Northwest Healthcare Property REIT

NWH.UN-T

Analysis and Opinions about NWH.UN-T

Signal
Opinion
Expert
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.

WEAK BUY
WEAK BUY
March 19, 2015

He likes the medical office space. They are merging with Northwest international. There is currency risk now, but the German properties are really great.

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He likes the medical office space. They are merging with Northwest international. There is currency risk now, but the German properties are really great.

COMMENT
COMMENT
March 18, 2015

This was an IPO with only Canadian assets in medical office buildings that catered to healthcare tenants. There has recently been a transaction where this company and NorthWest Health Care International are now coming together. This is probably the reason for all the volatility in shares recently. The Canadian entity has been poor over the last few years because suburban office in Canada has struggled in terms of attracting tenants. Cash flow has been relatively weak. Although the growth prospects might look greater, he also thinks the risks increase.

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This was an IPO with only Canadian assets in medical office buildings that catered to healthcare tenants. There has recently been a transaction where this company and NorthWest Health Care International are now coming together. This is probably the reason for all the volatility in shares recently. The Canadian entity has been poor over the last few years because suburban office in Canada has struggled in terms of attracting tenants. Cash flow has been relatively weak. Although the growth prospects might look greater, he also thinks the risks increase.

COMMENT
COMMENT
March 3, 2015

Doctors’ and dentists’ offices. Have some very nice buildings near hospitals. However, some of their assets such as testing etc. are not the highest quality, but are very stable assets. This stock has had trouble operationally. It has never really met its occupancy and rent growth targets. Until they do, he is not going to be there.

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Doctors’ and dentists’ offices. Have some very nice buildings near hospitals. However, some of their assets such as testing etc. are not the highest quality, but are very stable assets. This stock has had trouble operationally. It has never really met its occupancy and rent growth targets. Until they do, he is not going to be there.

DON'T BUY
DON'T BUY
January 29, 2015

Canadian REITs have not kept up with their US counterparts. This one has substantially underperformed. There is a perception by the market that they will get hurt because they are centered in Alberta and North West BC. You should consider REITs without that overhang. REIT values here are relatively cheap. The spreads today are about 560 basis points so they are on the cheaper end of the range. REITs should be trading higher this year.

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Canadian REITs have not kept up with their US counterparts. This one has substantially underperformed. There is a perception by the market that they will get hurt because they are centered in Alberta and North West BC. You should consider REITs without that overhang. REIT values here are relatively cheap. The spreads today are about 560 basis points so they are on the cheaper end of the range. REITs should be trading higher this year.

BUY
BUY
January 9, 2015

Largest owner of medical office buildings in Canada. Have a lot of great properties. He sees better value in other parts of the real estate sector. Occupancy is in the low 90%’s and there is potential for them to push that up to 200-300 basis points on a normalized basis. They haven’t quite executed, but you are getting an attractive dividend and he thinks there is very little risk of it being cut. Also, this is a very defensive business.

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Largest owner of medical office buildings in Canada. Have a lot of great properties. He sees better value in other parts of the real estate sector. Occupancy is in the low 90%’s and there is potential for them to push that up to 200-300 basis points on a normalized basis. They haven’t quite executed, but you are getting an attractive dividend and he thinks there is very little risk of it being cut. Also, this is a very defensive business.

BUY
BUY
December 11, 2014

Largest REIT in Canada that specializes in medical properties. They are economically insensitive to changes in the economy. The resilient business model means the distribution is reliable.

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Largest REIT in Canada that specializes in medical properties. They are economically insensitive to changes in the economy. The resilient business model means the distribution is reliable.

PAST TOP PICK
PAST TOP PICK
December 1, 2014

(A Top Pick Nov 28/13. Down 6.92%.) Sold his holdings 2 weeks ago. Was not happy with the last quarter. He had bought this as a growth company and there is no growth. Still thinks it’s a good company and something he will probably revisit. Used this for tax loss selling.

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(A Top Pick Nov 28/13. Down 6.92%.) Sold his holdings 2 weeks ago. Was not happy with the last quarter. He had bought this as a growth company and there is no growth. Still thinks it’s a good company and something he will probably revisit. Used this for tax loss selling.

PAST TOP PICK
PAST TOP PICK
October 15, 2014

(A Top Pick Nov 28/13. 0.62%.) He is completely flabbergasted why REITs have not done better in this environment. Some of these REITs are getting 7%-8%. This company has no oil exposure and is fully funded. Still a Buy.

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(A Top Pick Nov 28/13. 0.62%.) He is completely flabbergasted why REITs have not done better in this environment. Some of these REITs are getting 7%-8%. This company has no oil exposure and is fully funded. Still a Buy.

SELL
SELL
October 2, 2014

Medical office buildings. You are not seeing any operating income growth. This is because of vacancies. Trades at a discount to net asset value. Dividend is sustainable. This is a roll up story which means growth by acquisition and it means issuing stock and when you trade at a discount this is not good. He sold and stays away from it.

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Medical office buildings. You are not seeing any operating income growth. This is because of vacancies. Trades at a discount to net asset value. Dividend is sustainable. This is a roll up story which means growth by acquisition and it means issuing stock and when you trade at a discount this is not good. He sold and stays away from it.

COMMENT
COMMENT
August 5, 2014

A smaller REIT that focuses on medical office buildings. Has really under performed for the last 18 months. Everyone was concerned that interest rates were going to go up last summer and this really got hammered. 8% decline on the stock, but has an 8% dividend. Better times are ahead.

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A smaller REIT that focuses on medical office buildings. Has really under performed for the last 18 months. Everyone was concerned that interest rates were going to go up last summer and this really got hammered. 8% decline on the stock, but has an 8% dividend. Better times are ahead.

DON'T BUY
DON'T BUY
July 15, 2014

Medical office space – dentists, doctors and supporting services. It is challenging. They are unable to get the occupancy. It has not been a great investment. It is cheap at these levels. But they need to adjust their financials to help us see their forward targets and to see operations gains going forward.

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Medical office space – dentists, doctors and supporting services. It is challenging. They are unable to get the occupancy. It has not been a great investment. It is cheap at these levels. But they need to adjust their financials to help us see their forward targets and to see operations gains going forward.

DON'T BUY
DON'T BUY
July 9, 2014

Focused on health care properties across Canada as well as medical office buildings. One of their focuses has been increasing occupancy to 93% but it stayed at 91%. This is a risk in specialized office space. They are facing difficulties in leasing at some of their properties. The sentiment in the office market is poor so people are avoiding this one.

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Focused on health care properties across Canada as well as medical office buildings. One of their focuses has been increasing occupancy to 93% but it stayed at 91%. This is a risk in specialized office space. They are facing difficulties in leasing at some of their properties. The sentiment in the office market is poor so people are avoiding this one.

COMMENT
COMMENT
June 13, 2014

Stock has underperformed for some time. It is very difficult in this business to find medical personnel and specialists, to lease up space. 8% yield.

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Stock has underperformed for some time. It is very difficult in this business to find medical personnel and specialists, to lease up space. 8% yield.

COMMENT
COMMENT
May 21, 2014

Pays an 8% distribution yield. Have had problems with leasing, but occupancy ratio has not been as buoyant as he would expect. Distribution yield could go higher. In a good sector and benefits from aging demographics.

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Pays an 8% distribution yield. Have had problems with leasing, but occupancy ratio has not been as buoyant as he would expect. Distribution yield could go higher. In a good sector and benefits from aging demographics.

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