Northwest Healthcare Property REIT

NWH.UN-T

Analysis and Opinions about NWH.UN-T

Signal
Opinion
Expert
COMMENT
COMMENT
November 23, 2016

This has medical office buildings in other parts of the world like Brazil, Australia, New Zealand. There are a lot of cross currency issues. Has a relatively high payout ratio. He prefers other names in terms of risk/reward.

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This has medical office buildings in other parts of the world like Brazil, Australia, New Zealand. There are a lot of cross currency issues. Has a relatively high payout ratio. He prefers other names in terms of risk/reward.

SHORT
SHORT
October 12, 2016

NWH.UN-T vs. CSH.UN-T. CSH.UN-T has decent growth because of their demographics. His problem with REITs is that they were one of the biggest beneficiaries of the low interest rate. He looks at the cap rate and turns it into an enterprise value and you are paying 15-16 times operating cash flow. You should pay that for a high tech company, not a healthcare company. You are paying out 80-90% of the income as yield. You can’t do that in other sectors. Where is the money to invest in the business – how does it grow? He went short the REITs about two months ago. He does not like either one, but if forced to choose it would be CSH.UN-T.

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NWH.UN-T vs. CSH.UN-T. CSH.UN-T has decent growth because of their demographics. His problem with REITs is that they were one of the biggest beneficiaries of the low interest rate. He looks at the cap rate and turns it into an enterprise value and you are paying 15-16 times operating cash flow. You should pay that for a high tech company, not a healthcare company. You are paying out 80-90% of the income as yield. You can’t do that in other sectors. Where is the money to invest in the business – how does it grow? He went short the REITs about two months ago. He does not like either one, but if forced to choose it would be CSH.UN-T.

COMMENT
COMMENT
October 11, 2016

Something of a healthcare REIT, and is typical of a lot of younger REITs where they’ve got a development company that identifies properties, builds them up and gets them fully leased, and blends them in. This has had some hiccups in the last little while. It is trading at a discount to NAV. Not a bad way to play the sector if you are looking for real estate exposure in this particular area.

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Something of a healthcare REIT, and is typical of a lot of younger REITs where they’ve got a development company that identifies properties, builds them up and gets them fully leased, and blends them in. This has had some hiccups in the last little while. It is trading at a discount to NAV. Not a bad way to play the sector if you are looking for real estate exposure in this particular area.

COMMENT
COMMENT
September 21, 2016

(Market Call Minute.) Excellent management. A niche business in that they are growing in the healthcare space but have now focused outside of Canada, and are getting leased properties that have cap rates that you don’t really see in Canada. Being in a foreign market, currency is an obvious issue. If you own it, he expects you are going to get a nice distribution. Expect they will make acquisitions and grow.

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(Market Call Minute.) Excellent management. A niche business in that they are growing in the healthcare space but have now focused outside of Canada, and are getting leased properties that have cap rates that you don’t really see in Canada. Being in a foreign market, currency is an obvious issue. If you own it, he expects you are going to get a nice distribution. Expect they will make acquisitions and grow.

COMMENT
COMMENT
September 2, 2016

Has trouble figuring out the Brazilian, German, New Zealand and Canadian Healthcare systems, so doesn’t own this. Because it is so complex, he thinks it should trade at a higher yield. Going forward they are committed to growth from a global standpoint. He’ll wait for a couple of more quarters and look for a more stable growth trend.

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Has trouble figuring out the Brazilian, German, New Zealand and Canadian Healthcare systems, so doesn’t own this. Because it is so complex, he thinks it should trade at a higher yield. Going forward they are committed to growth from a global standpoint. He’ll wait for a couple of more quarters and look for a more stable growth trend.

COMMENT
COMMENT
July 27, 2016

Owns this in his income portfolio. Their portfolio is diversified outside of Canada. Thinks they will continue to grow by acquisition. They pay nice yield and the CEO owns a fair bit of the stock as well.

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Owns this in his income portfolio. Their portfolio is diversified outside of Canada. Thinks they will continue to grow by acquisition. They pay nice yield and the CEO owns a fair bit of the stock as well.

COMMENT
COMMENT
July 8, 2016

(Market Call Minute.) Global exposure to different healthcare sectors, Australia, Germany and Brazil. A little too complicated.

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(Market Call Minute.) Global exposure to different healthcare sectors, Australia, Germany and Brazil. A little too complicated.

WAIT
WAIT
May 6, 2016

When you buy this, you are getting the core Medical Office Buildings in Canada, which leases to doctors and clinics. You are also getting some assets in Germany, New Zealand and Brazil. (Hospital type assets.) Have recently gone through a merger and restructuring. He’d like to give it a couple of quarters of hard data to see how they do.

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When you buy this, you are getting the core Medical Office Buildings in Canada, which leases to doctors and clinics. You are also getting some assets in Germany, New Zealand and Brazil. (Hospital type assets.) Have recently gone through a merger and restructuring. He’d like to give it a couple of quarters of hard data to see how they do.

COMMENT
COMMENT
February 9, 2016

The largest owner of medical office buildings in Canada with some exposure in Brazil, New Zealand and Germany. Because it is so diverse it is tough for investors to get a handle on what is happening in each of those different markets, especially if you consider what is going on in Brazil. He has some underlying concerns about the health in some of those markets. Has a relatively high payout ratio that is going to have to rely on acquisitions to facilitate growth. In this market, where most REITs are trading at a substantial discount to NAV, it is going to be much harder to realize non-organic growth. Prefers others.

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The largest owner of medical office buildings in Canada with some exposure in Brazil, New Zealand and Germany. Because it is so diverse it is tough for investors to get a handle on what is happening in each of those different markets, especially if you consider what is going on in Brazil. He has some underlying concerns about the health in some of those markets. Has a relatively high payout ratio that is going to have to rely on acquisitions to facilitate growth. In this market, where most REITs are trading at a substantial discount to NAV, it is going to be much harder to realize non-organic growth. Prefers others.

BUY
BUY
December 3, 2015

Their recent merger with North West International has changed the properties dramatically. They have medical buildings and hospitals in Brazil, Australia and Germany now. The portfolio has held up well in Brazil, but he worries about the currency risk. The balance sheet is in excellent shape. He thinks the prospects are excellent.

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Their recent merger with North West International has changed the properties dramatically. They have medical buildings and hospitals in Brazil, Australia and Germany now. The portfolio has held up well in Brazil, but he worries about the currency risk. The balance sheet is in excellent shape. He thinks the prospects are excellent.

COMMENT
COMMENT
July 21, 2015

Sold his holdings a good year ago. The company could never put the puck in the net. Believes they’re merging the Canadian and international divisions. He doesn’t know if the yield is safe, but 10% seems like an outlier.

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Sold his holdings a good year ago. The company could never put the puck in the net. Believes they’re merging the Canadian and international divisions. He doesn’t know if the yield is safe, but 10% seems like an outlier.

DON'T BUY
DON'T BUY
July 20, 2015

He sold it quickly after buying it in 2010. They had a global health care REIT. They were running two different businesses. Should you worry about the global side or the Canadian side. The end result has been that it is down $2. They just merged Brazilian/German assets into one entity. He would avoid this story.

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He sold it quickly after buying it in 2010. They had a global health care REIT. They were running two different businesses. Should you worry about the global side or the Canadian side. The end result has been that it is down $2. They just merged Brazilian/German assets into one entity. He would avoid this story.

DON'T BUY
DON'T BUY
July 2, 2015

The largest owner of medical office buildings in Canada. Recently consolidated Northwest International, which was really comprised of medical office buildings in Germany, New Zealand and Brazil. This is now a hodgepodge of medical office buildings in different parts of the world. There is some currency risks. Likes the Canadian assets, but it is a little difficult to discern the growth potential in the International market. Payout ratio is around 100%, but he thinks the dividend is safe.

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The largest owner of medical office buildings in Canada. Recently consolidated Northwest International, which was really comprised of medical office buildings in Germany, New Zealand and Brazil. This is now a hodgepodge of medical office buildings in different parts of the world. There is some currency risks. Likes the Canadian assets, but it is a little difficult to discern the growth potential in the International market. Payout ratio is around 100%, but he thinks the dividend is safe.

DON'T BUY
DON'T BUY
June 23, 2015

There was a merger of two related companies and he feels it was not handled in the best interests of the investors. The management know their sector. The governance is not quite there.

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There was a merger of two related companies and he feels it was not handled in the best interests of the investors. The management know their sector. The governance is not quite there.

DON'T BUY
DON'T BUY
April 22, 2015

They had sponsored an international vehicle with hospitals in Brazil, New Zealand and Germany. This is being blended into the Canadian vehicle, which owns medical office buildings in Canada. There is a bit of a concern on the merger because it is now a strange vehicle with assets spread all around the world. Operationally this is a challenging space. Not an area that he likes at all, and until they sort out the merger and their operations, there are other office type vehicles which would be a safer investment.

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They had sponsored an international vehicle with hospitals in Brazil, New Zealand and Germany. This is being blended into the Canadian vehicle, which owns medical office buildings in Canada. There is a bit of a concern on the merger because it is now a strange vehicle with assets spread all around the world. Operationally this is a challenging space. Not an area that he likes at all, and until they sort out the merger and their operations, there are other office type vehicles which would be a safer investment.

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