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| BUY | 39.030 | Paul Gardner, CFA | About 51% apartment buildings are in Alberta. Well capitalized REIT. Price has dropped a great deal. They are increasing their Alberta rents by about 10% a year. Get their funding through CMHC, whose spreads have not increased as much. | 2008-04-10 | |
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| TOP PICK | 39.430 | Charles Dillingham | Has been knocked down but is not quite sure why. Possibly rent decreases in Alberta. Very good quality and diversified. Yield is about 4.6%. | 2008-04-04 | |
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| BUY | 36.780 | Dennis Mitchell, CFA | Multi-residential apartments, mainly in Alberta. Market was disappointed with results in the last quarter. In-place rent and market rent had a difference of $150 million. Rents dropped, so their loss to lease was cut in half. It still has exposure to the best leasing markets in Canada. There are no concerns in raising debt. A good name. | 2008-02-29 | |
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| TOP PICK | 36.000 | Charles Dillingham | Announced numbers today and the market is not terribly happy with it. They are quality, so tend to be overpriced. One of the top apartment operators. Big in Montreal and in the West. Yield of about 5%. Payout ratio of about 80%. Relatively low debt. | 2008-02-14 | |
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| BUY | 40.000 | Gail Mifsud | The largest apartment landlord in Canada. 53% of their rental units are in Alberta. Rent increases will amount to about $63 million. Management has begun to buy back units. | 2008-02-01 | |
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| Comment | 44.700 | Dennis Mitchell, CFA | Residential properties with big concentrations in Edmonton and Calgary. These markets appear to be slowing in terms of rent growth. This is a call on how bullish you are on Western Canada. If you are an oil/gas and mining bull this is a good name for your portfolio. If you are cautious and concerned about a slowdown in Western Canada, you should avoid it. | 2007-12-07 | |
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| Comment | 46.550 | Paul Gardner, CFA | About 53% of their apartments is in Alberta, which gave them a tremendous uplift in the last 2 years. REITs hit a brick wall in February. All the price appreciation from Alberta is now priced in. Alberta's economy could cool down because of the royalty discussions. | 2007-10-03 | |
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| PAST TOP PICK | 49.750 | Paul Gardner, CFA | (A Top Pick June 14/06. Up 93.2%.) Sold his holdings around the $42 range. Too expensive now. | 2007-07-19 | |
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| HOLD | 49.000 | Kevin Hall BComm, CFA | Has had a fantastic run. A large part of their portfolio is in Calgary and Edmonton. Have a great pricing power in terms of rental rates. Expect their strong growth will continue. Fully valued at this price. | 2007-07-11 | |
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| DON'T BUY | 49.490 | Sandy McIntyre | It needs the up tick in rents in Calgary and Edmonton to validate its current share price. He has sold some of his holdings. | 2007-07-03 | |
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| PAST TOP PICK | 44.520 | Paul Gardner, CFA | (A Top Pick June 14/06. Up 77%.) Had actually bought it for a defensive position. The upswing in the Alberta economy had not been reflected in the numbers. Sold out around $42. If you own, Sell. | 2007-05-17 | |
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| PAST TOP PICK | 44.410 | Paul Gardner, CFA | Was a defensive pick. Sold in Jan, at $41. Was a great ride. | 2007-05-03 | |
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| BUY | 44.150 | Michael Sprung | An excellent company. Has very good properties. A reasonable investment. | 2007-04-11 | |
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| HOLD | 45.450 | Dennis Mitchell, CFA | Multi-residential. Focused more on lower rise properties. Heavily weighted towards western Canada. Had a fantastic run. You have to decide if the internal growth justifies getting the low free cash low yield. If you are an energy and Alberta bull, it could be a good holding. | 2007-04-03 | |
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| HOLD | 46.800 | Dennis Mitchell, CFA | Multiple residential REIT. Primarily owns brick and stick construction. Has had a fantastic run. US investors seem to have found this name. Yield of about 3.2% and trades at about 24 X free cash flow. If you feel they can continue to grow at 8%, then it is a real buy, but if you feel it is too heavily weighted in western Canada, it is overpriced. | 2007-02-16 | |
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| Comment | 42.320 | Charles Dillingham | Has been a huge winner. Edmonton is their biggest market and are well entrenched in Calgary. He is nervous about if Alberta can keep up the pace. | 2007-01-12 | |
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| WEAK BUY | 41.270 | Dennis Mitchell, CFA | A multi-residential name. Big concentrations in Edmonton, Calgary and Montreal. Great management. They raise rents by $75 every 6 months for the next couple of years. If you are an Alberta and energy bull, then these levels are justified. | 2006-12-22 | |
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| Comment | 43.000 | Paul Gardner, CFA | Apartment buildings. Great defensive play on the economy if housing goes bust. 51% of its portfolio is in Alberta and as home prices have soared they have the ability to raise rents. Raised their distributions 3 times this year. Great management. Still catching up on the rent increases. | 2006-12-19 | |
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| BUY | 43.160 | Charles Dillingham | Very good management. Has taken some profit each time it has moved up, which turned out to be a mistake. | 2006-12-08 | |
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| STRONG BUY | 43.160 | Gail Mifsud | Focused on multi-family rental apartment market. Own 34,000 units, half of which are located in Alberta. Continues to be a growth story with strong earnings in coming months. | 2006-12-08 | |
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| HOLD | 38.440 | Dennis Mitchell, CFA | A multi-residential REIT. Heavy concentration in Edmonton, Calgary and western Canada. Being driven by the heavy commodity boom in western Canada. Fairly priced. | 2006-11-21 | |
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| PAST TOP PICK | 35.700 | Paul Gardner, CFA | (A Top Pick July 7/06. Up 32.6%.) Specializes in apartment buildings, primarily focused in Edmonton and Calgary. Great managers. Rents are increasing. Still likes it. Fairly priced. Continue to hold if you own. | 2006-11-07 | |
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| BUY on WEAKNESS | 35.900 | Robert Lauzon | Rental properties across Canada. A nice portion of their business and cash flow comes from Alberta. Easy money has been made. Wait for a pullback and buy it closer to $30. | 2006-10-20 | |
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| BUY | 31.060 | Jason Zandberg | Not a big fan of REITs. Properties are primarily in Alberta. Have continually increased their guidance. If there is a growth REIT, this is probably one of the better ones. | 2006-09-07 | |
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| BUY | 27.280 | Paul Gardner, CFA | Focuses on apartments in Edmonton in Calgary. 51% of their portfolio is in Alberta. Because of the booming economy, you are getting increased rental pricing. | 2006-08-08 | |
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| SELL | 26.400 | Michael Sprung | Has now gotten to the point where the yield is under 5%. His question is, is that sufficient for the equity risk you are taking. If he did own, he would certainly consider taking some profits. | 2006-07-18 | |
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| TOP PICK | 25.900 | Paul Gardner, CFA | A defensive and contrarian play. Focused on apartment rentals. One of the best performing REITs last year. 53% of their income is from Alberta. With the hot economy and booming immigration in Alberta, there will be a strong demand for rentals. | 2006-07-07 | |
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| TOP PICK | 25.600 | Paul Gardner, CFA | Pays just under 5%. A little more defensive on the REIT side because they basically own apartment buildings. A lot of vacancies in Toronto, but 51% of their portfolio is in Alberta. Recently raised their guidance on their revenues. | 2006-06-14 | |
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| PAST TOP PICK | 25.690 | Gail Mifsud | (A Top Pick Nov 25/05. Up 23% plus distribution.) Still likes. | 2006-06-09 | |
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| TOP PICK | 23.800 | Paul Gardner, CFA | Yield of about 5.25%. Vacancy rates throughout the country are at their cyclical highs. Most of the apartment buildings are in Edmonton and Calgary so you are leveraging off the Alberta economy. Home ownership is being very expensive which is good for rental properties. 25% of the company is owned by management. | 2006-05-08 | |
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| SELL | 22.870 | Robert Lauzon | Essentially acts as a source of capital for companies they own so can't see a lot of synergies. Also can't see any succession plan in the individual companies. | 2006-04-07 | |
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| HOLD | 21.190 | Michael Simpson, CFA | In the apartment rental business. Excellent management. Very disciplined. Fairly valued at this point. It will do well over the next year, but you won't get a large capital appreciation. | 2005-12-30 | |
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| TOP PICK | 20.390 | Gail Mifsud | Owns more than 32000 rental apartments. The largest rental apartment landlord in Canada. Half of their portfolio is in Alberta, 20% in Quebec. Trading at net asset value. | 2005-11-25 | |
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| WAIT | 19.900 | Charles Dillingham | Struggling like all the rest of the apartment complexes. Have had trouble growing their income due partly to the cost of managing. Well run and in good market areas and has lots of room to grow. | 2005-10-31 | |
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| TOP PICK | 20.750 | Matt Baillie | The biggest residential REIT in the country. Mainly in Alberta. Vacancy rates have been going up and rents have been coming down, so it's been tough on residential REITs. At some point housing prices are going to get to a level that it's more economical to rent rather than buy. Trades at about net asset value, so it's cheap. | 2005-09-08 | |
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| BUY | 19.700 | Michele Robitaille | Very strong company. Likes the management team. Focused on the residential side of the market, primarily apartments in Calgary. Not involved in the Toronto market which has been soft. Rising interest rates will be beneficial for apartment REITs as people are buying rather than renting because of low rates. | 2005-07-15 | |
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| BUY | 18.750 | Michele Robitaille | A very high quality REIT. Good management. Focused primarily in Calgary and Edmonton and recently moved into the Montreal market. Hasn't exposure to the Toronto market which has been soft recently. | 2005-04-15 | |
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| BUY | 18.510 | Michele Robitaille | A high quality trust. | 2005-03-18 | |
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| BUY | 19.000 | Gail Mifsud | weak 4th quarter, but a very solid stable company. Buy for the long haul. | 2005-03-11 | |
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| PAST TOP PICK | 19.240 | Sandy McIntyre | Own defensive names. Longterm stable, trading below capital value. | 2005-03-04 | |
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| BUY | 18.950 | Gail Mifsud | Relatively undervalued versus the commercial REIT's. Just acquired 1,300 units and a portfolio across Calgary, Vancouver and into Quebec. | 2005-01-21 | |
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| VAGUE | 17.550 | Gail Mifsud | Ontario is introducing rent controls, but this company only has 15% of their assets in Ontario. | 2004-10-22 | |
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| BUY | 17.390 | Charles Dillingham | 7% plus yield. Trading at about net asset value. Well managed. Has the potential to improve. Not cheap, but a good starting point in REIT's. | 2004-10-15 | |
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| TOP PICK | 17.300 | Sandy McIntyre | A defensive capitalization pick. Top drawer operator. Should generate reasonable long term growth. | 2004-10-13 | |
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| TOP PICK | 17.200 | Charles Dillingham | Trading below book value. Good management. 7 1/4% yield. | 2004-10-08 | |
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| TOP PICK | 17.100 | Charles Dillingham | Good management. Have created the biggest apartment empire in Canada. Getting a lot of attention from US. 7 1/4% yield. Well-capitalized with the ability to expand. | 2004-08-20 | |
Experts that have talked about Boardwalk REIT
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