H&R Real Estate Inv Trust | StockChase
421
H&R Real Estate Inv Trust (HR.UN-T)

Last Price Recorded: $21.0700 on 2017-12-15

ON STOCKCHASE SINCE May 2001

REIT (Offices)

property mngmnt/investment
421
H&R Real Estate Inv Trust (HR.UN-T)

Last Price Recorded: $21.0700 on 2017-12-15

ON STOCKCHASE SINCE May 2001

REIT (Offices)

property mngmnt/investment

H&R Real Estate Inv Trust


Signal Opinion Expert
COMMENT

He wouldn’t want to be heavily loaded with REITs. He only has one left, and it is commercial with all commercial properties. Be a little cautious over the next year. If it got below $20.21, that indicates there’s something else going on out there and the market doesn’t want to be in real estate anymore.

property mngmnt/investment

He wouldn’t want to be heavily loaded with REITs. He only has one left, and it is commercial with all commercial properties. Be a little cautious over the next year. If it got below $20.21, that indicates there’s something else going on out there and the market doesn’t want to be in real estate anymore.

property mngmnt/investment
Hap (Robert) Sneddon FCSI

Chief Portfolio Manager & Founder, Castlemoore Inc....

PricePrice
$21.110
Owned Owned
No

COMMENT

He likes this company. Very well diversified with a very attractive dividend yield. In recent years they’ve increased their US exposure. It is so well diversified that you can bank on pretty moderate but stable cash flow and cash flow growth for the foreseeable future.

property mngmnt/investment

He likes this company. Very well diversified with a very attractive dividend yield. In recent years they’ve increased their US exposure. It is so well diversified that you can bank on pretty moderate but stable cash flow and cash flow growth for the foreseeable future.

property mngmnt/investment
Andy Nasr

VP & Investment Strategist, Sentry Investments...

PricePrice
$20.980
Owned Owned
Yes

COMMENT

Announced they were going to make close to $1 billion in sales out of the US, and reinvest in multi-resident businesses. This is a strategy that is getting a little tired. His biggest issue is that they are so diversified, such as office, residential, redevelopment, Canada, US, it is too much for an analyst. Thinks they’ve been hurt by this.

property mngmnt/investment

Announced they were going to make close to $1 billion in sales out of the US, and reinvest in multi-resident businesses. This is a strategy that is getting a little tired. His biggest issue is that they are so diversified, such as office, residential, redevelopment, Canada, US, it is too much for an analyst. Thinks they’ve been hurt by this.

property mngmnt/investment
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$20.980
Owned Owned
No

COMMENT

You buy this for yield. Because interest rates are low and lots of investors are reaching for yield, most of these stocks are overbought. Incremental demand might not be there, which may be the reason it is just going sideways. There may be a slight chance of it going lower. Be absolutely disciplined and make sure of the level you want to get out. Don’t be fooled by the yield, because as the price goes lower, the yield goes up. Dividend yield of 6.4%.

property mngmnt/investment

You buy this for yield. Because interest rates are low and lots of investors are reaching for yield, most of these stocks are overbought. Incremental demand might not be there, which may be the reason it is just going sideways. There may be a slight chance of it going lower. Be absolutely disciplined and make sure of the level you want to get out. Don’t be fooled by the yield, because as the price goes lower, the yield goes up. Dividend yield of 6.4%.

property mngmnt/investment
William Chin

Portfolio manager, Caldwell Investment ...

PricePrice
$21.410
Owned Owned
Unknown

COMMENT

Largely a commercial and industrial manager of real estate assets, and for years and years a wonderful simple strategy. They would build a commercial building, mortgage it, lease it for 20 years and lock in a spread. It was predictable and it was great. They then branched out, and in 2008 had a near-death experience when they built the Bow office tower in Calgary. They almost ran out of money because they hadn’t locked up their financing. This is a low growth company. Distribution is growing, very slowly. It’s the kind of company that will suffer if interest rates grow. The 6% distribution is not a dividend and is taxed as other income, but is absolutely safe. This is only a yield play.

property mngmnt/investment

Largely a commercial and industrial manager of real estate assets, and for years and years a wonderful simple strategy. They would build a commercial building, mortgage it, lease it for 20 years and lock in a spread. It was predictable and it was great. They then branched out, and in 2008 had a near-death experience when they built the Bow office tower in Calgary. They almost ran out of money because they hadn’t locked up their financing. This is a low growth company. Distribution is growing, very slowly. It’s the kind of company that will suffer if interest rates grow. The 6% distribution is not a dividend and is taxed as other income, but is absolutely safe. This is only a yield play.

property mngmnt/investment
David Baskin

President, Baskin Wealth Manage...

PricePrice
$21.960
Owned Owned
Unknown

PAST TOP PICK

(A Top Pick Oct 21/16. Up 1%.) He chose this because of its cheap valuation and its long-term Alberta leases. The balance sheet has gotten slightly worse, but is still pretty good. Payout ratio is still pretty good at 81%. Trading at 12.7X 2017 versus its five-year average of 13.5X and its peers at around 13X.

property mngmnt/investment

(A Top Pick Oct 21/16. Up 1%.) He chose this because of its cheap valuation and its long-term Alberta leases. The balance sheet has gotten slightly worse, but is still pretty good. Payout ratio is still pretty good at 81%. Trading at 12.7X 2017 versus its five-year average of 13.5X and its peers at around 13X.

property mngmnt/investment
Greg Newman

Director & Portfolio Manager, Scotia Wealth Manage...

PricePrice
$21.620
Owned Owned
Yes

COMMENT

A well diversified REIT with good assets. His problem with REITs is that they get a valuation because of their payout, which is a little excessive, relative to the rest of the market. Trading at 12 to 15 times enterprise value to operating cash flow. There is no real organic growth in most of them. They are popular with investors because they pay out up to 90% of their Operating Cash flow as a yield.

property mngmnt/investment

A well diversified REIT with good assets. His problem with REITs is that they get a valuation because of their payout, which is a little excessive, relative to the rest of the market. Trading at 12 to 15 times enterprise value to operating cash flow. There is no real organic growth in most of them. They are popular with investors because they pay out up to 90% of their Operating Cash flow as a yield.

property mngmnt/investment
John Zechner

Chairman, J. Zechner & Assoc...

PricePrice
$21.840
Owned Owned
No

BUY

He has an 81% payout ratio on 2017/2018, which is pretty safe for a REIT. This is one you can buy now. Trades at a 13% discount to his NAV and has a decent growth rate of about 3%, versus 2.8% of its diversified peers. Its balance sheet isn’t bad with a 42% Debt to Fair Value.

property mngmnt/investment

He has an 81% payout ratio on 2017/2018, which is pretty safe for a REIT. This is one you can buy now. Trades at a 13% discount to his NAV and has a decent growth rate of about 3%, versus 2.8% of its diversified peers. Its balance sheet isn’t bad with a 42% Debt to Fair Value.

property mngmnt/investment
Greg Newman

Director & Portfolio Manager, Scotia Wealth Manage...

PricePrice
$21.400
Owned Owned
Unknown

WATCH

A well-managed REIT. There are a number of headwinds with interest rates going up, potential debt maturities coming due. They have some office space in Calgary which is a bit under pressure, but not catastrophic. Good income. A “wait and see” situation.

property mngmnt/investment

A well-managed REIT. There are a number of headwinds with interest rates going up, potential debt maturities coming due. They have some office space in Calgary which is a bit under pressure, but not catastrophic. Good income. A “wait and see” situation.

property mngmnt/investment
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$21.330
Owned Owned
Yes

PAST TOP PICK

(Top Pick Jul 12/16, Down 2.51%)  The cheapest valuation, trading below NAV.  He hangs on to it and this is a great entry point.  He thinks you are good for a year on REITs but not for 5 years.  Keep an eye on the rate outlook.

property mngmnt/investment

(Top Pick Jul 12/16, Down 2.51%)  The cheapest valuation, trading below NAV.  He hangs on to it and this is a great entry point.  He thinks you are good for a year on REITs but not for 5 years.  Keep an eye on the rate outlook.

property mngmnt/investment
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$21.350
Owned Owned
Yes

BUY

A good entry point. It has pulled back quite a bit, and for no fundamental reason. Generally, rising interest rates are not that favourable for REITs, but she is not anticipating a sharply rising interest rate environment. They are in commercial as well as some residential in the US. A well-run company. Dividend yield of 6.5%.

property mngmnt/investment

A good entry point. It has pulled back quite a bit, and for no fundamental reason. Generally, rising interest rates are not that favourable for REITs, but she is not anticipating a sharply rising interest rate environment. They are in commercial as well as some residential in the US. A well-run company. Dividend yield of 6.5%.

property mngmnt/investment
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$21.210
Owned Owned
Yes

HOLD

He likes it although it is not his favourite.  He holds it in all of his REIT funds.  Money has been reallocated due to the surprise increase in the interest rate by the BOC.  Money has been exiting this sector and this is the second biggest REIT in Canada.  If you are long term hold, then it is a safe long term hold.

property mngmnt/investment

He likes it although it is not his favourite.  He holds it in all of his REIT funds.  Money has been reallocated due to the surprise increase in the interest rate by the BOC.  Money has been exiting this sector and this is the second biggest REIT in Canada.  If you are long term hold, then it is a safe long term hold.

property mngmnt/investment
Robert Lauzon

Deputy Chief Investment Officer, Middlefield Capital ...

PricePrice
$20.210
Owned Owned
Yes

COMMENT

Not a big fan of the REIT space right now. There are a lot of headwinds facing it. You have higher interest rates, so margins are going to get compressed. There is also the Amazon (AMZN-Q) issue with retail storefronts closing down with everybody moving to e-commerce. He would rather look for something with a steadier growth behind it. Prefers the healthcare side of REITs.

property mngmnt/investment

Not a big fan of the REIT space right now. There are a lot of headwinds facing it. You have higher interest rates, so margins are going to get compressed. There is also the Amazon (AMZN-Q) issue with retail storefronts closing down with everybody moving to e-commerce. He would rather look for something with a steadier growth behind it. Prefers the healthcare side of REITs.

property mngmnt/investment
Ryan Modesto

Managing Partner, 5i Research...

PricePrice
$20.920
Owned Owned
Unknown

BUY

A good company. A diversified REIT with some office properties and retail properties. They’ve increased their US exposure and now have a lot of apartments there. You are getting a very well diversified company that has a very good management team and a strong balance sheet. The weighted average lease term is 5.5 years, so there is some good visibility in terms of debt renewals. It trades at a discount to NAV.

property mngmnt/investment

A good company. A diversified REIT with some office properties and retail properties. They’ve increased their US exposure and now have a lot of apartments there. You are getting a very well diversified company that has a very good management team and a strong balance sheet. The weighted average lease term is 5.5 years, so there is some good visibility in terms of debt renewals. It trades at a discount to NAV.

property mngmnt/investment
Andy Nasr

VP & Investment Strategist, Sentry Investments...

PricePrice
$20.920
Owned Owned
Yes

COMMENT

Trading around 13.5X in 2017, versus the universe at around 16X. This is quality and has a decent growth rate of around 3.5%. It has a pretty good balance sheet. 85% payout ratio. At these levels you could write a Put, oblige yourself to own it at $21 and get paid $1. You probably won’t get Put in, but if you did, you would be owning an asset at a really good level that is paying a 6%+ sustainable dividend. A good name to be picking up.

property mngmnt/investment

Trading around 13.5X in 2017, versus the universe at around 16X. This is quality and has a decent growth rate of around 3.5%. It has a pretty good balance sheet. 85% payout ratio. At these levels you could write a Put, oblige yourself to own it at $21 and get paid $1. You probably won’t get Put in, but if you did, you would be owning an asset at a really good level that is paying a 6%+ sustainable dividend. A good name to be picking up.

property mngmnt/investment
Greg Newman

Director & Portfolio Manager, Scotia Wealth Manage...

PricePrice
$21.150
Owned Owned
Unknown

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1 Comment

Allan Langille

January 24th 2017 at 6:18am

LOUSY PAYOUT RATIO (PRICE/P:E) - They earn far less than than what they pay in dividends.


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