Today, Joshua Varghese commented about whether GRT.UN-T, AP.UN-T, COLD-N, RUF.U-X, REI.UN-T, CAR.UN-T, HR.UN-T, DRG.UN-T, WIR.UN-T, D.UN-T, CWK-N, TCN-T, PLD-N, BAM-N, BPY.UN-T, CRR.UN-T, IIP.UN-T, SOT.UN-T, HBC-T are stocks to buy or sell.
A small Canadian office focused REIT in North America managed by the Slate Group. They announced a big distribution cut to re-invest the money into the portfolio. He thinks this is a chronic issue in the space and thinks they did the right thing. From here the downside is relatively protected. The discount to NAV can close in the next two years, but he is not sure what the catalyst would be. He would stay on the sidelines.
In isolation BPY.UN-T is a great name. It trades at a large discount to NAV and pays a yield of 6%. He looks at other real estate stocks and he would favour owning the parent BAM-N. He prefers the parent as they collect fees from all the other entities. Now is a good time to own BPY.UN-T due to the discount to NAV and this lower interest rate environment. He would be cautious that they do hold a lot of retail shopping centres, which may require capital investment in the future.
In isolation BPY.UN-T is a great name. It trades at a large discount to NAV and pays a yield of 6%. He looks at other real estate stocks and he would favour owning the parent BAM-N. He prefers the parent as they collect fees from all the other entities. Now is a good time to own BPY.UN-T due to the discount to NAV and this lower interest rate environment. He would be cautious that they do hold a lot of retail shopping centres, which may require capital investment in the future.