Stock Opinions by Jeffrey F. Olin - Stockchase Experts
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Jeffrey F. Olin

On Stockchase since : Jul 2010

President & CEO at Vision Capital Corporation

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Stock Opinions by Jeffrey F. Olin - Stockchase Experts

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COMMENT
Temple Hotels(TPH-T) 

December 21, 2011

Very focused on hotels in Western Canada and, particularly, in Fort McMurray so it is a very leveraged bet on economic conditions and hotel market in particular in Fort McMurray. There are some risks to it. Good yield of 10.3%. Payout ratio indicates they are overpaying. Reasonable investment, but a high risk/high reward situation.
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Very focused on hotels in Western Canada and, particularly, in Fort McMurray so it is a very leveraged bet on economic conditions and hotel market in particular in Fort McMurray. There are some risks to it. Good yield of 10.3%. Payout ratio indicates they are overpaying. Reasonable investment, but a high risk/high reward situation.
REAL ESTATE
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$4.650
Owned Owned
Unknown

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DON'T BUY
KEYreit(KRE.UN-T) 

December 21, 2011

He has been Short this stock for some time. They had a big concentration of tenancy to Prism, which has had financial troubles and they are disclaiming leases and has some short-term capital issues there. Very high risk and he does not believe the yield is sustainable.
income trust
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He has been Short this stock for some time. They had a big concentration of tenancy to Prism, which has had financial troubles and they are disclaiming leases and has some short-term capital issues there. Very high risk and he does not believe the yield is sustainable.
income trust
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$4.820
Owned Owned
Yes

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COMMENT
General Market Comment 

December 21, 2011

Canadian housing bubble? What is different about the Canadian residential housing market is that housing is bought by folks for the right reasons i.e. people that want to live in them as their principal residence. They are not overleveraged unlike the US. The incentive is to pay down the mortgage as quickly as possible. He doesn't see a housing bubble. There is positive immigration, people have jobs and they need a place to live.
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Canadian housing bubble? What is different about the Canadian residential housing market is that housing is bought by folks for the right reasons i.e. people that want to live in them as their principal residence. They are not overleveraged unlike the US. The incentive is to pay down the mortgage as quickly as possible. He doesn't see a housing bubble. There is positive immigration, people have jobs and they need a place to live.
Unknown
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT
Investing in their debt? Largest Canadian REIT and is focused on shopping centers. People are looking for yield and safety of principal and you get it with this company. If you are looking for a reliable, safe, predictable income stream where you can sleep at night, this is a good call.
property mngmnt/investment
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Investing in their debt? Largest Canadian REIT and is focused on shopping centers. People are looking for yield and safety of principal and you get it with this company. If you are looking for a reliable, safe, predictable income stream where you can sleep at night, this is a good call.
property mngmnt/investment
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$26.150
Owned Owned
Unknown

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COMMENT
Extendicare Inc(EXE-T) 

December 21, 2011

Doesn't follow this activity because they have a huge exposure to the US nursing home sector, which has been a minefield of problems over a 15 year period. They are at the vagaries of government policy, which changes rapidly. He is also less favourably inclined to the US. A much better bet would be Leisureworld (LW-T).
other services
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Doesn't follow this activity because they have a huge exposure to the US nursing home sector, which has been a minefield of problems over a 15 year period. They are at the vagaries of government policy, which changes rapidly. He is also less favourably inclined to the US. A much better bet would be Leisureworld (LW-T).
other services
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$8.250
Owned Owned
Unknown

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COMMENT
Focused in Ontario. 7.7% dividend is reliable. Well-managed. Cheap.
other services
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Focused in Ontario. 7.7% dividend is reliable. Well-managed. Cheap.
other services
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$11.010
Owned Owned
Unknown

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COMMENT
Smart REIT(SRU.UN-T) 

December 21, 2011

Has done well and has very high occupancy. Uniquely positioned in a power center industry. Have a very significant strategic relationship with Smart Centers which is a competitive advantage in terms of pipeline and expertise. You can sleep well at night holding this one. 5.8% yield is safe and predictable. Strong management. Fully valued but if you are looking for a steady distribution play, this is a decent name.
investment companies/funds
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Has done well and has very high occupancy. Uniquely positioned in a power center industry. Have a very significant strategic relationship with Smart Centers which is a competitive advantage in terms of pipeline and expertise. You can sleep well at night holding this one. 5.8% yield is safe and predictable. Strong management. Fully valued but if you are looking for a steady distribution play, this is a decent name.
investment companies/funds
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$26.450
Owned Owned
Yes

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PAST TOP PICK
OneREIT(ONR.UN-T) 

December 21, 2011

(A Top Pick Jan 18/11. Up 5.15%.) Still likes it but he sold most of his position. Has a very nice distribution of 8.6%. They are overpaying their distribution but he believes they are going to grow into it. There was some disappointment when only one of their 8 Zellers’ stores was picked up by Target.
investment companies/funds
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(A Top Pick Jan 18/11. Up 5.15%.) Still likes it but he sold most of his position. Has a very nice distribution of 8.6%. They are overpaying their distribution but he believes they are going to grow into it. There was some disappointment when only one of their 8 Zellers’ stores was picked up by Target.
investment companies/funds
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$5.240
Owned Owned
Yes

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TOP PICK
Mainstreet Equity Corp(MEQ-T) 

December 21, 2011

(A Top Pick Jan 18/11. Up 45.63%.) Unique in that it is a corporation, not a REIT. They don't pay a dividend. Have grown from 272 apartment units in 1998 to about 7800 units with a net equity capital of $10 million. Focused in Western Canada. Appraised value of $42.80 a share and he thinks it will get to the $33 range. No dividend.
property mngmnt/investment
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(A Top Pick Jan 18/11. Up 45.63%.) Unique in that it is a corporation, not a REIT. They don't pay a dividend. Have grown from 272 apartment units in 1998 to about 7800 units with a net equity capital of $10 million. Focused in Western Canada. Appraised value of $42.80 a share and he thinks it will get to the $33 range. No dividend.
property mngmnt/investment
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$22.500
Owned Owned
Yes

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PAST TOP PICK
Morguard Corporation(MRC-T) 

December 21, 2011

(A Top Pick Jan 18/11. Up 52.2%.) 8th largest real estate entity with 18,000,000 ft.². Diversified into different asset classes. The independent appraised value is $140 a share. Still a Buy.
property mngmnt/investment
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(A Top Pick Jan 18/11. Up 52.2%.) 8th largest real estate entity with 18,000,000 ft.². Diversified into different asset classes. The independent appraised value is $140 a share. Still a Buy.
property mngmnt/investment
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$72.700
Owned Owned
Yes

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HOLD
Partners REIT(PAR.UN-T) 

December 21, 2011

In the commercial space. Have some decent retail centers. Not his favourite name but wouldn't hesitate to hold it if he owned it. His concern is that it is externally managed. There are better names. 8.69% dividend.
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In the commercial space. Have some decent retail centers. Not his favourite name but wouldn't hesitate to hold it if he owned it. His concern is that it is externally managed. There are better names. 8.69% dividend.
REAL ESTATE
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$1.840
Owned Owned
No

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BUY
Apartments. Have gone through some transition in the last year by internalizing management. Management is competent. Thinks the distribution is sustainable.
REAL ESTATE
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Apartments. Have gone through some transition in the last year by internalizing management. Management is competent. Thinks the distribution is sustainable.
REAL ESTATE
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$11.480
Owned Owned
Unknown

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COMMENT
General Market Comment 

December 21, 2011

Real estate operating corporations versus REITs? The major difference is that REITs are a more tax efficient structure. Wouldn't be fussed about the difference.
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Real estate operating corporations versus REITs? The major difference is that REITs are a more tax efficient structure. Wouldn't be fussed about the difference.
Unknown
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT
Medical office buildings. Outstanding management and quite acquisitive. Has been some pressure on their unit price recently because of some overhang from expectation that they are going to do an equity issue but management has stated there is nothing imminent in this regard. They were overpaying but will cover the distribution next year.
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Medical office buildings. Outstanding management and quite acquisitive. Has been some pressure on their unit price recently because of some overhang from expectation that they are going to do an equity issue but management has stated there is nothing imminent in this regard. They were overpaying but will cover the distribution next year.
REAL ESTATE
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$11.190
Owned Owned
Unknown

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HOLD
Plaza Retail REIT(PLZ.UN-T) 

December 21, 2011

Great company and great management. Fairly valued at these levels. Suffers because it is not the most liquid name but expect liquidity will increase as they've had an increase in research coverage lately. 4.9% yield.
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Great company and great management. Fairly valued at these levels. Suffers because it is not the most liquid name but expect liquidity will increase as they've had an increase in research coverage lately. 4.9% yield.
REAL ESTATE
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Jeffrey F. Olin

President , Vision Capital Corpo...

Price Price
$4.400
Owned Owned
Unknown

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