Cominar Real Estate Inv Tr

CUF.UN-T

TSE:CUF.UN

14.78
0.00 (0.00%)
Cominar is a publicly traded real estate investment trust based in Quebec City, Canada. It was founded in 1965, and trades on the Toronto Stock Exchange under the symbol CUF.UN. Cominar manages a portfolio consisting of 430 office, retail, and industrial properties, totalling 38.4 million square feet.
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Analysis and Opinions about CUF.UN-T

Signal
Opinion
Expert
BUY
BUY
January 7, 2020
They have been doing quite well with a nice yield. It's not too expensive. It could raise its payout quite a bit, and they are largely in Quebec. The province looks in good shape with a clean balance sheet.
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They have been doing quite well with a nice yield. It's not too expensive. It could raise its payout quite a bit, and they are largely in Quebec. The province looks in good shape with a clean balance sheet.
BUY
BUY
December 2, 2019
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.
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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.
HOLD
HOLD
November 4, 2019
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.
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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.
COMMENT
COMMENT
November 1, 2019
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.
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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.
HOLD
HOLD
October 10, 2019
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.
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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.
PAST TOP PICK
PAST TOP PICK
September 25, 2019
(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%
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(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%
DON'T BUY
DON'T BUY
August 22, 2019
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.
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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.
BUY
BUY
August 19, 2019
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.
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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.
TOP PICK
TOP PICK
August 9, 2019
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)
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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)
COMMENT
COMMENT
July 31, 2019
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.
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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.
WEAK BUY
WEAK BUY
July 18, 2019
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.
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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.
BUY
BUY
July 8, 2019
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.
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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.
COMMENT
COMMENT
May 30, 2019
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.
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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.
COMMENT
COMMENT
January 18, 2019

They've disappointed for a long, long time. Won't see growth until 2020. He sees 1.8% AFFO growth. The balance sheet still carries a little more debt than it should. There are better opportunities out there. If they continue to execute, this should be better in coming years.

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They've disappointed for a long, long time. Won't see growth until 2020. He sees 1.8% AFFO growth. The balance sheet still carries a little more debt than it should. There are better opportunities out there. If they continue to execute, this should be better in coming years.

DON'T BUY
DON'T BUY
November 22, 2018
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.
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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.
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