Latest Expert Opinions

Signal
Opinion
Expert
COMMENT
COMMENT
April 18, 2017

This is retail, which has seen pressure. It has done quite well. An owner of secondary, tertiary market. For example, there are some great properties in Mississauga that are very solid, but a lot of its markets are in smaller markets. It has done a strategic review and looking at whether they should put themselves up for sale, sell properties, etc. Some of their tertiary markets are quite illiquid and can be challenging. Retail is a tough game and he prefers an urban focus, larger cities and some of the street front retail.

OneREIT (ONR.UN-T)
April 18, 2017

This is retail, which has seen pressure. It has done quite well. An owner of secondary, tertiary market. For example, there are some great properties in Mississauga that are very solid, but a lot of its markets are in smaller markets. It has done a strategic review and looking at whether they should put themselves up for sale, sell properties, etc. Some of their tertiary markets are quite illiquid and can be challenging. Retail is a tough game and he prefers an urban focus, larger cities and some of the street front retail.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$3.820
Owned
No
COMMENT
COMMENT
April 18, 2017

Apartment REITs have done very well lately. He likes this a lot, because it has always traded at a discount to its peer group. It’s always tended to have a little higher leverage. Buying more properties in Ontario as well as reducing the debt on its balance sheet, and yet it has not received the multiple pick up. A great story for a re-rating.

Apartment REITs have done very well lately. He likes this a lot, because it has always traded at a discount to its peer group. It’s always tended to have a little higher leverage. Buying more properties in Ontario as well as reducing the debt on its balance sheet, and yet it has not received the multiple pick up. A great story for a re-rating.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$13.140
Owned
Yes
COMMENT
COMMENT
April 18, 2017

A suburban office REIT with properties in the Maritimes as well as some in the GTA, but always in the suburban setting. Good management. He is not a big fan of suburban office. The dividend of 7%+ is safe.

A suburban office REIT with properties in the Maritimes as well as some in the GTA, but always in the suburban setting. Good management. He is not a big fan of suburban office. The dividend of 7%+ is safe.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$8.230
Owned
No
COMMENT
COMMENT
April 18, 2017

Is the yield sustainable? Its properties are not prime, but they are renovating them. The stock is trading at less than 5X earnings, ridiculously cheap. Over this last quarter, it has shown some sharp declines. The current yield is over 11%. The yield is safe, because they have the money to pay it out, but they could cut it. He is holding this as a long-term hold. Over time, this property could be liquidated and value will matter at some point.

Is the yield sustainable? Its properties are not prime, but they are renovating them. The stock is trading at less than 5X earnings, ridiculously cheap. Over this last quarter, it has shown some sharp declines. The current yield is over 11%. The yield is safe, because they have the money to pay it out, but they could cut it. He is holding this as a long-term hold. Over time, this property could be liquidated and value will matter at some point.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$9.340
Owned
Yes
COMMENT
COMMENT
April 18, 2017

Retail focused in smaller markets and an expert in their field. A great company, and is looking very attractive at these prices. They have a nice development they are doing in Newfoundland, which he thinks is going to be a home run.

Retail focused in smaller markets and an expert in their field. A great company, and is looking very attractive at these prices. They have a nice development they are doing in Newfoundland, which he thinks is going to be a home run.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$4.930
Owned
Yes
COMMENT
COMMENT
April 18, 2017

Holds Canadian Tire real estate as well as some of the properties. A great company. They have good growth built into their leases and a very good real estate management team. This has been flat for about a year, and is starting to look more attractive. They continue to do very well on their earnings. Many retailers have faced issues, but this is not one of them. However, if that happens, you will end up with buildings in very, very small towns.

Holds Canadian Tire real estate as well as some of the properties. A great company. They have good growth built into their leases and a very good real estate management team. This has been flat for about a year, and is starting to look more attractive. They continue to do very well on their earnings. Many retailers have faced issues, but this is not one of them. However, if that happens, you will end up with buildings in very, very small towns.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$14.730
Owned
No
COMMENT
COMMENT
April 18, 2017

A big fan of management and their story. People are getting older and need someone to take very good care of them, and this is a very good operator. The real estate component looks very attractive as well. The stock is fairly valued, perhaps a little bit rich, but he continues to hold at these levels. If there was a significant real estate correction, this company would be affected along with others in senior residences. 3.7% dividend yield.

A big fan of management and their story. People are getting older and need someone to take very good care of them, and this is a very good operator. The real estate component looks very attractive as well. The stock is fairly valued, perhaps a little bit rich, but he continues to hold at these levels. If there was a significant real estate correction, this company would be affected along with others in senior residences. 3.7% dividend yield.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$15.740
Owned
Yes