| PAST TOP PICK | 21.750 | Sandy McIntyre | (A Top Pick Aug 14/07. Down 7%.) Real estate market had a major sell off in the 1st quarter. Best quality public real estate available to Canadian investors. 2.75% yield. You should Buy the cyclical troughs. If you are a trader, take some short-term profits otherwise Hold. | 2008-08-15 | |
| BUY | 22.140 | Paul Harris, CFA | Has some fantastic properties in the US and Canada. Tied to the financial world in some ways but companies are not getting rid of massive floors of traders, etc. They do have some residential properties, which has hurt them. Even if you give these a zero value, the stock is still worth $25-$28. | 2008-08-14 | |
| BUY | 18.340 | Paul Gardner, CFA | Just sold their 50% interest to the co-owner at a high price. Terrific value creators and managers. Will probably use the opportunity to expand in the US during the depressed prices that are probably about to happen in the commercial market. Trades at a big discount to NAV. | 2008-07-24 | |
| TOP PICK | 18.880 | Paul Harris, CFA | Own Class A commercial buildings in major cities. Likes it because it trades at about a 25% discount to its NAV. They do have residential buildings, which have hurt their net operating income but this is a smaller part of their business. | 2008-06-25 | |
| PAST TOP PICK | 19.220 | Dennis Mitchell, CFA | (A Top Pick Aug 16/07. Down 16%.) Have a big lease with Merrill Lynch in New York until 2013 and will have no trouble re-leasing. All the negative news has been discounted into the price and none of the positive news has been taken into account. Compelling value. | 2008-06-12 | |
| PAST TOP PICK | 19.990 | Charles Dillingham | (A Top Pick July 23/07. Down 21%.) Concerned that the financial market will be hurt. Wouldn't buy at this time. | 2008-06-02 | |
| TOP PICK | 19.990 | Paul Harris, CFA | Likes that they sign long-term contracts with escalation clauses with their clients. Stock has dropped dramatically because of concerns of a US recession that will effectively lay off everybody. That is not really the case. Good internal growth. | 2008-05-22 | |
| TOP PICK | 20.720 | Paul Harris, CFA | Trades at almost an 18% discount to its NAV. Has some of the best properties in the world including New York, Toronto and other parts of the US. Market is undervaluing its ability to grow over long periods of time. They have long-term contracts with their clients. | 2008-04-24 | |
| TOP PICK | 19.880 | Charles Dillingham | Has been hurt very badly. There was a lot of concern that Merrill Lynch was going to move out of their New York offices, but it looks like that is not going to happen now. Have the best office position in Alberta. Strong management. Relatively low yield but has a low payout ratio. Long-term leases. | 2008-04-04 | |
| BUY | 18.730 | Dennis Mitchell, CFA | Been very bullish on this for well over a year. An office focused REIT. Trading at a discount to its net asset value. Cheap, belongs between $21-23. | 2008-03-24 | |
| DON'T BUY | 18.590 | David Burrows | As a quantitative investor, there are certain factors that he looks for. In the last several months, the 3 most important have been 1) earnings revisions being higher 2) beating estimates and 3) free cash flow generation. At the current time with a credit crunch it is very difficult to finance and this is a business that needs to continually do that. | 2008-03-03 | |
| BUY | 18.360 | Dennis Mitchell, CFA | 0wns class A and luxury office towers in major cities in Canada and the US. Market was concerned about the Merrill Lynch lease in New York City, but they look like they are staying for another 5 years. There is also concern about the slowdown in Calgary but they still meet their numbers. Everyone is disregarding the positive news. | 2008-02-29 | |
| TOP PICK | 18.950 | Paul Harris, CFA | Suffered like many of the other global real estate companies. One of the big tenants in New York has said they are going to stay. One of the very best companies around. Trades at about 12X its price to FFO. Yields about 3%. Buying back stock. Have some of the best properties in the world. Trades at about 25% discount to its NAV. | 2008-02-21 | |
| BUY on WEAKNESS | 19.050 | Charles Dillingham | Some of the sharpest management anywhere. Just announced wonderful numbers. Very low vacancy rate. Big in New York and Los Angeles and brought their debt up a little bit and everybody's worried. Thinks the stock should come down another $1 or so and at that point Buy. | 2008-02-14 | |
| TOP PICK | 20.750 | Paul Gardner, CFA | Own a large part of office buildings in major cities in US and Canada. Trades at a 20% discount to its NAV. Has been hurt by the financial crisis because about 50% of their tenants are in the financial industry. Trades at 11X price to FFO, which is cheap. Manhattan space has very low vacancy rates and Merrill Lynch has confirmed they will be staying. | 2008-02-05 | |
| STRONG BUY | 21.100 | Gail Mifsud | Has been swept up in the re-pricing of the US REIT market so the price has dropped in half. First class, high quality real estate company. Own 117 million square feet of AAA office space in key markets. Trading at 11X forward FFO multiples, which is well below the historic 13.5. | 2008-02-01 | |
| BUY | 18.340 | Dennis Mitchell, CFA | Luxury, class A office buildings. A great name with a tremendous portfolio. Top tier management team. There were concerns that Merrill Lynch, their largest tenant, would leave but have actually signed a 5-year extension. Buying back stock. | 2008-01-14 | |
| TOP PICK | 18.840 | Paul Gardner, CFA | Great management. Trades at about a 22% discount to its NAV and is growing its FFO. Its biggest problem is its ownership of New York office buildings. The biggest risk is that Merrill Lynch might not renew its lease, but that is only 4% of its rental revenue. | 2007-12-28 | |
| Comment | 19.700 | David Baskin | (Market Call Minute.) Has come down significantly. People are worried about real estate in the US. Buy it through Brookfield Asset Management (BAM.A-T). | 2007-12-18 | |
| TOP PICK | 21.090 | Dennis Mitchell, CFA | Owns class A office and luxury office in Toronto, Ottawa, Calgary and New York City and Boston. Has been beaten up by subprime and fears that Merrill Lynch, their biggest tenet, is going to leave. Even if they did leave, that would be a positive because they pay way below market in terms of rent. 25% discount to NAV. Tremendous growth and tremendous asset portfolio. 2% yield. | 2007-12-07 | |
| TOP PICK | 23.800 | Paul Harris, CFA | Real estate stocks have had a really bad time this year. Numbers have shown good growth in existing properties because of increased rents on lease renewals. Strong Cdn$ helps them. Feels the office properties will continue to do well. Thinks that Merrill Lynch will extend their 5 year lease. | 2007-11-01 | |
| TOP PICK | 23.250 | Charles Dillingham | Top asset and management group. Have underperformed specifically because there is a major concern that they will be moving their office. They've been discounted too much.
A very well run company. | 2007-10-29 | |
| TOP PICK | 23.200 | Charles Dillingham | Has weakened off because of uncertainty as to what will happen to their Merrill Lynch lease in New York City. The reason for optimism is that management has always been sharp and have always made things work. | 2007-09-14 | |
| HOLD | 23.280 | Gordon Higgins, CA, MBA, CFA | Major buildings in New York with leases out to major financial institutions, which is one of the reasons for the weakness in the share price. Assets are pre-eminent and therefore should and could trade at a premium to a lot of other companies. Real esta | 2007-09-12 | |
| TOP PICK | 25.120 | Dennis Mitchell, CFA | Has a lot of exposure to strong US offices in Boston, midtown Manhattan, Washington as well as Toronto, Ottawa and Calgary. Probably the best office portfolio in North America as well as one of the best management teams. Trading at a discount to NAV and | 2007-09-04 | |
| TOP PICK | 23.920 | Dennis Mitchell, CFA | The best property portfolio and best real estate team in North America. Significant internal growth from rent increases. An overhang is Merrill Lynch, which accounts for about 8% of their rental income, mainly midtown Manhattan. | 2007-08-16 | |
| TOP PICK | 24.840 | Sandy McIntyre | The best real estate available to a Canadian investor. Excellent price. Feels that rents will be going higher within the next year. | 2007-08-13 | |
| WAIT | 24.790 | Laura Wallace | Quite an interesting stock. Dropped because of fears regarding the real estate market, but commercial real estate is quite stable. Some concerns regarding its New York property where its tenant, Merle Lynch, may be moving. Wait. | 2007-08-02 | |
| Comment | 25.310 | Bill Carrigan | Uptrend was violated in March. Presumes that most of the downtrend was because of the sell off in the bond market. Now the bonds are improving, so this will probably rally a bit. | 2007-07-30 | |
| TOP PICK | 24.550 | Charles Dillingham | Was oversold. Have US and Alberto properties. | 2007-07-23 | |
| BUY on WEAKNESS | 26.700 | Charles Dillingham | This whole sector in the US has declined a lot. Very high-quality portfolio. Long-term leases. | 2007-06-20 | |
| Comment | 30.350 | Ian Nakamoto | Commercial real estate play. Excellent company. Prefers Brookfield Asset Management (BAM.A-T), which owns 51% of this company. | 2007-05-14 | |
| BUY | 30.590 | Dennis Mitchell, CFA | Really like. The best value portfolio in North America, strong management team. Very strong value creation name.
| 2007-05-05 | |
| BUY | 45.250 | Charles Dillingham | 75%-80% is in the US. Did a huge equity issue a while back and the stock has come down. Well-managed and a great balance sheet. Very low yield. | 2007-04-11 | |
| BUY | 34.340 | Gail Mifsud | Has an outperform rating. Performance and management team are very strong. A premier real estate company. Focused on really high quality assets that are leased with long-term contracts. | 2006-06-09 | |
| SELL | 33.430 | David Baskin | Prefers Brookfield AM.N. Return on assets is higher for this company. They just manage the properties and then take a fee. Recommends switching. | 2006-02-28 | |
| WEAK BUY | 34.300 | Charles Dillingham | The whole office market situation in the US is such that you’ve got to be careful. Extremely well managed. Having troubles filling up an office tower in New York. | 2005-12-16 | |
| HOLD | 33.570 | Pierre Bernard | Real estate and interest rates historically has an inverse relationship. This time you have a monetary policy that is driven by the US fed. Rates are going up because of possible inflation and everybody is aware of rate increases, so business plans can be adjusted accordingly. A high quality company. Good dividend yield. | 2005-10-17 | |
| DON'T BUY | 33.740 | Danny Tomka | Stock has done well and the assets have done well, with lower interest rates primarily driving the value with occupancies relatively benign. Sees the whole group in a peak valuation and would stay clear. He has no real estate holdings. | 2005-08-24 | |
| HOLD | 35.080 | Brian Acker, CA | Positive outlook for them. Model price is higher than the current price. His only problem is the balance sheet of a lot of these REIT's. A lot of these companies have a lot of debt and he gets scared off with the operational ratios. | 2005-06-09 | |
| BUY | 32.510 | Bill MacLachlan | Own this stock through Brascan (BNN.LV.A-T). Risk would be throughh interest rates. Their business model has been very successful. Always choose the best properties/tenants, etc. Still feels there is more upside left. | 2005-05-17 | |
| TOP PICK | 31.700 | Charles Dillingham | Markets are acting very nervous, so all his picks tonight are "real quality". Pays 2.84%. Has a high P/E. Has a very strong office. New York's office market is strengthening and Toronto is a bit better. The weak markets in Minnesota and Denver are doing better. Have a lot of cash. Buying back stock. A positive and very defensive position. | 2005-05-12 | |
| WEAK BUY | 48.290 | Michael Smedley | A wonderful group of people. Very clever. There are other things he would rather buy, but this is OK. | 2005-02-23 | |
| BUY | 30.500 | Charles Dillingham | Good assets and good management. | 2003-07-18 | |
| BUY | 29.380 | Michael Smedley | Superbly run key company in property management. | 2003-04-11 | |
| BUY | 30.880 | Ted Macklin | Good company. Well managed. | 2002-12-23 | |
| BUY | 28.980 | Gavin Graham | Well run. | 2002-11-04 | |
| WEAK BUY | 28.150 | Ted Macklin | Very good company. New York City properties may be a problem. Will eventually be a leader. | 2002-10-31 | |
| BUY | 31.400 | Michael Sprung | A good defensive buy. Well managed. | 2002-09-10 | |
| TOP PICK | 31.100 | Jack Cook | Has held up well. Good management. Earnings have held up. | 2002-08-12 | |
| TOP PICK | 30.900 | Jack Cook | Stable income flow. Good management. Grade A leases. | 2002-04-26 | |
| BUY | 29.700 | Michael Sprung | Likes the outlook for real estate, especially commercial. | 2002-03-11 | |
| BUY | 30.080 | Ray Steele | A fan of real estate and expects more upside. | 2002-03-05 | |
| BUY | 26.800 | Michael Sprung | Prefers over TrizecHahn. | 2001-11-19 | |
| TOP PICK | 28.750 | Ian Nakamoto | Will be strong demand for space in New York which they have. | 2001-09-18 | |
| TOP PICK | 30.660 | Jack Cook | At an all time high. Have good earnings. Fully leased in NY. Not cheap. | 2001-08-31 | |
| BUY | 30.120 | John Embry | Prefers over Trizechahn re: real estate. A safe haven. | 2001-08-01 | |
| BUY | 29.450 | Michael Sprung | A good addition to a portfolio. Likes REITs. | 2001-07-17 | |
| PAST TOP PICK | 27.600 | Steven Wippersteg | (Was a top pick on Dec 4/00 up 7%) Still likes. | 2001-06-01 | |
| TOP PICK | 27.130 | Michael Sprung | Dominant player. A lot of leases rolling over. Expects a better cash flow. Really cheap. | 2001-05-17 | |
| DON'T BUY | 26.130 | John Zechner | Stock has done well and in a good sector, but a little expensive. | 2001-03-01 | |
| TOP PICK | 25.300 | Steven Wippersteg | Cash flow should be good. Lower interest rates will be a plus | 2000-12-04 | |
| DON'T BUY | 25.000 | Eric Bushell | Cadillac of property sectors Exposure to financial services which are not expanding | 2000-11-14 | |
| TOP PICK | 25.000 | John Embry | Properties cash flow growth is substantial/undervalued/good properties | 2000-11-07 | |
Experts that have talked about Brookfield Properties
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