Andrew Moffs
Member since: Nov '19
Senior Vice President and Portfolio Manager at
Vision Capital
Vision Capital
95 Opinions
Latest Top Picks
(A Top Pick Apr 30/20, Up 11%) He continues to own it. He is a very large holder. He thinks highly of management. It trades at a large discount to NAV.
(A Top Pick Apr 30/20, Up 12%) Post-pandemic there is a trend of de-urbanization. People desire more open space rather elevators. This, coupled with work-from-room, caused single family rentals to really take off. It still trades at a discount to NAV.
(A Top Pick Apr 30/20, Up 13%) It is US assets listed on the TSX. They have large warehouses to deal with eCommerse, which is rising post-pandemic. It still has quite a bit of upside.
They are primarily focused on residential single family homes in the US. They focus more mid-market than their peers. The rents are lower so affordable for tenants today. About 98% occupied. There has been a lot of demand for people leaving high rises for single family homes. (Analysts’ price target is $11.39)
In a week or so it will graduate to the TSX. This is a great company, focused on apartments in the Netherlands, a country with a severe housing shortage. There is no competition. There is a rent control system like ours, in the Netherlands, but they get very attractive rent increases. There is a very attractive, internal growth and first mover advantage. (Analysts’ price target is $4.89)
Signal
Opinion
Expert
Chart
N/A
N/A
June 25, 2020
Market. Markets sold off indiscriminately in March and as markets rebounded, not all real estate entities are the same. Are the prices of buildings off 30%? What geographies should one be focused on: Residential rental, industrial warehouse space, and different classes within residential. He focuses on cash flows and their dependabilities. Yields have gone higher, making them more attractive, but he looks at cash flow because they can cut dividends. It has been a desired asset class for 15-20 years by pensions and institutions globally. We are in for lower for longer interest rates. Those real estate classes will capture inflation when it goes higher. There is a lot of capital sitting on the side lines waiting to get into real estate.
Show full opinionHide full opinion
Market. Markets sold off indiscriminately in March and as markets rebounded, not all real estate entities are the same. Are the prices of buildings off 30%? What geographies should one be focused on: Residential rental, industrial warehouse space, and different classes within residential. He focuses on cash flows and their dependabilities. Yields have gone higher, making them more attractive, but he looks at cash flow because they can cut dividends. It has been a desired asset class for 15-20 years by pensions and institutions globally. We are in for lower for longer interest rates. Those real estate classes will capture inflation when it goes higher. There is a lot of capital sitting on the side lines waiting to get into real estate.
HOLD
HOLD
June 25, 2020
It is in the right sector. We are in the earlier innings of a whole change in the supply chains. It has recovered off its lows and is a safe hold. Longer term this is a really good stock to own. The distribution is quite safe.
Show full opinionHide full opinionIt is in the right sector. We are in the earlier innings of a whole change in the supply chains. It has recovered off its lows and is a safe hold. Longer term this is a really good stock to own. The distribution is quite safe.
REAL ESTATE
BUY
BUY
June 25, 2020
It trades at a discount. It focuses on key urban centers. It benefited from strong net immigration and this will pause short term. He believes immigration should continue going forward. Every time a tenant moves out they can move the rent higher.
Show full opinionHide full opinionIt trades at a discount. It focuses on key urban centers. It benefited from strong net immigration and this will pause short term. He believes immigration should continue going forward. Every time a tenant moves out they can move the rent higher.
REAL ESTATE
BUY
BUY
June 25, 2020
They recently issued equity to take advantage of opportunities. Stock price is close to net asset value. They might be chopping in the short term because of downtown assets in Montreal. They are focused on the right geographies and have great management.
Show full opinionHide full opinionThey recently issued equity to take advantage of opportunities. Stock price is close to net asset value. They might be chopping in the short term because of downtown assets in Montreal. They are focused on the right geographies and have great management.
property mngmnt/investment
HOLD
HOLD
June 25, 2020
A grocery centered REIT. It is a very safe hold. The rent collections have been quite high through the pandemic. It has sold off quite a bit. It is a safe hold. The distribution is safe. He questions the growth in the future, however.
Show full opinionHide full opinionA grocery centered REIT. It is a very safe hold. The rent collections have been quite high through the pandemic. It has sold off quite a bit. It is a safe hold. The distribution is safe. He questions the growth in the future, however.
property mngmnt/investment
HOLD
HOLD
June 25, 2020
It is a subject of a takeover and you might consider holding it until the close of the take out transaction. You could also move to another apartment REIT. Your upside is capped from here with NVU.UN-T.
Show full opinionHide full opinionIt is a subject of a takeover and you might consider holding it until the close of the take out transaction. You could also move to another apartment REIT. Your upside is capped from here with NVU.UN-T.
investment companies/funds
COMMENT
COMMENT
June 25, 2020
ETF for UK Real Estate. He is not familiar with such a REIT. He would look at SGRO in the UK. Its balance sheet is in good shape.
Show full opinionHide full opinionETF for UK Real Estate. He is not familiar with such a REIT. He would look at SGRO in the UK. Its balance sheet is in good shape.
COMMENT
COMMENT
June 25, 2020
SIA-T vs. CSH.UN-T. It was sad what the pandemic has done in the long term care sector. Sienna has had to make some difficult management changes. This is an important needs-based sector in Canada. In Ontario the government has to look how they can properly fund that business. With question marks on the horizon, he would focus on CSH.UN-T because it does not depend on government finding as much. They have done a phenomenal job during the pandemic.
SIA-T vs. CSH.UN-T. It was sad what the pandemic has done in the long term care sector. Sienna has had to make some difficult management changes. This is an important needs-based sector in Canada. In Ontario the government has to look how they can properly fund that business. With question marks on the horizon, he would focus on CSH.UN-T because it does not depend on government finding as much. They have done a phenomenal job during the pandemic.
other services
COMMENT
COMMENT
June 25, 2020
SIA-T vs. CSH.UN-T. It was sad what the pandemic has done in the long term care sector. Sienna has had to make some difficult management changes. This is an important needs-based sector in Canada. In Ontario the government has to look how they can properly fund that business. With question marks on the horizon, he would focus on CSH.UN-T because it does not depend on government finding as much. They have done a phenomenal job during the pandemic.
SIA-T vs. CSH.UN-T. It was sad what the pandemic has done in the long term care sector. Sienna has had to make some difficult management changes. This is an important needs-based sector in Canada. In Ontario the government has to look how they can properly fund that business. With question marks on the horizon, he would focus on CSH.UN-T because it does not depend on government finding as much. They have done a phenomenal job during the pandemic.
property mngmnt/investment
BUY
BUY
June 25, 2020
It has L-T as their largest tenants. He thinks very highly of management. The stock is pretty well valued today. It is a very safe company.
It has L-T as their largest tenants. He thinks very highly of management. The stock is pretty well valued today. It is a very safe company.
REAL ESTATE
PAST TOP PICK
PAST TOP PICK
June 25, 2020
(A Top Pick Apr 30/20, Up 11%) He continues to own it. He is a very large holder. He thinks highly of management. It trades at a large discount to NAV.
Show full opinionHide full opinion(A Top Pick Apr 30/20, Up 11%) He continues to own it. He is a very large holder. He thinks highly of management. It trades at a large discount to NAV.
REAL ESTATE
PAST TOP PICK
PAST TOP PICK
June 25, 2020
(A Top Pick Apr 30/20, Up 12%) Post-pandemic there is a trend of de-urbanization. People desire more open space rather elevators. This, coupled with work-from-room, caused single family rentals to really take off. It still trades at a discount to NAV.
Show full opinionHide full opinion(A Top Pick Apr 30/20, Up 12%) Post-pandemic there is a trend of de-urbanization. People desire more open space rather elevators. This, coupled with work-from-room, caused single family rentals to really take off. It still trades at a discount to NAV.
REAL ESTATE
PAST TOP PICK
PAST TOP PICK
June 25, 2020
(A Top Pick Apr 30/20, Up 13%) It is US assets listed on the TSX. They have large warehouses to deal with eCommerse, which is rising post-pandemic. It still has quite a bit of upside.
Show full opinionHide full opinion(A Top Pick Apr 30/20, Up 13%) It is US assets listed on the TSX. They have large warehouses to deal with eCommerse, which is rising post-pandemic. It still has quite a bit of upside.
DON'T BUY
DON'T BUY
June 25, 2020
The only REIT that focuses on the cannabis space. The company should trade at a premium to its NAV so it can go out and purchase more assets. It recently raised equity and has no debt so it is in a good spot. You'd have to own it based on its growth profile.
Show full opinionHide full opinionThe only REIT that focuses on the cannabis space. The company should trade at a premium to its NAV so it can go out and purchase more assets. It recently raised equity and has no debt so it is in a good spot. You'd have to own it based on its growth profile.
property mngmnt/investment
HOLD
HOLD
June 25, 2020
It has been a very difficult stock to own. It just cut its distribution in half. Management hopes they are being over cautious. Mall tenants are only paying about 25% of the rents. They have quite a bit of exposure to oil and gas tenants. Your upside is much better than your downside. Their apartment holdings are solid. If retail stays stable from here you might be rewarded.
Show full opinionHide full opinionIt has been a very difficult stock to own. It just cut its distribution in half. Management hopes they are being over cautious. Mall tenants are only paying about 25% of the rents. They have quite a bit of exposure to oil and gas tenants. Your upside is much better than your downside. Their apartment holdings are solid. If retail stays stable from here you might be rewarded.
property mngmnt/investment
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