Cominar Real Estate Inv Tr

CUF.UN-T

TSE:CUF.UN

7.72
0.16 (2.03%)
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
WATCH
WATCH
October 16, 2017

The big picture is a little bit bearish. There is a look to this stock that it is heading for $15. If it breaks the bigger picture downtrend it will be positive.

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The big picture is a little bit bearish. There is a look to this stock that it is heading for $15. If it breaks the bigger picture downtrend it will be positive.

PAST TOP PICK
PAST TOP PICK
September 1, 2017

(A Top Pick Oct 11/16. Up 1.31%.) This gain is primarily due to the distribution. The capital value is off about 8%-9%, and the distribution has basically put you flat. The REIT is a very cheap now. They had some technical problems which are now behind them.

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(A Top Pick Oct 11/16. Up 1.31%.) This gain is primarily due to the distribution. The capital value is off about 8%-9%, and the distribution has basically put you flat. The REIT is a very cheap now. They had some technical problems which are now behind them.

TOP PICK
TOP PICK
September 1, 2017

Had a ratings issue with Moody’s, but have been dealing with that. They cut back the pay-out unnecessarily, but as a sot to the rating agency. As things get going again, this is a very, very cheap REIT. On top of that, Québec, is really humming on all cylinders. They are making excellent progress in reducing unreleased space to bring its occupancy level to the average for the industry. Dividend yield of 8.4%. (Analysts’ price target is $14.)

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Had a ratings issue with Moody’s, but have been dealing with that. They cut back the pay-out unnecessarily, but as a sot to the rating agency. As things get going again, this is a very, very cheap REIT. On top of that, Québec, is really humming on all cylinders. They are making excellent progress in reducing unreleased space to bring its occupancy level to the average for the industry. Dividend yield of 8.4%. (Analysts’ price target is $14.)

DON'T BUY
DON'T BUY
August 28, 2017

They had an 11% yield, which they cut to 8.5%. The stock does not have a good trend line. Rate increases are not positive for them. You have to have pretty strong growth. It is shopping centers in Quebec. The balance sheet is better, but still not great.

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They had an 11% yield, which they cut to 8.5%. The stock does not have a good trend line. Rate increases are not positive for them. You have to have pretty strong growth. It is shopping centers in Quebec. The balance sheet is better, but still not great.

DON'T BUY
DON'T BUY
August 3, 2017

They own strip malls and were hit by the Target bankruptcy. They did a dilutive equity issue. Their biggest risk now is being downgraded by credit agencies. It makes it harder to get funding. It is no longer a growth REIT, but just trying to fix a problem. Stay away as it will be problematic over the next couple of quarters. The yield says there is a pending distribution cut coming.

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They own strip malls and were hit by the Target bankruptcy. They did a dilutive equity issue. Their biggest risk now is being downgraded by credit agencies. It makes it harder to get funding. It is no longer a growth REIT, but just trying to fix a problem. Stay away as it will be problematic over the next couple of quarters. The yield says there is a pending distribution cut coming.

DON'T BUY
DON'T BUY
August 2, 2017

He would be a little concerned with this REIT because the balance sheet is stretched. They’ve got a lot of debt. If you think inflation rates are going to creep a little higher, you want to have a relatively strong balance sheet. A lot of their net operating income tends to be focused in Québec, and he has seen NOI (net operating income) growth, which tends to overhang the stock, especially when you marry it with how heavily indebted it is. Management had gone on an acquisition spree in the last 5 years and leveraged up the balance sheet.

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He would be a little concerned with this REIT because the balance sheet is stretched. They’ve got a lot of debt. If you think inflation rates are going to creep a little higher, you want to have a relatively strong balance sheet. A lot of their net operating income tends to be focused in Québec, and he has seen NOI (net operating income) growth, which tends to overhang the stock, especially when you marry it with how heavily indebted it is. Management had gone on an acquisition spree in the last 5 years and leveraged up the balance sheet.

COMMENT
COMMENT
July 28, 2017

(Market Call Minute.) This is not for the faint of heart. It is very, very cheap. They had negative AFFO growth in the last quarter. Their occupancy isn’t bad. They are probably going to cut their distribution by 25%. If they do, the stock will probably rally on that. This is one you could be poking around with at these levels.

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(Market Call Minute.) This is not for the faint of heart. It is very, very cheap. They had negative AFFO growth in the last quarter. Their occupancy isn’t bad. They are probably going to cut their distribution by 25%. If they do, the stock will probably rally on that. This is one you could be poking around with at these levels.

TOP PICK
TOP PICK
July 21, 2017

Trading at 60% of its BV and has a payout that is covered. If they were to cut their dividend down to about 8%, a sustainable rate, he thinks the stock would take off. Dividend yield of 11%. (Analysts’ price target is $14.)

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Trading at 60% of its BV and has a payout that is covered. If they were to cut their dividend down to about 8%, a sustainable rate, he thinks the stock would take off. Dividend yield of 11%. (Analysts’ price target is $14.)

COMMENT
COMMENT
July 4, 2017

Has a really high yield. Payout ratio is well over 100%. They either have to raise equity, which they can’t do, sell assets, or cut the dividend which they might as well do as the market is assuming they are going to.

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Has a really high yield. Payout ratio is well over 100%. They either have to raise equity, which they can’t do, sell assets, or cut the dividend which they might as well do as the market is assuming they are going to.

COMMENT
COMMENT
June 21, 2017

Not one of his favourites. They had done historically well of growing through development. It was family owned, which spent a lot of money buying properties, and then went on a huge acquisition binge a few years ago. As a result, they probably overpaid. Tried to diversify out of Québec. Operationally, things haven’t gone their way. You probably have better risk/reward in other REITs. Dividend yield of 11%+, which would worry him.

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Not one of his favourites. They had done historically well of growing through development. It was family owned, which spent a lot of money buying properties, and then went on a huge acquisition binge a few years ago. As a result, they probably overpaid. Tried to diversify out of Québec. Operationally, things haven’t gone their way. You probably have better risk/reward in other REITs. Dividend yield of 11%+, which would worry him.

HOLD
HOLD
June 20, 2017

The issue is Target walking away from 6 of the properties. Canadian Tire took 2, 2 are going to be carved up to get 35% more rent in 2018, and 2 others haven’t been figured out yet. Dividend coverage has dropped by about 95%. Management is going to hold the dividend because, as stores get rejigged they’ll come back and the dividend coverage by the end of 2018 will be 105%, which they can maintain. He believes that, so is nibbling at it. Dividend yield of 11.3%.

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The issue is Target walking away from 6 of the properties. Canadian Tire took 2, 2 are going to be carved up to get 35% more rent in 2018, and 2 others haven’t been figured out yet. Dividend coverage has dropped by about 95%. Management is going to hold the dividend because, as stores get rejigged they’ll come back and the dividend coverage by the end of 2018 will be 105%, which they can maintain. He believes that, so is nibbling at it. Dividend yield of 11.3%.

DON'T BUY
DON'T BUY
June 1, 2017

There are a lot of problems with this REIT. Their numbers came out and they missed badly. They basically own real estate mostly in Québec, and some Target stores that are repositioning. Their debt profile is soft, being BBB low. There is a good chance that they get downgraded to BB high which means they have to go for secured financing. Their execution has been poor.

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There are a lot of problems with this REIT. Their numbers came out and they missed badly. They basically own real estate mostly in Québec, and some Target stores that are repositioning. Their debt profile is soft, being BBB low. There is a good chance that they get downgraded to BB high which means they have to go for secured financing. Their execution has been poor.

COMMENT
COMMENT
May 31, 2017

A Québec based REIT that has expanded into parts of the Maritimes and Ontario. They went on a buying spree and their debt levels went up. The investment community knew they had to raise rates. They had to raise equity, probably at lower prices than what they actually cared to. Distribution is a little high and the payout ratio is a little high, so he doesn’t own this.

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A Québec based REIT that has expanded into parts of the Maritimes and Ontario. They went on a buying spree and their debt levels went up. The investment community knew they had to raise rates. They had to raise equity, probably at lower prices than what they actually cared to. Distribution is a little high and the payout ratio is a little high, so he doesn’t own this.

COMMENT
COMMENT
April 21, 2017

Their NOI dropped 3.7% in Q3. He models less than 1% growth over the next couple of years, versus its peers which are in a 2.5%. They have an all-in payout ratio of 114%. Making asset sales to bring down their balance sheet, which is good. Feels the fundamentals of Québec and Ontario are slightly better than what they have been. Trading at 11X. Probably not a bad place to be picking away, but it is not your highest quality REIT.

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Their NOI dropped 3.7% in Q3. He models less than 1% growth over the next couple of years, versus its peers which are in a 2.5%. They have an all-in payout ratio of 114%. Making asset sales to bring down their balance sheet, which is good. Feels the fundamentals of Québec and Ontario are slightly better than what they have been. Trading at 11X. Probably not a bad place to be picking away, but it is not your highest quality REIT.

TOP PICK
TOP PICK
April 18, 2017

Feels the 3 top picks have probably lagged the market unfairly. He sees an improving Québec economy, and this is the largest landlord in Québec. Management has gone through some decisions over the last 2 years that were not great, when they tried to grow too aggressively. However, they have said they are done and are now focusing internally on the company. Payout ratio is a little high, but there is some visibility in the future leases that are signed but not yet economically contributing to the income statement. If you have a 3-year hold, buying in the $14 range is going to give you a very solid yield, and it will skate through over the next couple of years. Dividend yield of 10%. (Analysts’ price target is $15.)

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Feels the 3 top picks have probably lagged the market unfairly. He sees an improving Québec economy, and this is the largest landlord in Québec. Management has gone through some decisions over the last 2 years that were not great, when they tried to grow too aggressively. However, they have said they are done and are now focusing internally on the company. Payout ratio is a little high, but there is some visibility in the future leases that are signed but not yet economically contributing to the income statement. If you have a 3-year hold, buying in the $14 range is going to give you a very solid yield, and it will skate through over the next couple of years. Dividend yield of 10%. (Analysts’ price target is $15.)

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