TOP PICK
Own the apartment buildings and manufactured houses, basically mobile homes using CMHC financing. Just reported great numbers. Net operating income increased 5% and they upped guidance 5%. Good management and there is still room to grow.
TOP PICK
Operate long-term care facilities in Ontario where they get provincial funding. 8.5% yield. Limited competition because of the barriers to entrance in this field.
BUY
Focuses out west on office, retail and industrial. Over distributes on incoming income so the question is can they grow big enough to offset this. I've made some accretive acquisitions over the last several months. Relatively inexpensive.
BUY
Distribution is 115% but is dropping down each quarter. Well managed and has excellent properties and are well funded. Acquiring and growing. 8.8% yield.
SELL
5.65% Bond due Dec 2056. This is one that has rallied tremendously and has probably gone as far as it can.
PARTIAL SELL
They were caught offside with the Bow building in Calgary when there were a lot of vacancies and financing had seized up. Recently retired expensive financing so there is no liquidity problem. Have great properties. Has had a good run so if you own, consider shaving.
COMMENT
Landlines in the Maritimes, which are being cannibalized by mobile companies. Not a great growth profile. Cut distributions, which was not unexpected. Dividend is really solid. Attractive for yield investors.
PARTIAL SELL
Likes this because of the consistency of its pipelines. Utility sector has performed very well. With shale gas coming online, technically you don't need the pipeline to go to Ontario. Good company. If you own, consider taking some profit.
DON'T BUY
Has diversified out of the Calgary B & C properties but there is still a real vulnerability for rent renewals. Large vacancies of 20%-30%.
COMMENT
Recently cut dividends but are still over distributing. Has been a nightmare story for 3-4 years. Worst performing telco. Bought Allstream about 6 years ago and it blew up on them. Slightly more compelling now as he thinks there is a $4-$5 embedded value on the stock. Might look at this in the near future, especially if it goes lower.
BUY
Very good management. Focused on smaller community centre shopping areas and tend to take long-term views on their assets. (He owns the bonds, not the stocks.)
BUY
Focused in the eastern provinces and are anchored by Sobey's and other defensive staple retail outlets. Slightly more defensive than H & R (HR.UN-T) and hasn't participated as much so this would be a good time to get in.
BUY
Biggest problem for them is their US exposure and with the US health accord now being printed there are still some unknowns. Margins are improving and probably still has room to grow.
BUY
Have tax losses that they can use when they convert to a corporation. Likes the story. Not one that will have growth but expects distributions will stay intact.