Latest Expert Opinions

Signal
Opinion
Expert
HOLD
HOLD
July 31, 2013

Very stable company. Has a great covenants in Loblaw’s (L-T) but there isn’t a lot of rent growth going forward. However, if you are happy with the yield, that is fine and that yield is very safe. He prefers companies with a little more growth so you could combine this with another company.

Very stable company. Has a great covenants in Loblaw’s (L-T) but there isn’t a lot of rent growth going forward. However, if you are happy with the yield, that is fine and that yield is very safe. He prefers companies with a little more growth so you could combine this with another company.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$10.310
Owned
Unknown
COMMENT
COMMENT
July 31, 2013

One of Canada’s largest REITs and just announced that they are internalizing their management. A bit of a shock in that they are paying themselves well over $200 million. He is not really excited about this. The problem with this REIT is that management continually comes up with these types of surprises. Well diversified REIT with a good portfolio and high quality assets. Will probably underperform for a few months. He is underweight this stock. 6.3% dividend yield.

One of Canada’s largest REITs and just announced that they are internalizing their management. A bit of a shock in that they are paying themselves well over $200 million. He is not really excited about this. The problem with this REIT is that management continually comes up with these types of surprises. Well diversified REIT with a good portfolio and high quality assets. Will probably underperform for a few months. He is underweight this stock. 6.3% dividend yield.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$21.610
Owned
Yes
HOLD
HOLD
July 31, 2013

An excellent company. Yield is lower because it is given premium valuation. They keep back a lot of cash and that is for development. One of Canada’s finest REITs. Fantastic governance, great management and good balanced portfolio of property. 4% dividend yield.

An excellent company. Yield is lower because it is given premium valuation. They keep back a lot of cash and that is for development. One of Canada’s finest REITs. Fantastic governance, great management and good balanced portfolio of property. 4% dividend yield.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$41.170
Owned
Unknown
HOLD
HOLD
July 31, 2013

Has been under a lot of pressure lately. Fantastic management team. Since the stock has come off, it has a very attractive yield of 7.3%. The challenge is not management, but the momentum in markets they are in. Have a lot of real estate offices in Calgary and Toronto. There is a view that with the amount of building there is in Calgary and Toronto that the assets they own could face pressures for tenants going forward. Perhaps as the yield starts to rise a little bit more, it becomes very attractive.

Has been under a lot of pressure lately. Fantastic management team. Since the stock has come off, it has a very attractive yield of 7.3%. The challenge is not management, but the momentum in markets they are in. Have a lot of real estate offices in Calgary and Toronto. There is a view that with the amount of building there is in Calgary and Toronto that the assets they own could face pressures for tenants going forward. Perhaps as the yield starts to rise a little bit more, it becomes very attractive.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$30.840
Owned
No
HOLD
HOLD
July 31, 2013

Trading Leisureworld (LW-T) for RioCan (REI.UN-T)? An interesting trade as you are looking at 2 very different sectors. Riocan will give you a little bit more volatility. He really likes Leisureworld, one of his favourites. Long-term care for seniors. You have a backstop for leases as the government is paying for those homes. You have opportunity to grow cash flow on the other side of the business. Very high yield with a low payout. 7.5% yield.

Trading Leisureworld (LW-T) for RioCan (REI.UN-T)? An interesting trade as you are looking at 2 very different sectors. Riocan will give you a little bit more volatility. He really likes Leisureworld, one of his favourites. Long-term care for seniors. You have a backstop for leases as the government is paying for those homes. You have opportunity to grow cash flow on the other side of the business. Very high yield with a low payout. 7.5% yield.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$12.520
Owned
Yes
BUY
BUY
July 31, 2013

Gives you exposure to US markets but they do it differently. They lease to a US operator, which handles all of the risks. This company just gets the income stream. He likes this model. 8.2% dividend yield is safe.

Gives you exposure to US markets but they do it differently. They lease to a US operator, which handles all of the risks. This company just gets the income stream. He likes this model. 8.2% dividend yield is safe.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$10.310
Owned
Yes
PAST TOP PICK
PAST TOP PICK
July 31, 2013

(A top pick June 17/13. Down 2.53%.) Market is down 5.25% so he is happy with his 2.53%. Fantastic company. You’re looking at a diversified asset base. Very safe on distributions. This company will generate strong same-store growth. Great balance sheet. 4.3% yield. Buy on weakness.

(A top pick June 17/13. Down 2.53%.) Market is down 5.25% so he is happy with his 2.53%. Fantastic company. You’re looking at a diversified asset base. Very safe on distributions. This company will generate strong same-store growth. Great balance sheet. 4.3% yield. Buy on weakness.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$31.400
Owned
Yes