TOP PICK
Stable performer. Focuses on apartment buildings and manufactured housing, mostly out east. Get CMHC financing so that when interest rates drop they get better financing. 6.75% dividend.
TOP PICK
Did a ton of equity and debt issues so it was diluted over the last couple of years. Capital ratio (for insurance companies) is about 250%, really high. Have a growth profile in Asia. Really cheap at less than 1X Book. Looking for $30 in 2 years.
TOP PICK
Great management and are cutting costs, which are dropping to the profit line. Beat estimates. Wireless growth is decent. Olympics sponsorship really helped their wireless line. A free cash flow machine. Good yield.
HOLD
Not been a fan of this for years but now taking a hard look. Not sure if it will grow into its share price. Migrating over to small/medium businesses and margins will be good on this. Doesn't have the competitive advantage anymore. Trading at around 7X EBITDA but should be at around 6. Thinks 12.75% yield is sustainable.
DON'T BUY
Q1 results came in all right. Beat estimates by $.01. Not fans of this one as their Alberta properties are sub-properties and are about to have a 10%-20% vacancy rate. (Trying to diversify out of Alberta.)
BUY
Really good management. Properties are recession resistant with a lot of Shoppers (SC-T) and grocery stores. Appropriate one to hold during either up cycles or down cycles.
BUY
Nursing homes in the US and Canada. A REIT but is taxable. Balance sheet has improved from a year ago. Beat estimates last quarter. Cheap compared to peers.
PAST TOP PICK
(A Top Pick May 4/09. Up 39.57%.) Still likes.
PAST TOP PICK
(A Top Pick May 4/09. Up 32.22%.) Still likes.
PAST TOP PICK
(A Top Pick May 4/09. N/A.) Long term real estate bonds: E.g. Riocan, First Capital. Really cheap last year but not so cheap now.
BUY
Outdoor strip malls/retail facilities. Wal-Mart (WMT-N) is their biggest anchor. Has recovered nicely from the credit crisis. Has some room to grow. 7% distribution is safe but probably will not grow.
BUY
Payout ratio of only 60%. Will convert to a corporation. 3-D entrenched in movie theatres has helped their bottom line. Good solid management. About to move over to digital projection, which will take a couple of years. This will increase their margins and allow more flexibility. 7% yield.
COMMENT
Over distribute over their AFFO (Adjusted Funds from Operations). Leverage is higher than industry standard. Good properties. Management is on target and appropriately aggressive. Will have to issue more equity or buy more properties to get the 12% distribution on side.
TOP PICK
Been in the penalty box for a while. Significant pullback giving a good entry point. Catalysts are 1) it's defensive, 2) good dividend yield, 3) Keystone is a positive for the company and over time it will throw off about $1.3 billion in terms of cash flow and 4) the restart of Bruce #1 and $2, which they have a significant interest in.
TOP PICK
If you want an oil weighted portfolio, this would be a core holding. Incredible cash machine and solid growth. Will grow and have production of about 640,000 barrels per day. Should throw off about $3 billion in terms of cash flow over the next couple of years.