N/A
There are no real signs of interest rates coming up any time soon in North America. The REIT index is tired. Everybody has already raised money and that often tires it off. Generally numbers coming out are pretty good. Yields are pretty good on distributions and are covered better than every before.
TOP PICK
Not technically a REIT but huge in real estate. Has them as one of his biggest holdings. Still believes economy is going to go up. Recently they did a big issue and the market had difficulty digesting it. It has come down and looks like it is basing. They are diversified into infrastructure and into several countries. They have weakened off and they represent value again.
TOP PICK
Spend a lot of money redeveloping older properties. Strong group. Management has a lot of stock and gradually growing their income. They are reinvesting a lot instead of distributing.
TOP PICK
Northern Alberta. Alberta and Arctic. Low debt and low payout ratio and good management group. Lots of room to grow, lots of excess capacity in Alberta where they economy is improving a lot. Number came out - very good.
RISKY
Interesting situation. Issue yesterday that was reasonably successful. In a lot of different markets in Quebec. Have been around for a while. They used to be too leveraged. They have survived and debt is under a little bit better control. Some gov’t offices and local businesses. They are higher risk and higher yield – pretty close to earning their distribution. If you want yield and you can take some risk, then ok. Looks like they are doing a good job.
WAIT
Has been evolving in a very good manor. As close to a bond as any of the REITS. They have long-term leases and responsible debt. Were caught a number of years ago with Bow Valley. That turned out to be the wrong time. They cut their distribution and now they have come back. Low payout ratio. A little pricey right now. Sold a week ago because the market seemed a little high. It is a quality name.
RISKY
Had a big debt maturity coming up. They have handled a big part of that debt problem in the last couple of days. Illiquid and higher risk. It has been handling its problems.
BUY
They took the conservative parts and put it into a new REIT. It has done very well. Just bought some new properties. Good yield. A good conservative REIT.
BUY
This was in terrible shape. They sold some properties and added some properties. Very good management. It’s a good source of yield. Slightly risky. Bit too high of a payout ratio but thinks are improving.
BUY
Big portion of business in the US. Recent numbers were better than previous. They are doing their job. They are good at it. Likes it despite the complications.
WEAK BUY
Has come back a lot. Did an issue in February. Business has picked up for them. They are pretty close to earning their payout ratio. High risk and fair amount of risk. Onee of the best performing so far this year. Have done a lot to clean themselves up.
N/A
4.5% down from Mar 4. It is not panic selling. We were due for a pull back. Very possible there is only a couple more days and then back up. S&P bounced off 50 day about 3 times today. We should thrash around for a week or two. He did some buying already. Energy is a good sector. Believes oil will go back into the 90s. Some have pulled back 10% or so in the last week.
BUY
He sold about 9 months ago. It had had a really good run. It was just a matter of valuation. 100% non-North American, management well liked. It’s starting to look interesting again.
BUY
Iron ore’s outlook looks very good. LIM looks interesting. It is not the most junior so not the most likely to be taken out.
HOLD
He is concerned, but not overly so. Would be a sell if oil went to $120. Monitor it closely. They are the most efficient. Had lagged the whole group. Was a buyer 6 weeks ago.