Opinions by Charles Dillingham | StockChase
693
Charles Dillingham

Vice President and Portfolio Manager

ON STOCKCHASE SINCE Jun 2003

Morguard Financial


Opinions by Charles Dillingham


Signal Opinion Expert Chart

2012-10-29

N/A
A Comment -- General Comments From an Expert 

Markets. Performance of REITs has been great. Mid 20's and higher returns. He has about 8% cash. He never sees any upside – it just happens. He doesn't know how you produce growth from here. Some REITs will have to raise yield to avoid paying taxes.

Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $0.020
Owned: _N/A

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2012-10-29

BUY
Artis Real Estate Investment Trust (AX.UN-T)

Management keeps on surprising everyone. Has added to his positions recently. Payout ratio have been a little bit high, as has debt but they have worked them down. He is not worried about the distribution coming down.

property mngmnt/investment
Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $16.280
Owned: Yes

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2012-10-29

TOP PICK
Brookfield Asset Management (A) (BAM.A-T)

(Top Pick Oct 18/11, Up 27.21%) They are working their agenda. Exposure in England, Australia, Latin America. Everything they have brings in income. Chart is starting to look good. Can survive the bad weather as they did last time. If we get into a global recession, you don't want to stay in this one.

management/diversified
Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $34.400
Owned: Yes

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2012-10-29

BUY on WEAKNESS
Brookfield Office Properties (BPO-T (Dead))

Parent is creating a new company where they will spin out a bunch of their companies' shares into the one unit. At some point down here it will be a good buy.

property mngmnt/investment
Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $15.370
Owned: Unknown

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2012-10-29

DON'T BUY
Brookfield Residential Property (BRP-T (Dead))

Too illiquid for him to get into.  Can easily get fees on house sales. 

REAL ESTATE
Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $16.980
Owned: No

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2012-10-29

BUY
Canadian Apartment Properties (CAR.UN-T)

It keeps on bouncing off its high. All of them have done well. Analysis are saying to sell board walk and to buy this one because it has underperformed. These guys are fine. They have expanded a lot.

investment companies/funds
Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $24.380
Owned: Unknown

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2012-10-29

PAST TOP PICK
Dream Office REIT (D.UN-T)

(Top Pick Oct 18/11, Up 22.99%) They have been very active. Recently just split their industrial side out into an industrial REIT. There's a lot happening. They are very good at taking things over and managing them.

property mngmnt/investment
Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $36.730
Owned: Yes

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2012-10-29

TOP PICK
First Capital Realty (FCR-T)

Everyone is mad at them. They have come with too many issues. Have been selling a bunch of properties that don't make sense. They are constantly creating value.

property mngmnt/investment
Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $18.180
Owned: Yes

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2012-10-29

TOP PICK
Canadian Real Estate Investment (REF.UN-T)

3.6%. 3 different asset categories. Restructuring themselves. Really good growth coming. Speculation is that they will have to increase distributions just to avoid tax.

investment companies/funds
Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $41.690
Owned: Yes

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2012-10-29

PAST TOP PICK
TransGlobe Apartment REIT (TGA.UN-T (Dead))

(Top Pick Oct 18/11, Up 32.34%)

REAL ESTATE
Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $0.000
Owned: No

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2012-10-29

DON'T BUY
True North Apartment REIT (TN.UN-T (Dead))

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.

REAL ESTATE
Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $4.250
Owned: Unknown

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2012-08-08

COMMENT
A Comment -- General Comments From an Expert 

Interest rates. Low rates have never been better and have been a phenomenal period. REIT sector has been able to refinance at lower and lower rates. Yields are great and the risk rate of return is phenomenal. There are a lot of signs that things are gradually improving.

Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $0.020
Owned: Unknown

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2012-08-08

COMMENT
A Comment -- General Comments From an Expert 

Asset allocation in a REIT portfolio? First of all, you have to be diversified. Then you look for the best names and identify the best management. He is the most swinging is in the US because they are you can get prime downtown New York offices and then you can get apartments. Go for the good ones which will compound your returns.

Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $0.020
Owned: Unknown

Must be logged in to use chart

2012-08-08

COMMENT
A Comment -- General Comments From an Expert 

Valuations of REITs in general using Riocan (REI.UN-T) as an example. Trading at a 43% premium to its NAV, which is pretty high. 4.8% yield has been higher in the past. Are these REITs still worth buying and is this the top of the market? This is back up to the peak it was in 2007, but they have all grown, matured and have better balance sheets than they had before. The question is, for the long-term can it generate interest? Payout ratio is not too bad. They have done a lot to bring their debt down. Very innovative in some of their projects. Wouldn't worry about the NAV.

Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $0.020
Owned: Unknown

Must be logged in to use chart

2012-08-08

COMMENT
Allied Properties REIT (AP.UN-T)

This is a unique Canadian REIT that has wonderful assets in major cities, Montréal and Toronto particularly that are very well located. Doing a join venture with RioCan (REI.UN-T) which is progressive and positive. Stock has moved a lot and is pricey, but over time you will do well because they are doing the right stuff. If you are a long-term investor, this is a Buy.

investment companies/funds
Charles Dillingham

Vice President and Portfolio Manager, Morguard Financial

Price: $29.870
Owned: Unknown

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