Ottawa and the GTO. Montreal is not a new market to them. Overall the residential market space is well favoured. The tech industry has spawned in Toronto and it is spreading across the country. There is a shortage of good quality housing across the country. The yield just above 3%, but you are really buying this for their growth opportunities.
Show full opinionHide full opinionEntry into Montreal? The management team is one of the best out there. They buy undervalued properties and get big uplifts. They have perfected in Ottawa and the GTO. Montreal is not a new market to them. Overall the residential market space is well favoured. The tech industry has spawned in Toronto and it is spreading across the country. There is a shortage of good quality housing across the country. The yield just above 3%, but you are really buying this for their growth opportunities.
DON'T BUY
DON'T BUY
May 16, 2019
Rental properties in Ontario. One of the best performing REITs. He kicks himself for not owning it. What he got wrong is that Ontario Government went into rent control he didn't have to deal with that, but they didn't have any hiccup with that at all. They are very good at what they do. It is expensive now.
Show full opinionHide full opinionRental properties in Ontario. One of the best performing REITs. He kicks himself for not owning it. What he got wrong is that Ontario Government went into rent control he didn't have to deal with that, but they didn't have any hiccup with that at all. They are very good at what they do. It is expensive now.
PAST TOP PICK
PAST TOP PICK
March 27, 2019
(A Top Pick Oct 01/18, Up 25%) It's apartments in Toronto, Ottawa and Montreal. They've done an excellent job buying properities and refurbishing them. Margins are way up. They bought some apartments in Montreal recently. Pays only a 2% yield, but they consistently raise it.
Show full opinionHide full opinion(A Top Pick Oct 01/18, Up 25%) It's apartments in Toronto, Ottawa and Montreal. They've done an excellent job buying properities and refurbishing them. Margins are way up. They bought some apartments in Montreal recently. Pays only a 2% yield, but they consistently raise it.
BUY
BUY
January 17, 2019
Apartments in Southern Ontario and Montreal. They had a good 2018. The fundamentals for apartments are quite good. There is a lot of immigration into Southern Ontario. 67% payout ratio. Expect dividend increases in coming years. They will not do as well in 2019 as 2018.
Show full opinionHide full opinionApartments in Southern Ontario and Montreal. They had a good 2018. The fundamentals for apartments are quite good. There is a lot of immigration into Southern Ontario. 67% payout ratio. Expect dividend increases in coming years. They will not do as well in 2019 as 2018.
TOP PICK
TOP PICK
October 1, 2018
Apartment in Toronto, Ottawa and Montreal. It's not exposed to tariffs. Management has done a good job and their chart looks good. They internalized management which will boost earnings. They continue to pick up rental units outside the urban core in the GTA. It helps that few rentals are being built. Stock price has risen a lot, but this is a good long-term play. (2.3% dividend, Analysts' price target: $12.10)
Apartment in Toronto, Ottawa and Montreal. It's not exposed to tariffs. Management has done a good job and their chart looks good. They internalized management which will boost earnings. They continue to pick up rental units outside the urban core in the GTA. It helps that few rentals are being built. Stock price has risen a lot, but this is a good long-term play. (2.3% dividend, Analysts' price target: $12.10)
Loves this. They're in Ottawa, Montreal, and the GTA, benefiting from strong population growth. They buy undermanaged apartments, invest capital and fix them up. So, they can increase rents. They've done this for a long time. A darling that he's long owned. They're developing land with Brookfield around Burlington.