Investment Q&A

Q: Currently my Cdn REIT holding is CAR.UN. What are your thoughts on ERE.UN as a foreign investment? Do they share management to a degree and could this be a negative?

Q: I Understnad than some REITS are problematic vis-a-vis taxes. Is AMT in this category? Does it have good momentum and would you expect it to climb for a while with the 5G market? Are there any downsides to it that you can advise on? Many thanks for your excellent service.

Q: Hi Guys
I hold BPY.Un amongst a few other Brookfield entities including Bam.a. I was thinking of adding more to BPY.UN and just have a question about it's book value. I know the company is never going to be sold but just kind of wondering what is realistic for book value for BPY.UN and what your screens show. When I look up book value it changes considerably from source to source and I think that might be in part because it has US and CDN listed shares. For example Scotia iTrade pegs the Price to Book at .6. So from your sources what would you say the book value is, in either CDN or US dollars - whatever is easiest for you? Also is there any kind of catalyst you can think of that would move the stock price closer to book value?

Thanks so much Stuart

Q: GRT.UN has had a great run in the last few months. What is driving this and is it overvalued? Buy Hold or Sell?

Q: I acquired shares of HR.UN twice in 2013 and then in 2018 such that I now have 500 shares at a cost basis of $21.28 per share. So I have a capital gain of only 3.6% now, but of course have harvested dividends on a monthly basis all that time. Obviously I am a 'buy and hold' type of investor predominantly.
I am retired and this holding is in my RIF so the dividend income is very relevant to me.
Is it time to switch into another REIT for the next 7 y or so or should I just stay where I am, in your opinion. If I was to sell, what would be your top 3 REITs to consider with no regard to type of property holdings?
With thanks, gary

Q: I own positions in each of these companies and am wondering about the future prospects of each.
Regarding FCR, does the recent activity of a major shareholder (Gazit Globe) selling some of its shares and an intention to sell more, significantly reduce the future price of the shares? Another way of expressing this is the freedom from Gazit allowing the company to improve their prospects?
REI seems to be a company that has stalled over the last few years. I realize they have been suffering from their holdings in shopping centres but have expected a more positive improvement.
Please give me your opinion on the prospects for each over the next 2 years as I am considering selling both positions.

Q: What ratios do you rely on to assess whether a US REIT is fairly valued. Please give some heuristics that you have found generally reliable. I am looking for at least some specificity, for example:
Price to FCF should be less than .....
Price to BITDA should be less than .....
Debt should be .....
Interest cover should be ............
and so on (please do add, thanks)

Q: I have 2 REITS in my RRIF, CAR.UN and CSH.UN. Both have been held for many years. CSH.UN considerably underperforms and I have decided to sell. What could I look at as a replacement in real estate space or just add to AW.UN. Thoughts please. Regards, Ted

Q: Hi Guys. Any thoughts on why this stock has been hit so hard of late? Seems to be far worse than its peers...is this industry or company specific? Thanks.

Q: Have had this on my watch-list for awhile now and would love your analysis as an alternative to pot in general and do you think it has the ability to get back to its high of $140 or was it just the pot hype that drove it there.
Thanx Gary

Q: In a response to Maureen today you listed Artis as one of two picks for a reit with a dividend over 3.5%. With all the reits out there, most of which pay well over 3.5%, why Artis? Would you please explain your reasons.
Thank-you

Q: What are your two favourites REITS today? And, what are your two favourite REITS today with dividends >3.5%? Thank you.

Q: Could you compare the debt levels, payout/dividend sustainability and future direction of these two reits. I have held CRT for a bit over a year and done much better than expected, but wonder if I should just take my gains and move on. I'm looking at CRR, which seems to be more diverse (good or bad?) and has a bit of movement into residential, as well as a higher dividend. The CRR price is down at the moment with the new issue. CRT is my only retail reit. It is not a large position, and is held in a non-taxable account.
Thanks

Q: Hi,

In an otherwise well balanced portfolio, with a slight tilt towards growth I do hold the above REITs for income. As part of a new investing philosophy (to me) I'm aiming to reduce my equity positions from 33 to 23 over this year. Thus, I need to sell one of the above and re-invest the proceeds in the other three. With an eye towards income preservation (ie. sustainability of dividend) and growth, which of the above do I sell?

Cam.

Q: What is your opinion on this new issue

Q: Another loser in my RRSP thanks to lack of pipelines. Dump or hold on?

Q: Which would be your preferred reits that are invested in rental units?
Thanks

Q: Could you expand on your answer to Craig on Dec 30.

How much exposure does ERE have to Europe and how much of their debt is sourced in Europe.

Thanks, Fred

Q: Morning folks:
What is your opinion on this reit? Would u buy at the present level for a long term hold
Thx
Mark

Q: Any thoughts on why the recent surge of trading volume at BPY? Where does such a volume increase come from? Why now?

Thanks