Opinions by Derek Warren | StockChase
729
Derek Warren

Asst Vice President

ON STOCKCHASE SINCE Jun 2013

Lincluden Investment Mgmnt


Opinions by Derek Warren



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Signal Opinion Expert Chart

2017-04-18

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

REITs. REITs have been more stable than the broad market because of the income component. A lot of that has been aided by lower interest rates over the last 10 years. Returns for the next 10 years will not be as strong as the previous 10. There will be a little more volatility, so you want to Buy dips and Sell peaks. Focus on your yield and you will get that plus a little bit.

Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $0.020
Owned: _N/A

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2017-04-18

HOLD
Pure Industrial Real Estatetrust Trust (AAR.UN-T)

The trend that has been pushing names like this up, is the e-commerce trend. This is a fantastic company, a little pricey right now. It has done a great job of aligning itself with FedEx. There is going to be a point where that exhausts itself, which is when you can expect the price to pull back. However, there is no reason why you would want to sell a company that is doing so well and was such a good future going forward. It has brought its debt down and its earnings are very steady, and it could be very much a perpetual hold.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $6.450
Owned: Yes

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2017-04-18

TOP PICK
Acadia Realty Trust (AKR-N)

Feels the 3 top picks have probably lagged the market unfairly. In the US, all retail REITs have been destroyed. This one has been beaten up too much. It is very rare to get this REIT at a discount. It has SOHO, Brooklyn, Chicago street front retail. It is irreplaceable real estate. Trading at a discount to NAV. Dividend yield of 3.3%. (Analysts’ price target is $35.50.)

REAL ESTATE
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $31.720
Owned: Yes

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2017-04-18

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

Preferreds. The common stocks have done very well lately. They expanded into the US at the right time, which has helped provide stability. The common stock is yielding about 8%, and you may find by switching from the preferreds to the common, you get a similar yield plus upside, as opposed to the preferred which will be capped. You might want to talk to a financial advisor as some of the tax treatment might be different.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $13.670
Owned: Unknown

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2017-04-18

PAST TOP PICK
Brookfield Property Partners (BPY.UN-T)

(A Top Pick Feb 3/16. Up 13%.) A great company, and still cheap, trading at a significant discount. When you buy this, you are buying a collection of very high quality real estate assets around the world.

REAL ESTATE
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $30.670
Owned: Yes

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2017-04-18

COMMENT
BTB Real Estate Investment Trust (BTB.UN-T)

An investment in this is an investment in Québec, so you have to be favourable to the Québec marketplace, which he is. One of the struggles he has with this is that when you are a small REIT, you can have high debts or a high yield ratio. In this case, it has both. However, they know the real estate market very well. If you think the Québec economy is going to continue to improve, this is a good way to do it. Dividend yield of 8.6%.

income trust
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $4.870
Owned: No

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2017-04-18

COMMENT
CT Real Estate Invest Trust (CRT.UN-T)

Holds Canadian Tire real estate as well as some of the properties. A great company. They have good growth built into their leases and a very good real estate management team. This has been flat for about a year, and is starting to look more attractive. They continue to do very well on their earnings. Many retailers have faced issues, but this is not one of them. However, if that happens, you will end up with buildings in very, very small towns.

Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $14.730
Owned: No

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2017-04-18

COMMENT
Chartwell Seniors Housing (CSH.UN-T)

A big fan of management and their story. People are getting older and need someone to take very good care of them, and this is a very good operator. The real estate component looks very attractive as well. The stock is fairly valued, perhaps a little bit rich, but he continues to hold at these levels. If there was a significant real estate correction, this company would be affected along with others in senior residences. 3.7% dividend yield.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $15.740
Owned: Yes

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2017-04-18

TOP PICK
Cominar Real Estate Inv Tr (CUF.UN-T)

Feels the 3 top picks have probably lagged the market unfairly. He sees an improving Québec economy, and this is the largest landlord in Québec. Management has gone through some decisions over the last 2 years that were not great, when they tried to grow too aggressively. However, they have said they are done and are now focusing internally on the company. Payout ratio is a little high, but there is some visibility in the future leases that are signed but not yet economically contributing to the income statement. If you have a 3-year hold, buying in the $14 range is going to give you a very solid yield, and it will skate through over the next couple of years. Dividend yield of 10%. (Analysts’ price target is $15.)

investment companies/funds
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $14.730
Owned: Yes

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2017-04-18

DON'T BUY
Dream Office REIT (D.UN-T)

Not a name for a yield investor even though it has an attractive yield, as it is going through a lot of transitions. He has warned about owning stocks through transition periods. A great company with great management, however when you start churning the amount of assets they have, they are selling billions of dollars of assets with a hope to redeploy them. Feels the dividend could be cut again. Dividend yield of 7.5%.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $20.140
Owned: No

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2017-04-18

COMMENT
Dream Industrial REIT (DIR.UN-T)

Industrial markets are really hot. There is a lot of growth in rents and a lot of demand from tenants. A lot of this is coming from a push of the e-commerce world, where they need more logistics, more FedExes, etc. It will also start affecting smaller centres such as this company has, as people try to have same day delivery. The yield is very sustainable and the balance sheet is okay. Over the next couple of quarters, he is looking to see a little bit more of the transition improving economics of the revenue and rent lines. A good name. Dividend yield of 8.3%.

REAL ESTATE
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $8.460
Owned: Yes

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2017-04-18

COMMENT
Equity Residential (EQR-N)

This has gone through significant transactions over the last 2 years, going from the “everything” Reit in apartments, to really focusing on the coastal market. He prefers Camden Property Trust (CPT-N). The US apartment REITs have been flat, and there is a bit of concern that people will be buying houses instead of renting. This is fine for a Hold, but he wouldn’t hold your breath thinking it is going to leap up to new highs.

REAL ESTATE
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $64.390
Owned: No

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2017-04-18

TOP PICK
First Capital Realty (FCR-T)

Feels the 3 top picks have probably lagged the market unfairly. This has lagged for a number of reasons. There is a bit of a concern on the retail market in general, but he would argue that their locations are highly resilient. They’ve had their guidance lowered a little because of some of the acquisitions they did, some developments cost a fair bit of money. However, long term, this is going to work out very well. Thinks management has got the message that they need to provide more FFO per share growth over the next couple of quarters. The previous CEO has been selling which has put some pressure on the stock, but has nothing to do with the valuation of the company. Dividend yield of 4.2%. (Analysts’ price target is $23.)

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $20.350
Owned: Yes

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2017-04-18

DON'T BUY
HealthLease Properties REIT (HLP.UN-T (Dead))

Seniors accommodation, skilled nursing facilities, hospital outpatient accommodation, etc. The US market is much more complicated than what we are familiar with regarding their healthcare system. He has had a lot of difficulty understanding this company’s business. If large companies are having difficulty understanding these businesses, you may have the same difficulty.

REAL ESTATE
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $14.190
Owned: Unknown

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2017-04-18

COMMENT
Killam Properties Inc (KMP.UN-T)

Apartment REITs have done very well lately. He likes this a lot, because it has always traded at a discount to its peer group. It’s always tended to have a little higher leverage. Buying more properties in Ontario as well as reducing the debt on its balance sheet, and yet it has not received the multiple pick up. A great story for a re-rating.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $13.140
Owned: Yes

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