TOP PICK
Grocery, drug store and retail anchored. Rock solid cash flow. Did very well in the downturn. 5.73% yield.
TOP PICK
Buy Class I office buildings (brick and beam) in Toronto, Montreal, Quebec and Calgary. Great management and great assets and a very strong cash flow. This quarter and next will be rocky because of occupancy issues. Under $20 is a great buying opportunity.
TOP PICK
Good assets, good management, low payout and lower leverage. Entering into Australia. Divesting their residential business. Will be the global landlord for major companies.
PAST TOP PICK
(A Top Pick July 20/09. Up 83.69%.) Still likes but a little expensive right now.
PAST TOP PICK
(A Top Pick July 20/09. Up 31.34%.) Still likes but a little expensive right now.
PAST TOP PICK
(A Top Pick July 20/09. Up 61.93%.) Still likes but a little expensive right now.
BUY
Rumours of takeover are not correct. Great company. Purchased 3 assets recently and with their history they should do great things with them.
BUY ON WEAKNESS
Historically has not like this name but they changed management, de-levered balance sheet and cut distributions twice. Assets are good, so stepped in after 2nd cut and has done very well. Try to get in the $7’s.
BUY ON WEAKNESS
Medical office buildings in GTA. Didn't get in on IPO because of concerns of underwriting, cash flow and occupancy. In 2 quarters following IPO the concerns occurred but not to any great extent and were ignored by the market. Currently re-evaluating. Too rich so try to buy in the $10 area.
DON'T BUY
REIT convertible debentures? Generally not a fan of either the debentures or the companies that issued them. Basically they guarantee dilution in the future. 2 companies, Cominar (CUF.UN-T) and Dundee (D.UN-T) have almost 30% or more of their equity market cap in them.
COMMENT
As trusts in other sectors convert to corps and investors turn to REITs, is there danger of a REIT bubble? A lot of capital is flowing into yielding securities such as treasuries, bonds, bond funds, etc. Currently they are trading at 14.2X free cash flow, which is slightly rich so he has been exhibited in cash.
BUY
Mortgage REIT. Essentially they buy agency residential mortgage backed US securities that are levered 6 times. Last quarter and next quarter will be a little rocky because curve is flattening and spread will tighten. Expect stock price to be flat for the next year or so. 15.5% yield
PAST TOP PICK
(A Top Pick Feb 5/10. Up 8.5%.) Closed end fund that holds a portfolio managed by a fixed income manager known for expertise in high yield. Overlay this with a macro perspective of interest rates, currency and credit to manage risks. About 6.5% distribution.
PAST TOP PICK
(A Top Pick Feb 5/10. Up 1.75%.) Chose this over government as he thinks there is a better value in the corporate space.
PAST TOP PICK
(A Top Pick Feb 5/10. Up .02% excluding dividends.) Likes the oil sands.