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Today, Andrew Moffs commented about whether GRT.UN-T, ERE.UN-T, TCN-T, PLD-N, KMP.UN-T, FCR-T, SRU.UN-T, HR.UN-T, WIR.UN-T, AMH-N, HOM.UN-T, CHP.UN-T, CSH.UN-T, SIA-T, NVU.UN-T, CRR.UN-T, IIP.UN-T, MI.UN-T, DIR.UN-T are stocks to buy or sell.

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A Comment -- General Comments From an Expert
Market. Markets sold off indiscriminately in March and as markets rebounded, not all real estate entities are the same. Are the prices of buildings off 30%? What geographies should one be focused on: Residential rental, industrial warehouse space, and different classes within residential. He focuses on cash flows and their dependabilities. Yields have gone higher, making them more attractive, but he looks at cash flow because they can cut dividends. It has been a desired asset class for 15-20 years by pensions and institutions globally. We are in for lower for longer interest rates. Those real estate classes will capture inflation when it goes higher. There is a lot of capital sitting on the side lines waiting to get into real estate.
Unknown
HOLD

It is in the right sector. We are in the earlier innings of a whole change in the supply chains. It has recovered off its lows and is a safe hold. Longer term this is a really good stock to own. The distribution is quite safe.

REAL ESTATE
BUY

It trades at a discount. It focuses on key urban centers. It benefited from strong net immigration and this will pause short term. He believes immigration should continue going forward. Every time a tenant moves out they can move the rent higher.

REAL ESTATE
BUY
InterRent REIT
They recently issued equity to take advantage of opportunities. Stock price is close to net asset value. They might be chopping in the short term because of downtown assets in Montreal. They are focused on the right geographies and have great management.
property mngmnt / investment
HOLD
A grocery centered REIT. It is a very safe hold. The rent collections have been quite high through the pandemic. It has sold off quite a bit. It is a safe hold. The distribution is safe. He questions the growth in the future, however.
property mngmnt / investment
HOLD
It is a subject of a takeover and you might consider holding it until the close of the take out transaction. You could also move to another apartment REIT. Your upside is capped from here with NVU.UN-T.
investment companies / funds
COMMENT
ETF for UK Real Estate. He is not familiar with such a REIT. He would look at SGRO in the UK. Its balance sheet is in good shape.
Unknown
COMMENT

SIA-T vs. CSH.UN-T. It was sad what the pandemic has done in the long term care sector. Sienna has had to make some difficult management changes. This is an important needs-based sector in Canada. In Ontario the government has to look how they can properly fund that business. With question marks on the horizon, he would focus on CSH.UN-T because it does not depend on government finding as much. They have done a phenomenal job during the pandemic.

other services
COMMENT

SIA-T vs. CSH.UN-T. It was sad what the pandemic has done in the long term care sector. Sienna has had to make some difficult management changes. This is an important needs-based sector in Canada. In Ontario the government has to look how they can properly fund that business. With question marks on the horizon, he would focus on CSH.UN-T because it does not depend on government finding as much. They have done a phenomenal job during the pandemic.

property mngmnt / investment
BUY

It has L-T as their largest tenant. He thinks very highly of management. The stock is pretty well valued today. It is a very safe company.

REAL ESTATE
PAST TOP PICK
BSR REIT
(A Top Pick Apr 30/20, Up 11%) He continues to own it. He is a very large holder. He thinks highly of management. It trades at a large discount to NAV.
REAL ESTATE
PAST TOP PICK
(A Top Pick Apr 30/20, Up 12%) Post-pandemic there is a trend of de-urbanization. People desire more open space rather elevators. This, coupled with work-from-room, caused single family rentals to really take off. It still trades at a discount to NAV.
REAL ESTATE
PAST TOP PICK
(A Top Pick Apr 30/20, Up 13%) It is US assets listed on the TSX. They have large warehouses to deal with eCommerse, which is rising post-pandemic. It still has quite a bit of upside.
0
HOLD
It has been a very difficult stock to own. It just cut its distribution in half. Management hopes they are being over cautious. Mall tenants are only paying about 25% of the rents. They have quite a bit of exposure to oil and gas tenants. Your upside is much better than your downside. Their apartment holdings are solid. If retail stays stable from here you might be rewarded.
property mngmnt / investment
HOLD
Smart REIT

It is safe in terms of distribution. They have exposure to Walmart, so in terms of cash flow it is safe, however they have zero growth. They have quite a bit of leasing to do. They have a good management team and some exciting developments. (Analysts’ price target is $20.75)

investment companies / funds