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Jeffrey F. Olin
President & CEO at Vision Capital Corporation
Member since: Jul '10 · 203 Opinions
Rating Card
| All | 
Rating
| 
Big Win
| 
Win
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Neutral
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Loss
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Big Loss
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|---|---|---|---|---|---|---|---|
| 0 | 7 16.67% | 9 21.43% | 6 14.29% | 15 35.71% | 5 11.90% | ||
| 1 Month | 0 | 0 0.00% | 5 55.56% | 1 11.11% | 3 33.33% | 0 0.00% | |
| 6 Months | 0 | 0 0.00% | 1 11.11% | 2 22.22% | 5 55.56% | 1 11.11% | |
| 12 Months | 0 | 1 11.11% | 1 11.11% | 2 22.22% | 4 44.44% | 1 11.11% | |
| 2 Years | 0 | 5 55.56% | 1 11.11% | 0 0.00% | 2 22.22% | 1 11.11% | |
| 5 Years | 0 | 1 16.67% | 1 16.67% | 1 16.67% | 1 16.67% | 2 33.33% |
Stock Opinions by Jeffrey F. Olin
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Loves this. They're in Ottawa, Montreal, and the GTA, benefiting from strong population growth. They buy undermanaged apartments, invest capital and fix them up. So, they can increase rents. They've done this for a long time. A darling that he's long owned. They're developing land with Brookfield around Burlington.
No question this is deep value. Their NAV is likely $27-28US (for the US BPY stock). But it'd been deep value for many years, and he doesn't see a catalyst to service that value. Some shareholders have lost patience. They're challenged because they own a lot of high-end malls. Some questioned them buying GGP Inc. last year. They have office buildings in New York and London, decent assets. Not great governance, a given Bermuda limited partnership. Buy BAM instead, which owns BPY. Nice dividend, but this is likely a value trap.
Defensive REIT that pays income. Nursing and retirement homes, mostly in Ontario (where there is a bed shortage of 35,000) and BC. Strong managers and good dividend. He expects the Ontario government will solve this shortage by mid-2020 (allow more nursing homes) that will benefit Sienna and CSH.UN-T. This is very defensive. You can sleep at night owning this.
(A Top Pick Jul 31/19, Up 14%) Super managers. The oldest, biggest REIT around. They are diversified. They own ERE.UN-X. They can easily build 10,000 apartments on land they currently own. Canada suffers from very low vacancies and strong demand for apartments in cities like Toronto, driven by immigrants, students and Boomers who are downsizing.
He likes it for being in multi-family rentals. It's challenged because it's controlled by Morguard Corp. Diversification is 43% in Canada, 57% in the United States. Nice dividend. Probably worth $22/share. But there's better value elsewhere like CAP REIT or BSR.
