Milestone Apartment REIT

MST.UN-T

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Analysis and Opinions about MST.UN-T

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Opinion
Expert
PAST TOP PICK
PAST TOP PICK
January 18, 2018

(A Top Pick Nov 3/17, Up 24%) These guys were trading at a pretty good discount to peers and then got bought out. It had a reasonable payout ratio. It had all the things he looks for.

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(A Top Pick Nov 3/17, Up 24%) These guys were trading at a pretty good discount to peers and then got bought out. It had a reasonable payout ratio. It had all the things he looks for.

PAST TOP PICK
PAST TOP PICK
September 28, 2017

(Top Pick Dec 20/16, Up 18%) He did not want them to get taken over. He thought there was more growth left. You would have got more upside over a couple of years.

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(Top Pick Dec 20/16, Up 18%) He did not want them to get taken over. He thought there was more growth left. You would have got more upside over a couple of years.

PAST TOP PICK
PAST TOP PICK
February 28, 2017

(A Top Pick Jan 8/16. Up 52%.) There has been a proxy contest with this and he thinks a lot of the large shareholders are against this being taken out from Starwood.

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(A Top Pick Jan 8/16. Up 52%.) There has been a proxy contest with this and he thinks a lot of the large shareholders are against this being taken out from Starwood.

HOLD
HOLD
February 3, 2017

There are plans for this to be taken over. Considering his view that REITs are fairly valued here, you might as well continue holding.

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There are plans for this to be taken over. Considering his view that REITs are fairly valued here, you might as well continue holding.

TOP PICK
TOP PICK
December 20, 2016

54% of their properties are in Texas and the rest in Florida. They just announced an increase in their distribution that takes effect in January. All these stocks have come off so he is accumulating more of this one. He likes the management team as they keep beating his expectations. They will continue to do well and may get bought out. They pay their distributions in US$. It is one of his larger positions. (Analysts’ Target: $22.15).

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54% of their properties are in Texas and the rest in Florida. They just announced an increase in their distribution that takes effect in January. All these stocks have come off so he is accumulating more of this one. He likes the management team as they keep beating his expectations. They will continue to do well and may get bought out. They pay their distributions in US$. It is one of his larger positions. (Analysts’ Target: $22.15).

BUY
BUY
December 15, 2016

They own garden style apartments in the US. There is a difference in the US in that the turnover is a lot higher. In a given year they have about 60% turnover. The apartment sector is highly coveted by pension funds. This one should do particularly well while rents are lower than the cost of ownership.

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They own garden style apartments in the US. There is a difference in the US in that the turnover is a lot higher. In a given year they have about 60% turnover. The apartment sector is highly coveted by pension funds. This one should do particularly well while rents are lower than the cost of ownership.

COMMENT
COMMENT
November 23, 2016

A relatively decent name. There is going to be excess supply in 2017 which should moderate. If you look at the communities in the properties they own, they are really, really good. Excellent management team. Payout ratio is relatively low at around 60%. They have a sustainable dividend. Valuation looks pretty compelling, trading at about 20% discount to NAV. Dividend yield of 4.1%.

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A relatively decent name. There is going to be excess supply in 2017 which should moderate. If you look at the communities in the properties they own, they are really, really good. Excellent management team. Payout ratio is relatively low at around 60%. They have a sustainable dividend. Valuation looks pretty compelling, trading at about 20% discount to NAV. Dividend yield of 4.1%.

COMMENT
COMMENT
November 17, 2016

He is doing a lot of work on this name right now, because he does like the US theme. What is good to remember about this one is that it is at a low, low price point. It is very blue-collar rental, which he thinks is protected once the housing market picks up. He finds the price attractive.

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He is doing a lot of work on this name right now, because he does like the US theme. What is good to remember about this one is that it is at a low, low price point. It is very blue-collar rental, which he thinks is protected once the housing market picks up. He finds the price attractive.

TOP PICK
TOP PICK
November 3, 2016

In general REITs could get pressure from interest rate increases, but the 10% correction they got so far has made a buying opportunity in this one. MST.UN-T is a multi family REIT, with properties in the sun belt, some of the most desirable areas, and the fastest growing areas. They are a growth by acquisition story. They also deliver organic growth through rent increases. The payout ratio of about 52% leaves lots of room for increases. About 4.5% yield, having been bumped slightly after their last acquisitions.

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In general REITs could get pressure from interest rate increases, but the 10% correction they got so far has made a buying opportunity in this one. MST.UN-T is a multi family REIT, with properties in the sun belt, some of the most desirable areas, and the fastest growing areas. They are a growth by acquisition story. They also deliver organic growth through rent increases. The payout ratio of about 52% leaves lots of room for increases. About 4.5% yield, having been bumped slightly after their last acquisitions.

HOLD
HOLD
October 3, 2016

REI.UN-T vs. MST.UN-T. MST.UN-T is apartments in the US southwest. The stock has run. Don’t switch from REI.UN-T to MST.UN-T.

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REI.UN-T vs. MST.UN-T. MST.UN-T is apartments in the US southwest. The stock has run. Don’t switch from REI.UN-T to MST.UN-T.

PAST TOP PICK
PAST TOP PICK
September 29, 2016

(Top Pick Jan 8/16, Up 34.41%) A lot of head offices are moving to Texas because of the tax rate in that state. They are paying good distributions. Rentals are going up every month. It is a top holding.

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(Top Pick Jan 8/16, Up 34.41%) A lot of head offices are moving to Texas because of the tax rate in that state. They are paying good distributions. Rentals are going up every month. It is a top holding.

COMMENT
COMMENT
September 20, 2016

A great name with a good management team and a decent balance sheet. They own garden style apartments through the US. Thinks there could be some additional upside. Apartments are a very defensive asset class, because if there is slower economic growth, there is more demand for low income housing. Home ownership in the US is at a 50 year low, mainly because credit conditions are still tight. The only concern is that there is going to be some additional supply come onto the market towards the end of 2017-2018, and rent growth will start to decelerate.

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A great name with a good management team and a decent balance sheet. They own garden style apartments through the US. Thinks there could be some additional upside. Apartments are a very defensive asset class, because if there is slower economic growth, there is more demand for low income housing. Home ownership in the US is at a 50 year low, mainly because credit conditions are still tight. The only concern is that there is going to be some additional supply come onto the market towards the end of 2017-2018, and rent growth will start to decelerate.

COMMENT
COMMENT
September 16, 2016

For a long-term hold of 4-5 years? A stock that gives a decent yield, and investors are hiding in it. He would definitely check valuation. The chart shows a very gentle uptrend, which looks okay. Don’t chase it if it is too expensive.

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For a long-term hold of 4-5 years? A stock that gives a decent yield, and investors are hiding in it. He would definitely check valuation. The chart shows a very gentle uptrend, which looks okay. Don’t chase it if it is too expensive.

PAST TOP PICK
PAST TOP PICK
September 8, 2016

(A Top Pick May 18/16. Up 9.08%.) The return would have been even better if it had not been for a transaction they did. Decided to internalize their asset management function, which resulted in a big payment to the founders and management of the REIT. Overall, the company is doing great. They own apartments in the Southern US, and rents keep going up in the upper single digits. They are drawing very strong cash flow growth and deploying capital into acquisitions, and diversifying the portfolio. The apartment market remains very, very strong in the US.

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(A Top Pick May 18/16. Up 9.08%.) The return would have been even better if it had not been for a transaction they did. Decided to internalize their asset management function, which resulted in a big payment to the founders and management of the REIT. Overall, the company is doing great. They own apartments in the Southern US, and rents keep going up in the upper single digits. They are drawing very strong cash flow growth and deploying capital into acquisitions, and diversifying the portfolio. The apartment market remains very, very strong in the US.

BUY WEAKNESS
BUY WEAKNESS
September 2, 2016

This has been going up for a very long time. They have just internalized management. It owns a portfolio of US apartments. It is usually a good idea to Buy this on dips. It is cheap compared to its US peers.

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This has been going up for a very long time. They have just internalized management. It owns a portfolio of US apartments. It is usually a good idea to Buy this on dips. It is cheap compared to its US peers.

COMMENT
COMMENT
July 20, 2016

He loves this company, and it was a Top Pick a while ago. This is mostly in Texas. They have raised their dividend. The revenue comes in US$. They have been able to increase the rents on their properties over the last couple of years. Pays a nice yield of 3.5%.

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He loves this company, and it was a Top Pick a while ago. This is mostly in Texas. They have raised their dividend. The revenue comes in US$. They have been able to increase the rents on their properties over the last couple of years. Pays a nice yield of 3.5%.

BUY WEAKNESS
BUY WEAKNESS
July 12, 2016

Listed in Toronto, but all their assets are in the US. An operating manager of garden style multi-family communities in the Sunbelt states of Texas, Florida and Arizona. All revenue and income are in US$, whereas the stock is in Cdn$, so you have to be aware of the exchange rate. The distribution can be taken in either currency. Very good operators. Yield of about 3.5%. She would add on a pullback.

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Listed in Toronto, but all their assets are in the US. An operating manager of garden style multi-family communities in the Sunbelt states of Texas, Florida and Arizona. All revenue and income are in US$, whereas the stock is in Cdn$, so you have to be aware of the exchange rate. The distribution can be taken in either currency. Very good operators. Yield of about 3.5%. She would add on a pullback.

COMMENT
COMMENT
July 8, 2016

Apartment REITs would be the better investment if interest rates go up, because they have the shortest lease terms. This one is all US apartments, focused in the US Sunbelt. It has done exceedingly well and is at all-time highs. He wouldn’t be buying at this level. Great management.

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Apartment REITs would be the better investment if interest rates go up, because they have the shortest lease terms. This one is all US apartments, focused in the US Sunbelt. It has done exceedingly well and is at all-time highs. He wouldn’t be buying at this level. Great management.

TOP PICK
TOP PICK
May 18, 2016

All their properties are in high job growth markets in the US. In the US, job creation is mostly in low wage service jobs, and people are looking for a place to live, but house prices have increased quite a bit. That is driving a lot of demand for properties, and this company’s average rent is about $900 a month, quite affordable and very good quality locations. They have been able to derive rent growth at about 6% in the past few years, and looking forward he thinks that is what they will do, deriving pretty good cash flow growth. Dividend yield of 3.86%.

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All their properties are in high job growth markets in the US. In the US, job creation is mostly in low wage service jobs, and people are looking for a place to live, but house prices have increased quite a bit. That is driving a lot of demand for properties, and this company’s average rent is about $900 a month, quite affordable and very good quality locations. They have been able to derive rent growth at about 6% in the past few years, and looking forward he thinks that is what they will do, deriving pretty good cash flow growth. Dividend yield of 3.86%.

PARTIAL SELL
PARTIAL SELL
May 6, 2016

(Market Call Minute.) Great company, but too expensive. If you own, he would trim.

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(Market Call Minute.) Great company, but too expensive. If you own, he would trim.

PAST TOP PICK
PAST TOP PICK
April 28, 2016

(Top Pick May 11/15, Up 31.13%) Very astute Americans running middle class housing. They are very good at what they do and you should continue holding it. You buy it for distribution as well as appreciation.

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(Top Pick May 11/15, Up 31.13%) Very astute Americans running middle class housing. They are very good at what they do and you should continue holding it. You buy it for distribution as well as appreciation.

TOP PICK
TOP PICK
January 8, 2016

Not really a REIT player, but looking at this on its own merits, he saw all the metrics that he likes to see in a regular company. These are US apartments in the Sunbelt where population growth is higher. A lot of it is in Texas and Florida. Although operations are in the US, they are listed in Canada and cash flows are in US$s. Just recently announced they were going to change their distribution from Cdn$ to US$. They also announced the distribution was being bumped up by 12%, but since that announcement, the Cdn$ has fallen more, so you are actually getting about a 20% bump in distribution. Payout ratio is fairly low below 60%. Recently made a big acquisition from Starwood which should give them an opportunity to grow more rapidly and to make more and more acquisitions. They are also in areas where there are no rental controls. Trading at about a 20% discount to their peers. Dividend yield of 4.4%.

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Not really a REIT player, but looking at this on its own merits, he saw all the metrics that he likes to see in a regular company. These are US apartments in the Sunbelt where population growth is higher. A lot of it is in Texas and Florida. Although operations are in the US, they are listed in Canada and cash flows are in US$s. Just recently announced they were going to change their distribution from Cdn$ to US$. They also announced the distribution was being bumped up by 12%, but since that announcement, the Cdn$ has fallen more, so you are actually getting about a 20% bump in distribution. Payout ratio is fairly low below 60%. Recently made a big acquisition from Starwood which should give them an opportunity to grow more rapidly and to make more and more acquisitions. They are also in areas where there are no rental controls. Trading at about a 20% discount to their peers. Dividend yield of 4.4%.

HOLD
HOLD
December 18, 2015

Milestone Apartments (MST.UN-T) or Canadian Apartments (CAR.UN-T)? A very well-run company. It has a good asset base of Southern US apartments, which has very aggressive rent growth. You are fine with this. (See Top Picks.)

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Milestone Apartments (MST.UN-T) or Canadian Apartments (CAR.UN-T)? A very well-run company. It has a good asset base of Southern US apartments, which has very aggressive rent growth. You are fine with this. (See Top Picks.)

COMMENT
COMMENT
December 11, 2015

A Canadian company, but with US low rise multi-resident assets in the US Sunbelt. The nice thing is that they are switching their dividend to US pay. Dividend yield of just over 4%. Likes the story and the management team. They are doing a really good job. This will not be high growth, just slow and steady.

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A Canadian company, but with US low rise multi-resident assets in the US Sunbelt. The nice thing is that they are switching their dividend to US pay. Dividend yield of just over 4%. Likes the story and the management team. They are doing a really good job. This will not be high growth, just slow and steady.

BUY
BUY
November 12, 2015

He owns RUF.UN-T. MST-T has done well and you are buying a portfolio in the sun belt of the US. There is some risk in the Huston buildings, but does not seem to have shone through in the stock, which worries him. US properties in a Canadian REIT is a good place to be. 4.1% yield.

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He owns RUF.UN-T. MST-T has done well and you are buying a portfolio in the sun belt of the US. There is some risk in the Huston buildings, but does not seem to have shone through in the stock, which worries him. US properties in a Canadian REIT is a good place to be. 4.1% yield.

COMMENT
COMMENT
September 11, 2015

This has done very well. One of the top-performing REITs this year. The apartment market in the US (mostly Dallas, etc.) continues to be very, very strong. There is a real tendency happening in the US where people are choosing to rent for longer. They are not rushing out to buy a house. These are entry-level apartments, not luxury ones. He has been warming up to this. Pretty cheap. Dividend yield of 4.5%.

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This has done very well. One of the top-performing REITs this year. The apartment market in the US (mostly Dallas, etc.) continues to be very, very strong. There is a real tendency happening in the US where people are choosing to rent for longer. They are not rushing out to buy a house. These are entry-level apartments, not luxury ones. He has been warming up to this. Pretty cheap. Dividend yield of 4.5%.

BUY
BUY
September 8, 2015

Likes this a lot. Owns garden style apartment communities in the US. The apartment sector is very defensive, so if you think the economy is going to slow down, it increases demand for low income Housing. The nice thing with this is that they have relatively high turnover, usually 60% in the US. In an environment where there is significant rent growth, they are able to capture those rents a lot quicker. An increase in interest rates could increase demand for their garden style communities. Payout ratio is below 60%. Trading at a reasonably good valuation.

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Likes this a lot. Owns garden style apartment communities in the US. The apartment sector is very defensive, so if you think the economy is going to slow down, it increases demand for low income Housing. The nice thing with this is that they have relatively high turnover, usually 60% in the US. In an environment where there is significant rent growth, they are able to capture those rents a lot quicker. An increase in interest rates could increase demand for their garden style communities. Payout ratio is below 60%. Trading at a reasonably good valuation.

COMMENT
COMMENT
July 27, 2015

A REIT that just has apartment properties in the southern US. It looks really interesting. 5% yield. Looks cheap. Looking very closely at this.

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A REIT that just has apartment properties in the southern US. It looks really interesting. 5% yield. Looks cheap. Looking very closely at this.

COMMENT
COMMENT
July 2, 2015

Really likes management. This is a relatively high quality apartment portfolio in the US. It has really benefited from the outsized rent growth in the US. His only concern would be towards the end of 2016-2017 when there is going to be some incremental supply, which means rent growth will slow down.

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Really likes management. This is a relatively high quality apartment portfolio in the US. It has really benefited from the outsized rent growth in the US. His only concern would be towards the end of 2016-2017 when there is going to be some incremental supply, which means rent growth will slow down.

HOLD
HOLD
June 23, 2015

Apartment REIT for lower end Texas properties. CAP rates are currently very low on these. There could be some opportunities here for management.

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Apartment REIT for lower end Texas properties. CAP rates are currently very low on these. There could be some opportunities here for management.

COMMENT
COMMENT
May 15, 2015

Has been an excellent, excellent story. It is probably one that he should have, but doesn’t. This is US apartments and pays in Cdn$. The growth of the apartment market in the US has been fantastic. They just did a stock issue.

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Has been an excellent, excellent story. It is probably one that he should have, but doesn’t. This is US apartments and pays in Cdn$. The growth of the apartment market in the US has been fantastic. They just did a stock issue.

TOP PICK
TOP PICK
May 11, 2015

Pays a nice dividend yield of 4.74%. Run by Americans and is a very interesting garden lifestyle REIT, for people who are not too wealthy and not too poor and they rent. It is now beginning to get recognized for its exceptional quality. Located in the fairly deep south and south east of the US.

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Pays a nice dividend yield of 4.74%. Run by Americans and is a very interesting garden lifestyle REIT, for people who are not too wealthy and not too poor and they rent. It is now beginning to get recognized for its exceptional quality. Located in the fairly deep south and south east of the US.

COMMENT
COMMENT
April 22, 2015

Very impressed with what this has done. One of the true success stories in the last year. This shows the success of the US apartment market and how this is an opportunity for Canadian investors. Very good managers. Prefers other similar companies.

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Very impressed with what this has done. One of the true success stories in the last year. This shows the success of the US apartment market and how this is an opportunity for Canadian investors. Very good managers. Prefers other similar companies.

BUY
BUY
March 18, 2015

This was a recent IPO and all of their assets are in the US, mostly in Texas. Their Houston exposure is not a concern. They have delivered stellar results. Occupancy and rents have been higher than anticipated, so free cash flow growth is higher than expected. Have benefited from a higher US$. Management team is relatively well aligned.

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This was a recent IPO and all of their assets are in the US, mostly in Texas. Their Houston exposure is not a concern. They have delivered stellar results. Occupancy and rents have been higher than anticipated, so free cash flow growth is higher than expected. Have benefited from a higher US$. Management team is relatively well aligned.

COMMENT
COMMENT
March 3, 2015

Apartments are the safest REITs in real estate generally. This one has done quite well, so it is possible that there could be a bit of a pullback in the sector. However, this is not Canadian real estate, it is US real estate and mostly in the Sunbelt of the US. Some of the US REITs in the apartment sector have been selling off recently, especially those with Houston exposure. This is a fine company.

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Apartments are the safest REITs in real estate generally. This one has done quite well, so it is possible that there could be a bit of a pullback in the sector. However, this is not Canadian real estate, it is US real estate and mostly in the Sunbelt of the US. Some of the US REITs in the apartment sector have been selling off recently, especially those with Houston exposure. This is a fine company.

BUY
BUY
December 29, 2014

Apartments principally in Texas. Rents are low compared to their competition. He owns Pure Multi-Family, which is similar. This one should do okay this year as well.

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Apartments principally in Texas. Rents are low compared to their competition. He owns Pure Multi-Family, which is similar. This one should do okay this year as well.