Pure Multi-Family REIT LP

RUF.U-X

Analysis and Opinions about RUF.U-X

Signal
Opinion
Expert
HOLD
HOLD
July 9, 2019
He has never really fully understood their business model. There has been a recent take out off for $7.61 US per share. This is a real offer and the money would be there. Prior to that they had worked with a third-party, so it is precluding them from engaging in the current offer. Looming in the back ground there could be other bidders that might come forward. He will continue to hold their position.
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He has never really fully understood their business model. There has been a recent take out off for $7.61 US per share. This is a real offer and the money would be there. Prior to that they had worked with a third-party, so it is precluding them from engaging in the current offer. Looming in the back ground there could be other bidders that might come forward. He will continue to hold their position.
HOLD
HOLD
May 30, 2019
Owns apartments in the sunbelt in the US. Good quality assets. Likes the demographics. Last year's failed takeover of the company put a mark on the stock. Need to do acquisitions to grow. Creative management, solid earnings growth. Could be a takeout scenario.
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Owns apartments in the sunbelt in the US. Good quality assets. Likes the demographics. Last year's failed takeover of the company put a mark on the stock. Need to do acquisitions to grow. Creative management, solid earnings growth. Could be a takeout scenario.
BUY
BUY
April 1, 2019
It is an asset class he favours. The US demand on apartments will continue to be strong. He is not as favourable to their structure and payout ratio, but it is a fine way to play to get US exposure. They could get sold and they have attractive assets. It is a good hold from here.
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It is an asset class he favours. The US demand on apartments will continue to be strong. He is not as favourable to their structure and payout ratio, but it is a fine way to play to get US exposure. They could get sold and they have attractive assets. It is a good hold from here.
HOLD
HOLD
January 23, 2019
It looked like it was going to be taken over, but it did not go forward -- which may have been the driver to the sell off last year. He owns it still and likes how it held up during the market sell off. A good defensive play with a good yield. They have holdings in Texas, where there are lots of growth opportunities. He still likes the management team. Yield 6%.
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It looked like it was going to be taken over, but it did not go forward -- which may have been the driver to the sell off last year. He owns it still and likes how it held up during the market sell off. A good defensive play with a good yield. They have holdings in Texas, where there are lots of growth opportunities. He still likes the management team. Yield 6%.
COMMENT
COMMENT
May 29, 2018

They own apartments in the U.S. sunbelt like Dallas. They've done a good job of executing. The recent rogue takeover attempt did lead to a positive thing--the company has formed a committee to facilitate a possible sale. They own some good properties, but the stock is now expensive. Their last numbers were good. They raised rents and have few vacancies. But it's speculative now and you could lose.

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They own apartments in the U.S. sunbelt like Dallas. They've done a good job of executing. The recent rogue takeover attempt did lead to a positive thing--the company has formed a committee to facilitate a possible sale. They own some good properties, but the stock is now expensive. Their last numbers were good. They raised rents and have few vacancies. But it's speculative now and you could lose.

PAST TOP PICK
PAST TOP PICK
April 6, 2018

(A Top Pick May 25/17 Up 4%). On Monday this week a US company said it has put a bid out for the company. The price is rumoured at $9.70 Canadian. He is one of the largest shareholders in this company. The largest shareholder group is encouraging management to engage in the offer.

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(A Top Pick May 25/17 Up 4%). On Monday this week a US company said it has put a bid out for the company. The price is rumoured at $9.70 Canadian. He is one of the largest shareholders in this company. The largest shareholder group is encouraging management to engage in the offer.

COMMENT
COMMENT
April 3, 2018

Has a $7.25 target. We need rentals, which is where its cash flow comes from. Sustainable 6.3% yield. He hadn't heard of breaking news that Electra America proposes to acquire Pure at US$7.59 (CDN$9.79) per share.

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Has a $7.25 target. We need rentals, which is where its cash flow comes from. Sustainable 6.3% yield. He hadn't heard of breaking news that Electra America proposes to acquire Pure at US$7.59 (CDN$9.79) per share.

HOLD
HOLD
February 7, 2018

Do you see any dividend increases? They had a couple of soft quarters. He thinks the easy money in the US is gone. He thinks they have the funding to expand and it trades at good value. There is no ability to go higher. Would stand pat.

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Do you see any dividend increases? They had a couple of soft quarters. He thinks the easy money in the US is gone. He thinks they have the funding to expand and it trades at good value. There is no ability to go higher. Would stand pat.

COMMENT
COMMENT
October 19, 2017

Their asset class is one of the more coveted by institutions, because they are a form of lower income housing. Apartments, versus home ownership, is where a lot of people are migrating as people can’t get approval for mortgages. As a result, there has been significant rental growth in the US market, and homeownership continues to be at a multi-decade low. Hopefully that starts to reverse course, but in the interim, there is a lot of momentum for US apartments. Prefers Equity Residential (EQR-N). Dividend yield of 6%.

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Their asset class is one of the more coveted by institutions, because they are a form of lower income housing. Apartments, versus home ownership, is where a lot of people are migrating as people can’t get approval for mortgages. As a result, there has been significant rental growth in the US market, and homeownership continues to be at a multi-decade low. Hopefully that starts to reverse course, but in the interim, there is a lot of momentum for US apartments. Prefers Equity Residential (EQR-N). Dividend yield of 6%.

HOLD
HOLD
August 17, 2017

They report differently and more conservatively than other REITs and he believes the stock got hit inordinately. It will come back. One quarter does not change the business outlook. Don’t panic out of this. It will recover.

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They report differently and more conservatively than other REITs and he believes the stock got hit inordinately. It will come back. One quarter does not change the business outlook. Don’t panic out of this. It will recover.

TOP PICK
TOP PICK
May 25, 2017

A multifamily REIT of Class A rentals in the US in the Sunbelt. The majority of assets are in Texas, one of the fastest-growing states in the US. Rental prices have been going up. Recently announced a couple of acquisitions in Arizona. Good management. Dividend yield of 5.4%. (Analysts’ price target is $7.25.)

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A multifamily REIT of Class A rentals in the US in the Sunbelt. The majority of assets are in Texas, one of the fastest-growing states in the US. Rental prices have been going up. Recently announced a couple of acquisitions in Arizona. Good management. Dividend yield of 5.4%. (Analysts’ price target is $7.25.)

PAST TOP PICK
PAST TOP PICK
April 18, 2017

(A Top Pick Feb 3/16. Up 46%.) This got a little extra kick because of the Milestone REIT transaction. Milestone was a similar REIT, Texas apartments, and a transaction created a lot of interest in this company. It is no longer a fair value stock as it is trading closer to value now. 4.2% dividend yield.

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(A Top Pick Feb 3/16. Up 46%.) This got a little extra kick because of the Milestone REIT transaction. Milestone was a similar REIT, Texas apartments, and a transaction created a lot of interest in this company. It is no longer a fair value stock as it is trading closer to value now. 4.2% dividend yield.

COMMENT
COMMENT
February 3, 2017

Mostly Texas and Sunbelt properties. Very high quality apartment blocks. He likes this a lot and continues to think it is good value. Good management and good real estate.

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Mostly Texas and Sunbelt properties. Very high quality apartment blocks. He likes this a lot and continues to think it is good value. Good management and good real estate.

COMMENT
COMMENT
November 17, 2016

A small-cap apartment REIT, but all the apartments are in the US. The majority are in the Dallas area. You are benefiting from an amazing economy. Dallas is very vibrant and there are a lot of jobs.

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A small-cap apartment REIT, but all the apartments are in the US. The majority are in the Dallas area. You are benefiting from an amazing economy. Dallas is very vibrant and there are a lot of jobs.

COMMENT
COMMENT
October 18, 2016

(Market Call Minute.) A really undervalued REIT out of the US. Thinks there is significant upside in this. It is going to be hurt a little bit by rates, but the multi-family is going to be the best in this environment.

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(Market Call Minute.) A really undervalued REIT out of the US. Thinks there is significant upside in this. It is going to be hurt a little bit by rates, but the multi-family is going to be the best in this environment.

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