Cominar Real Estate Inv Tr

Quebec's biggest REIT and once a darling REIT. But they had a lot of dilutive raises which increased leverage and bloated their portfolio. Also, the dividend is too high and will likely get cut. Last year, activists forced the company to change at the board level and cut the dividend (and needs yet another cut). The payout ratio is now much better and they've hired a new CFO who should do a fine job. Now, they are considering what to do with Gare Central in Quebec City, and this may benefit shareholders. A good time to buy.

The Quebec economy is doing quite well. It has been going through a strategic change. He likes the new CFO. Retail today is a tough sector but they seem fully equipped to deal with it. They have a diversified asset base. It is a safe hold.

They are the best they have been. 62% is industrial with a lot of concentration in Montreal. It has a safe and improving payout ratio 74%. However, their growth is slow and their leverage is high. He would prefer H&R.

Warming up to it. Concentrated heavily in Quebec. Mostly industrial, retail, office. Was overexposed to fashion in the malls. Can't change this quickly. New management team is good. Building condos on top of assets, to some success. Reframe how you look at it, from will it get back to a certain level, to will it go higher from here. Payout ratio not too onerous. Dividend is safe. Can hold it comfortably.

(A Top Pick Aug 09/19, Up 6%) There have been some management changes and the stock is slowly reacting positively. He still sees upside from here. Yield 5.5%

A diversified REIT holding assets in Quebec and Ottawa. They're done a big restructuring, cut the dividend,changed managers and sold properties outside those two areas. The industrial and office sides are doing very well, but retail is slow which worries her. Leverage is high at 54% with a lot of debt due. They aim to reduce debt to 50% by 2021. The worst is over, but doesn't see much of a stock improvement.

It has done a good job after going through a tough period when Target exited their space. They did a good job re-leasing that space. He thinks it will be a nice, stable grower. The dividend is safe and should grow from here.

The valuation is low, and it's a turnaround play. It was a sleep company that needed a management shake-up. The new managers are pruning their real estate portfolio, discarding the underperformers. Their same-property growth is the highest in a decade. These initiatives are now bearing fruit. For a long time, their property growth was flat or negative. (Analysts’ price target is $13.19)

The Quebec real estate market is solid and that is being notice by US investors. Management has to work through some issues. Not his favorite name, but it gives access to the Quebec market.

Series of disappointments. High leverage. Good news is asset sales are progressing, and nice growth. Cheap. Distribution is now safe after the cut. Not the highest quality REIT. Reasonable at these levels.

It's Quebec-focused in retail and some industrial. They cut their dividend two years ago due to the soft Alberta market. They've done well re-positioning the portfolio and pays a high 5.7% yield. This will do well in the coming 5 years. REITs are split between industrial (e-commerce) which offers strong growth vs. retail which pays higher dividends. Do you want income or growth? He holds six REITs across the spectrum for the income.

If a recession is imminent, wouldn't own this name. Cleaned up the portfolio. Pure play on the Quebec economy, which is quite strong. Own office, industrial, retail. A show me story. Cut distribution, changes in management, sold assets. Retail quite weak. Office and industrial OK. Leverage quite high at 55%. An apartment REIT or a seniors housing name would be safer.

A company that was under stressed. It was over levered. It starting to restructure. It had a couple of Target and Sears properties. They had to cut their distributions. They brought new Management. He would say it is cheap but stay away from it. It's tough.

Real estate is mostly in Quebec, a stable market, and Montreal is seeing an uptick. They own shopping meals. He likes it. Great dividend. They have new and better management.