Signature Global Asset Management, CI Investments
Reveal Expert RatingLatest Top Picks
What makes a good real estate stock? Over time, most stocks that trade at a discount to NAV are due to mismanagement. It's not good enough to increase occupancy and rent, but it's what managerment does with that
capital, like overpaying management or issuing equity improperly. So, this discount to NAV will persist. Can I invest directly in a property instead of a real estate stock? He doesn't like REITs that pay high dividends, actually. In fact, those that pay low dividends generate outsized NAV. Real estate demands a lot of capital to operate. Buying a property itself--are you comfortable manintaing/fixing that property all the time? Also, how much yield/profit are you really earning by renting out? 1.5% vs. a 5% yield from a REIT?
What makes a good real estate stock? Over time, most stocks that trade at a discount to NAV are due to mismanagement. It's not good enough to increase occupancy and rent, but it's what managerment does with that
capital, like overpaying management or issuing equity improperly. So, this discount to NAV will persist. Can I invest directly in a property instead of a real estate stock? He doesn't like REITs that pay high dividends, actually. In fact, those that pay low dividends generate outsized NAV. Real estate demands a lot of capital to operate. Buying a property itself--are you comfortable manintaing/fixing that property all the time? Also, how much yield/profit are you really earning by renting out? 1.5% vs. a 5% yield from a REIT?
Good management, assets and balance sheet. Killam is enjoying the housing shortage by capturing growth in rentals. The stock has run quite a bit, so maybe trim a bit here. There's still room to grow. Killam picks up existing apartment
buildings then injects some money into them.
Good management, assets and balance sheet. Killam is enjoying the housing shortage by capturing growth in rentals. The stock has run quite a bit, so maybe trim a bit here. There's still room to grow. Killam picks up existing apartment
buildings then injects some money into them.
It's doing well in European markets that are still catching up to North America. European office markets' fundamentals have lagged ours. You'll be fine with this. But management may consider an equity raise. He really likes the office space in France and Spain.
It's doing well in European markets that are still catching up to North America. European office markets' fundamentals have lagged ours. You'll be fine with this. But management may consider an equity raise. He really likes the office space in France and Spain.
Fine to hold for the dividend, though there are better REITs. Experienced management that will maintain the yield. They are improving their portfolio. You're fine to own this.
Fine to hold for the dividend, though there are better REITs. Experienced management that will maintain the yield. They are improving their portfolio. You're fine to own this.
Canadian REITs have outperformed US ones for two years, 14% vs. flat in the same interest rate environment. Why? The U.S. had a strong run-up in fundamentals coming out of the recession. Demand was strong and supply was in cheque, so owners could demand higher rents. Investors latched onto this trend until 2016, when the growth names in FANG stocks stole investors from U.S. REITs. In contrast, Canadians love REITs and supply has remained in check.
Canadian REITs have outperformed US ones for two years, 14% vs. flat in the same interest rate environment. Why? The U.S. had a strong run-up in fundamentals coming out of the recession. Demand was strong and supply was in cheque, so owners could demand higher rents. Investors latched onto this trend until 2016, when the growth names in FANG stocks stole investors from U.S. REITs. In contrast, Canadians love REITs and supply has remained in check.
The easy money has been made with the support of global QE. Now, you have to stick to the true winners, so go stock-specific. Choice Properties is good for that, the Loblaw-sponsored REIT with Loblaw as the main tenant that acquired CREIT earlier this year. The synergy is amazing. This will shape real estate in Canada whereby tenants will colllaborate with landlords as collaborators who together who find the best use of space to benefit both parties.
The easy money has been made with the support of global QE. Now, you have to stick to the true winners, so go stock-specific. Choice Properties is good for that, the Loblaw-sponsored REIT with Loblaw as the main tenant that acquired CREIT earlier this year. The synergy is amazing. This will shape real estate in Canada whereby tenants will colllaborate with landlords as collaborators who together who find the best use of space to benefit both parties.
They're in the right place at the right time with a shift to industrial. Vacancy rates are at 10-year lows in eastern Canada where Summit deal. Summit will capture market rent growth as they roll their tenants over time. But there is an external management agreement that is one of the most egregious out there, so hold your nose. There will be leakage of fees paid to external managers. Summit will likely internalize the management team.
They're in the right place at the right time with a shift to industrial. Vacancy rates are at 10-year lows in eastern Canada where Summit deal. Summit will capture market rent growth as they roll their tenants over time. But there is an external management agreement that is one of the most egregious out there, so hold your nose. There will be leakage of fees paid to external managers. Summit will likely internalize the management team.
A sub-sector he likes in the U.S. are single-family homes. Institutional investors bought up distressed homes during the Recession, then rented out those homes after that period. AMH is a major player in this space and it's trading at a discount to NAV now.
A sub-sector he likes in the U.S. are single-family homes. Institutional investors bought up distressed homes during the Recession, then rented out those homes after that period. AMH is a major player in this space and it's trading at a discount to NAV now.
A sub-sector he likes in the U.S. are single-family homes. Institutional investors bought up distressed homes during the Recession, then rented out those homes after that period. INVH is a major player in this space and it's trading at a discount to NAV now.
A sub-sector he likes in the U.S. are single-family homes. Institutional investors bought up distressed homes during the Recession, then rented out those homes after that period. INVH is a major player in this space and it's trading at a discount to NAV now.
You're buying this for the new CEO, not its assets. It was an industrial REIT and was the real estate entity of Magna. It's since diversified out of it. Granite doesn't have much leverage to expand into other industrial assets. It brought in the CEO of Pure Industrial REIT who is the right person in place. Are you too far along in the industrial real estate cycle for him to go out and find value? He thinks the industrial story has legs. He likes Granite. But it when it sells off a bit. Makes sense long term.
You're buying this for the new CEO, not its assets. It was an industrial REIT and was the real estate entity of Magna. It's since diversified out of it. Granite doesn't have much leverage to expand into other industrial assets. It brought in the CEO of Pure Industrial REIT who is the right person in place. Are you too far along in the industrial real estate cycle for him to go out and find value? He thinks the industrial story has legs. He likes Granite. But it when it sells off a bit. Makes sense long term.
It's getting swept up in the same issue as its peers, like Riocan and Choice Properties--all high-quality REITs that hold retail. In the U.S. there's been a mass sell-off of retail. All such REITs have been swept up in this sell-off and are trading at discounts to NAV. Recently, these REITs have rebounded though. All are selling assets and reinvesting that cash in their core locations. This includes Crombie. But these are long-term projects. Steady over the long-term to own, though don't expect a spike anytime soon.
It's getting swept up in the same issue as its peers, like Riocan and Choice Properties--all high-quality REITs that hold retail. In the U.S. there's been a mass sell-off of retail. All such REITs have been swept up in this sell-off and are trading at discounts to NAV. Recently, these REITs have rebounded though. All are selling assets and reinvesting that cash in their core locations. This includes Crombie. But these are long-term projects. Steady over the long-term to own, though don't expect a spike anytime soon.
The parent, Brookfield, creates a lot of value over time. Long story short, BPY.UN could remain frustrating for investors for six months during this complicated GGP deal. In the long-run, this should create a lot of growth for this REIT. He thinks Brookfield considers BPY as their number one flagship vehicle.
The parent, Brookfield, creates a lot of value over time. Long story short, BPY.UN could remain frustrating for investors for six months during this complicated GGP deal. In the long-run, this should create a lot of growth for this REIT. He thinks Brookfield considers BPY as their number one flagship vehicle.
They can widen their moat. Brookfield can raise a lot of money in the asset classes they manage. The cash and brand compounds, earning the trust of sovereign wealth funds, etc. (1.4% dividend yield)
They can widen their moat. Brookfield can raise a lot of money in the asset classes they manage. The cash and brand compounds, earning the trust of sovereign wealth funds, etc. (1.4% dividend yield)
They specialize in technology and life-sciences clusters. Their tenants will be repatriation cash, so ARE's partnership with these tenants will create value and rent growth. (2.9% dividend yield)
They specialize in technology and life-sciences clusters. Their tenants will be repatriation cash, so ARE's partnership with these tenants will create value and rent growth. (2.9% dividend yield)
Well-know player in the industrial space. 1-2% of global GDP flows through their buildings. They will lead who rents are set in the industrial space. Huge in Asia, Europe and North America. (3% dividend yield)
Well-know player in the industrial space. 1-2% of global GDP flows through their buildings. They will lead who rents are set in the industrial space. Huge in Asia, Europe and North America. (3% dividend yield)
