Sienna Senior Living Inc

SIA-T

Analysis and Opinions about SIA-T

Signal
Opinion
Expert
COMMENT
COMMENT
July 2, 2013

Likes that 90% of assets are nursing homes in Ontario. Demographic play. Better funding after the last formulary adjustment. Numbers are good, nice chart and it is a defensive asset. Traded out because it was at an expensive price point.

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Likes that 90% of assets are nursing homes in Ontario. Demographic play. Better funding after the last formulary adjustment. Numbers are good, nice chart and it is a defensive asset. Traded out because it was at an expensive price point.

SELL
SELL
June 14, 2013

(Market Call Minute) Is cutting back but relatively high payout ratio and limited room for capital appreciation.

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(Market Call Minute) Is cutting back but relatively high payout ratio and limited room for capital appreciation.

COMMENT
COMMENT
April 4, 2013

Right now the market is starved for yield and supporting almost any acquisition that REITs are doing. Occupancy rates are great, cap rates are low and interest rates are low. Business is good. Until you get an uptick in interest rates, the company should be okay.

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Right now the market is starved for yield and supporting almost any acquisition that REITs are doing. Occupancy rates are great, cap rates are low and interest rates are low. Business is good. Until you get an uptick in interest rates, the company should be okay.

WEAK BUY
WEAK BUY
April 1, 2013

7% yield. He sold about 6 months ago. Great managers. You don’t have to deal with the US assets. It is all Ontario based nursing and retirement homes. Dividend is safe and conservative. He got out because of valuation. There is nothing wrong with it. There will be a significant amount of CAP-X to keep it up to date. They rely on provincial support.

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7% yield. He sold about 6 months ago. Great managers. You don’t have to deal with the US assets. It is all Ontario based nursing and retirement homes. Dividend is safe and conservative. He got out because of valuation. There is nothing wrong with it. There will be a significant amount of CAP-X to keep it up to date. They rely on provincial support.

PAST TOP PICK
PAST TOP PICK
March 28, 2013

(A Top Pick March 21/12. Up 15.38%.) When it hit his target, he sold his holdings. Good company. Feels the upside is much more limited on real estate at this time.

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(A Top Pick March 21/12. Up 15.38%.) When it hit his target, he sold his holdings. Good company. Feels the upside is much more limited on real estate at this time.

BUY
BUY
January 30, 2013

Seniors long term care facilities. Has done a very good job of managing, in what can be a difficult business because, surprisingly, there has been increased capacity. Feels 7% yield is safe. Expects management will be able to pull a little bit more yield out of the business and increase the dividend marginally over the next couple of years.

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Seniors long term care facilities. Has done a very good job of managing, in what can be a difficult business because, surprisingly, there has been increased capacity. Feels 7% yield is safe. Expects management will be able to pull a little bit more yield out of the business and increase the dividend marginally over the next couple of years.

BUY
BUY
November 6, 2012

Have very strong earnings momentum. Earnings were up 24% in Q2 year-over-year. Have good growth drivers in acquisitions. Higher government funding. Have strength in long-term care. Trades at a discount to Chartwell (CSH.UN-T) but has a narrow concentration in Ontario so it should be there. (At a discount?) About 98% occupancy last quarter. Balance sheet looks okay and the payout ratio is fine at about 69%. Try to buy at a little bit under $12.

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Have very strong earnings momentum. Earnings were up 24% in Q2 year-over-year. Have good growth drivers in acquisitions. Higher government funding. Have strength in long-term care. Trades at a discount to Chartwell (CSH.UN-T) but has a narrow concentration in Ontario so it should be there. (At a discount?) About 98% occupancy last quarter. Balance sheet looks okay and the payout ratio is fine at about 69%. Try to buy at a little bit under $12.

DON'T BUY
DON'T BUY
August 23, 2012

Chartwell is his preference in this space. You’ll do okay. 7% yield is safe. He likes the seniors’ housing landscape.

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Chartwell is his preference in this space. You’ll do okay. 7% yield is safe. He likes the seniors’ housing landscape.

DON'T BUY
DON'T BUY
July 20, 2012
Long-term care assets are not high-growth cash assets. Also half of the portfolio are B and C assets which will have to be redeveloped into A assets at some point.
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Long-term care assets are not high-growth cash assets. Also half of the portfolio are B and C assets which will have to be redeveloped into A assets at some point.
COMMENT
COMMENT
June 4, 2012
Owner/operator of seniors housing, mainly long-term care but increasingly retirement homes. Distribution is very safe. He is not a big fan of seniors housing. There are material operating risks 2-3 years out on this name in terms of having to rebuild some of their properties.
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Owner/operator of seniors housing, mainly long-term care but increasingly retirement homes. Distribution is very safe. He is not a big fan of seniors housing. There are material operating risks 2-3 years out on this name in terms of having to rebuild some of their properties.
TOP PICK
TOP PICK
March 21, 2012
Integrated long term home care company in Ontario. Not expensive, 7% yield. Good demographic play. There is a long waiting list for beds in this province. As people get older, they need beds in nursing homes.
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Integrated long term home care company in Ontario. Not expensive, 7% yield. Good demographic play. There is a long waiting list for beds in this province. As people get older, they need beds in nursing homes.
BUY
BUY
February 23, 2012
Has been his top pick in the past. He likes the consistency of it. Nursing homes and senior care homes in Ontario specifically. Don’t have to deal with the US like the other companies. You are, in a sense, subsidized by the province. Payout ratio is conservative and 14x price to AFFO.
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Has been his top pick in the past. He likes the consistency of it. Nursing homes and senior care homes in Ontario specifically. Don’t have to deal with the US like the other companies. You are, in a sense, subsidized by the province. Payout ratio is conservative and 14x price to AFFO.
DON'T BUY
DON'T BUY
February 14, 2012
Amica (ACC-T) or Leisureworld (LW-T)? Long-term care revenue comes directly from the government so they are generally smaller increases but pretty much guaranteed. Trades at a huge premium to NAV
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Amica (ACC-T) or Leisureworld (LW-T)? Long-term care revenue comes directly from the government so they are generally smaller increases but pretty much guaranteed. Trades at a huge premium to NAV
COMMENT
COMMENT
December 21, 2011
Focused in Ontario. 7.7% dividend is reliable. Well-managed. Cheap.
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Focused in Ontario. 7.7% dividend is reliable. Well-managed. Cheap.
PAST TOP PICK
PAST TOP PICK
December 5, 2011
(A Top Pick Nov 1/10. Up 15.23%.)
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(A Top Pick Nov 1/10. Up 15.23%.)
Showing 46 to 60 of 78 entries