True North Apartment REIT

TN.UN-T

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Analysis and Opinions about TN.UN-T

Signal
Opinion
Expert
COMMENT
COMMENT
August 12, 2015

He thinks that there is a chance that the deal might fall apart.with Northern Properties. People aren't very happy with it. If the deal doesn't go through, both shares should recover. If the deal goes through , he thinks you might be in for some pain.

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He thinks that there is a chance that the deal might fall apart.with Northern Properties. People aren't very happy with it. If the deal doesn't go through, both shares should recover. If the deal goes through , he thinks you might be in for some pain.

PAST TOP PICK
PAST TOP PICK
July 2, 2015

(Top Pick Jul 14/14, Up 3.26%) A good yielder. A residential real estate play. Apartments in Ontario, Quebec and Alberta. Out of favour, but another one with a very high distribution. 8.8% distribution is easily sustainable at this point.

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(Top Pick Jul 14/14, Up 3.26%) A good yielder. A residential real estate play. Apartments in Ontario, Quebec and Alberta. Out of favour, but another one with a very high distribution. 8.8% distribution is easily sustainable at this point.

COMMENT
COMMENT
May 15, 2015

Has a very nice portfolio of low income-ish kind of housing, so occupancy is very stable. Because of the stability of income, they do tend to run at a higher payout ratio and a higher debt level than he is comfortable with. In the past, they have shown the ability to turn these apartments around, raise rents, and increase income over time.

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Has a very nice portfolio of low income-ish kind of housing, so occupancy is very stable. Because of the stability of income, they do tend to run at a higher payout ratio and a higher debt level than he is comfortable with. In the past, they have shown the ability to turn these apartments around, raise rents, and increase income over time.

COMMENT
COMMENT
April 22, 2015

He likes the apartment REIT space because of the safety it offers. There are a number of opportunities that he sees in the large cap space that would be a preferred investment to this. This one is very small and highly levered. Great portfolio, but he thinks others have a better balance sheet and a better price.

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He likes the apartment REIT space because of the safety it offers. There are a number of opportunities that he sees in the large cap space that would be a preferred investment to this. This one is very small and highly levered. Great portfolio, but he thinks others have a better balance sheet and a better price.

COMMENT
COMMENT
March 3, 2015

An apartment REIT. Not one of his favourites because of the market cap size and the amount of debt it has. It does have quite a good portfolio and he likes management’s reputation on that level. Feels there is a bit more value in others. Yield of about 8%.

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An apartment REIT. Not one of his favourites because of the market cap size and the amount of debt it has. It does have quite a good portfolio and he likes management’s reputation on that level. Feels there is a bit more value in others. Yield of about 8%.

COMMENT
COMMENT
December 29, 2014

Quite a small portfolio, diversified portfolio. He does not recommend commercial or office REITs for a couple of years. Likes apartments because people have to live somewhere.

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Quite a small portfolio, diversified portfolio. He does not recommend commercial or office REITs for a couple of years. Likes apartments because people have to live somewhere.

COMMENT
COMMENT
November 13, 2014

He likes the apartment space at all times. Some of the stocks have had a bit of a run because people like the safety that is in apartment REITs. That is also attracting a lot of institutions into buying apartments as well. That has really driven the price up. This one's payout is a little high, so he hasn't been in this. Yield of about 8.5%.

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He likes the apartment space at all times. Some of the stocks have had a bit of a run because people like the safety that is in apartment REITs. That is also attracting a lot of institutions into buying apartments as well. That has really driven the price up. This one's payout is a little high, so he hasn't been in this. Yield of about 8.5%.

HOLD
HOLD
September 5, 2014

Apartments are the safest thing you can get. There is always execution risk. It is safe for a long term hold.

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Apartments are the safest thing you can get. There is always execution risk. It is safe for a long term hold.

BUY
BUY
July 15, 2014

The name means Canadian properties, not Northern Canada. Have one of the most attractive balance sheets in the space. It is a very safe REIT. Exposure to the energy market which is still booming.

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The name means Canadian properties, not Northern Canada. Have one of the most attractive balance sheets in the space. It is a very safe REIT. Exposure to the energy market which is still booming.

TOP PICK
TOP PICK
July 14, 2014

This is one that a lot of people don’t know about because it is small cap, and hasn’t been on the market for a very long time. Likes the operator who has a lot of his own money in this. Just acquired a big new portfolio of about 150 buildings. Yield of 8.55%. Pay out ratio is 92%.

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This is one that a lot of people don’t know about because it is small cap, and hasn’t been on the market for a very long time. Likes the operator who has a lot of his own money in this. Just acquired a big new portfolio of about 150 buildings. Yield of 8.55%. Pay out ratio is 92%.

DON'T BUY
DON'T BUY
June 9, 2014

He is really focused on organic growth versus growth by acquisition. This REIT happens to be externally managed, and he prefers internal management. Making acquisitions is good, because it increases the size and liquidity of the REIT, and hopefully that increases the institutional appeal. However, this one continues to trade at a discount to NAV. The acquisition they recently did, according to his math, was barely accretive, and remains highly leveraged with a high payout ratio. He would prefer something like Pure Multi-Family REIT (RUF.UN-T), which is somewhat similar in yield of about 8%, but it also has US apartment exposure.

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He is really focused on organic growth versus growth by acquisition. This REIT happens to be externally managed, and he prefers internal management. Making acquisitions is good, because it increases the size and liquidity of the REIT, and hopefully that increases the institutional appeal. However, this one continues to trade at a discount to NAV. The acquisition they recently did, according to his math, was barely accretive, and remains highly leveraged with a high payout ratio. He would prefer something like Pure Multi-Family REIT (RUF.UN-T), which is somewhat similar in yield of about 8%, but it also has US apartment exposure.

COMMENT
COMMENT
March 27, 2014

Trading at a deep discount to its NAV at about $9. Had a lousy quarter in the winter because it was so cold and everybody was cranking up their heat. As new renters move out, they are able to charge people for the Hydro, so that will really improve. Distribution is completely safe. Yield of 8.7%. This is a real asset and is not one that can be replaced.

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Trading at a deep discount to its NAV at about $9. Had a lousy quarter in the winter because it was so cold and everybody was cranking up their heat. As new renters move out, they are able to charge people for the Hydro, so that will really improve. Distribution is completely safe. Yield of 8.7%. This is a real asset and is not one that can be replaced.

BUY
BUY
March 10, 2014

Canadian REITs are trading at very attractive prices with very high current yields. In particular, he likes H&R (HR.UN-T) for industrial, RioCan (REI.UN-T) for retail and True North Apartments (TN.UN-T) for residential.

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Canadian REITs are trading at very attractive prices with very high current yields. In particular, he likes H&R (HR.UN-T) for industrial, RioCan (REI.UN-T) for retail and True North Apartments (TN.UN-T) for residential.

PAST TOP PICK
PAST TOP PICK
February 5, 2014

(A Top Pick Feb 26/13. Down 12.54%.) Did a 2 for 5 stock split in March. Not happy with the outcome, but this is a factor of the entire REITs market. Surprised that REITs have not come back with the bond yields shrinking. Has good faith in apartment buildings in Canada. There is a lot of margin of safety in this type of business. When REITs come back into favour, this one will recover.

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(A Top Pick Feb 26/13. Down 12.54%.) Did a 2 for 5 stock split in March. Not happy with the outcome, but this is a factor of the entire REITs market. Surprised that REITs have not come back with the bond yields shrinking. Has good faith in apartment buildings in Canada. There is a lot of margin of safety in this type of business. When REITs come back into favour, this one will recover.

SELL
SELL
January 24, 2014

(Market Call Minute.) There is better quality in the multi residential sector such as Boardwalk (BEI.UN-T) or CAP REIT (CAR.UN-T).

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(Market Call Minute.) There is better quality in the multi residential sector such as Boardwalk (BEI.UN-T) or CAP REIT (CAR.UN-T).

BUY
BUY
December 17, 2013

Facing a lot of the same circumstances as the others that came out late in the cycle, issuing additionally equity to refinance purchases. Thinks they could be taken out. Don’t add more money. Go for a name that is more liquid and also beaten up.

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Facing a lot of the same circumstances as the others that came out late in the cycle, issuing additionally equity to refinance purchases. Thinks they could be taken out. Don’t add more money. Go for a name that is more liquid and also beaten up.

COMMENT
COMMENT
November 28, 2013

Has recently graduated to the TSX. Like all REITs, has done nothing lately. The smaller REITs do not reflect the true intrinsic value. 8.5% dividend yield is fully covered by the cash flow. (See Top Picks.)

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Has recently graduated to the TSX. Like all REITs, has done nothing lately. The smaller REITs do not reflect the true intrinsic value. 8.5% dividend yield is fully covered by the cash flow. (See Top Picks.)

BUY
BUY
October 9, 2013

Small apartment REIT. Terrific investment. Attractive apartments in Ontario and Montreal. Growing diversification. They announced a stock buyback. The only apartment REIT he owns. He has a 5% REIT exposure.

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Small apartment REIT. Terrific investment. Attractive apartments in Ontario and Montreal. Growing diversification. They announced a stock buyback. The only apartment REIT he owns. He has a 5% REIT exposure.

COMMENT
COMMENT
September 24, 2013

Gives you exposure to the apartment market. In an inflationary environment, they have the tendency to appreciate with that because they can adjust their rents quickly. There are others that he prefers such as Killam Properties (KMP-T) and Cap REIT (CAR.UN-T). 8.5% yield. (See Top Picks.)

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Gives you exposure to the apartment market. In an inflationary environment, they have the tendency to appreciate with that because they can adjust their rents quickly. There are others that he prefers such as Killam Properties (KMP-T) and Cap REIT (CAR.UN-T). 8.5% yield. (See Top Picks.)

SELL
SELL
August 30, 2013

(Market Call Minute) Valuation is still relatively stretched, equity issue coming probably.

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(Market Call Minute) Valuation is still relatively stretched, equity issue coming probably.

PAST TOP PICK
PAST TOP PICK
July 23, 2013

(A Top Pick Aug 20/12. Down 21.87%.) This REIT hasn’t done anything particularly wrong. When people sell down in a sector, small caps get hurt most. Good management. Still a Hold.

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(A Top Pick Aug 20/12. Down 21.87%.) This REIT hasn’t done anything particularly wrong. When people sell down in a sector, small caps get hurt most. Good management. Still a Hold.

BUY
BUY
July 3, 2013

Their Chairman of the Board has been buying stock on the open market almost every day since June. If he’s taking advantage of the depressed stock price, probably you should too. Great company. You’ll have to be patient.

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Their Chairman of the Board has been buying stock on the open market almost every day since June. If he’s taking advantage of the depressed stock price, probably you should too. Great company. You’ll have to be patient.

DON'T BUY
DON'T BUY
June 14, 2013

Owns apartments all across Canada. He avoids REITS with high payout rations and growth by acquisition. Highly leveraged balance sheet. Prefers Interrent.

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Owns apartments all across Canada. He avoids REITS with high payout rations and growth by acquisition. Highly leveraged balance sheet. Prefers Interrent.

BUY
BUY
May 15, 2013

Is a very young company, owner of apartment buildings in Toronto and Montreal. Has a nice yield on it and a small capitization. Thinks they will grow over time, but it's a risk with a small cap stock.

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Is a very young company, owner of apartment buildings in Toronto and Montreal. Has a nice yield on it and a small capitization. Thinks they will grow over time, but it's a risk with a small cap stock.

DON'T BUY
DON'T BUY
May 13, 2013

Thinks the dividend is safe, and payout ratio around 95%. Problems are 1. externally managed, 2. management is incentivised to use finacial engineering to make their money. Doesn't feel that this will be a good story in 18 months.

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Thinks the dividend is safe, and payout ratio around 95%. Problems are 1. externally managed, 2. management is incentivised to use finacial engineering to make their money. Doesn't feel that this will be a good story in 18 months.

BUY
BUY
May 6, 2013

Share consolidation 2 for 5 recently. He is quite enthusiastic about multi-unit residential. Fort McMurray. Economy there is strong. The consolidation is probably going to be an exception to the rule that after a consolidation the stock goes lower.

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Share consolidation 2 for 5 recently. He is quite enthusiastic about multi-unit residential. Fort McMurray. Economy there is strong. The consolidation is probably going to be an exception to the rule that after a consolidation the stock goes lower.

BUY
BUY
April 18, 2013

A Top Pick the last time he was on the show. He likes the sector of apartment buildings. Good management. Wonderful company and it is just getting started so it is going to be volatile. You own this one for the 7.5% distribution.

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A Top Pick the last time he was on the show. He likes the sector of apartment buildings. Good management. Wonderful company and it is just getting started so it is going to be volatile. You own this one for the 7.5% distribution.

BUY
BUY
April 4, 2013

Apartments. Canadian apartment sector is fragmented and it is hard to acquire assets. Look for their ability to grow by adding free cash flow per unit. Management did a good job of acquiring assets and going forward they will continue to do so. Distribution is safe and going forward payout ratio and leverage will come down.

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Apartments. Canadian apartment sector is fragmented and it is hard to acquire assets. Look for their ability to grow by adding free cash flow per unit. Management did a good job of acquiring assets and going forward they will continue to do so. Distribution is safe and going forward payout ratio and leverage will come down.

TOP PICK
TOP PICK
February 26, 2013

Unusual for him to buy a Venture exchange company, especially one with such a low market cap. Shrewd operators. Management has a great track record of creating value for shareholders. Acquiring good quality apartment buildings great cash flow. Beautiful yield of 7.36%.

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Unusual for him to buy a Venture exchange company, especially one with such a low market cap. Shrewd operators. Management has a great track record of creating value for shareholders. Acquiring good quality apartment buildings great cash flow. Beautiful yield of 7.36%.

DON'T BUY
DON'T BUY
January 31, 2013

Some concerns with the structure of the REIT and particularly the area at this point in the cycle of buying companies that are focused on growth by acquisition, where there is an external management contract. Majority of assets coming into this REIT in the next few years will come from TransGlobe.

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Some concerns with the structure of the REIT and particularly the area at this point in the cycle of buying companies that are focused on growth by acquisition, where there is an external management contract. Majority of assets coming into this REIT in the next few years will come from TransGlobe.

COMMENT
COMMENT
December 12, 2012

A big strategies for companies like this is to continue to grow through acquisition. Acquisition is on the premise of them having a cost of capital advantage over other apartment REITs. At the stock price of $3-$4, cost of capital is not great enough to give them outstanding advantage over other apartment REITs. Doesn’t think this will be stagnant forever and they will be up to make acquisitions. Very skilled team. Would prefer others.

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A big strategies for companies like this is to continue to grow through acquisition. Acquisition is on the premise of them having a cost of capital advantage over other apartment REITs. At the stock price of $3-$4, cost of capital is not great enough to give them outstanding advantage over other apartment REITs. Doesn’t think this will be stagnant forever and they will be up to make acquisitions. Very skilled team. Would prefer others.

DON'T BUY
DON'T BUY
October 29, 2012

Relatively new. Apartments. This management team has a record of making it work. His suggestion, though, is to go somewhere else because there will be a lot of issues. The market may be getting near the top and you have to go for quality.

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Relatively new. Apartments. This management team has a record of making it work. His suggestion, though, is to go somewhere else because there will be a lot of issues. The market may be getting near the top and you have to go for quality.

HOLD
HOLD
October 19, 2012

(Market Call Minute.) Would be inclined to sell if it gets closer to $4.50. Diversified apartment play.

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(Market Call Minute.) Would be inclined to sell if it gets closer to $4.50. Diversified apartment play.

COMMENT
COMMENT
October 15, 2012

Thinks that this is a growth by acquisition story and that there will be more acquisitions in the next few months. As they do that accretively, the stock should move. 6.5% yield.

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Thinks that this is a growth by acquisition story and that there will be more acquisitions in the next few months. As they do that accretively, the stock should move. 6.5% yield.

TOP PICK
TOP PICK
August 20, 2012

Almost every other REIT has gone quite a bit higher. This is only been in existence a couple of months. Montréal and Toronto apartments. 6.5% yield. He can see $5.

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Almost every other REIT has gone quite a bit higher. This is only been in existence a couple of months. Montréal and Toronto apartments. 6.5% yield. He can see $5.

COMMENT
COMMENT
August 8, 2012

New REIT. Have a lot of their portfolio in Québec. Given what these people have done in the past, you are probably going to make money with them but, with the costs of the product it is going to take several quarters before the issue works out. Did a 1 for 8 reverse stock split, (This was not a split, but was actually part of the REIT conversion from Huan (?) Capital Corp.) which is normally considered the kiss of death. 6.6% dividend yield. (BNN quoted a yield of 12%. Both of these items were corrected on Market Call Tonight's Aug 9th program. Bill)

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New REIT. Have a lot of their portfolio in Québec. Given what these people have done in the past, you are probably going to make money with them but, with the costs of the product it is going to take several quarters before the issue works out. Did a 1 for 8 reverse stock split, (This was not a split, but was actually part of the REIT conversion from Huan (?) Capital Corp.) which is normally considered the kiss of death. 6.6% dividend yield. (BNN quoted a yield of 12%. Both of these items were corrected on Market Call Tonight's Aug 9th program. Bill)

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