| TOP PICK | 20.000 | Dennis Mitchell, CFA | (A Top Pick Aug 15/07. Down 14%.) Had to pare down a sizable acquisition and accretion got very skinny. This was headline news that weighed heavily on the price. Rock solid growth. 8.5% free cash flow yield. Tenant base is retail anchored by Wal-Mart. | 2008-08-13 | |
| PAST TOP PICK | 19.500 | Andrew Guy, CFA | (A Top Pick July 27/07. Down 17%.) Affected by the fallout in the real estate sector and concerns about being able to finance commercial real estate. This one has most of their properties anchored by Wal-Mart. Still a Buy. | 2008-07-22 | |
| TOP PICK | 18.810 | Hank Cunningham | 6.65% convertible bond maturing June 30/13. Trust massacre in Oct/06 left a lot of trust convertibles in no man’s land. Good quality. Convertibles rank ahead of the units themselves giving a whole level of protection from the distributions. Units would have to go to zero before bondholders had to worry about their interest. | 2008-07-21 | |
| Comment | 21.410 | Dennis Mitchell, CFA | A good name. Very cheap right now. His concern is on their most recent transaction of $600 million in real estate, which he feels is dilutive. Attractive price with an almost 8% free cash flow yield. Rock solid portfolio. Will watch to see what kind of growth they can develop. | 2008-06-12 | |
| PAST TOP PICK | 21.750 | Sandy McIntyre | (A Top Pick July 3/07. Down 9% including distributions.) Actually, US real estate is going up. This one is amongst the top quality asset base in real estate and is trading at a discount to its value. Generates over 6% yield. We'll have a growth profile going forward. Still a Buy. | 2008-05-05 | |
| TOP PICK | 20.750 | Ben Cheng | Real estate market in Canada is very different than in the US. One of the things overhanging the stock is a large acquisition they made of various Wal-Mart centres but they have just announced restructuring which is much better for the REIT. | 2008-04-16 | |
| BUY | 20.600 | Paul Gardner, CFA | The main anchor for Wal-Mart. Excellent managers. | 2008-04-10 | |
| TOP PICK | 21.050 | Andrew Guy, CFA | Even in a situation of a slowing economy, when you are at Wal-Mart's largest landlord in Canada, you can only benefit from this. Even if Wal-Mart doesn't grow, everybody wants to be in their area. Trading at a conservative 13% discount to its NAV. | 2008-04-07 | |
| DON'T BUY | 21.010 | Charles Dillingham | Just sold his last position. They have Wal-Mart, but whenever they bring a new centre in, the REIT’s buys it from smart centres (?) and they pay a high price and then it has to be developed. They are largely in Ontario and he is concerned about the Ontario/Quebec economy. | 2008-04-04 | |
| DON'T BUY | 19.720 | Dennis Mitchell, CFA | Similar to RIOCAN. Don’t like recent transactions which haven’t really benefited company, but more so their smart centres and Wal-Mart. | 2008-03-24 | |
| Comment | 21.550 | Dennis Mitchell, CFA | One of the benchmark bellwether REITs. Unenclosed malls throughout Canada. 25% of their tenant base is Wal-Mart. Reported today and numbers were pretty much in line. The one concern is the $688 million portfolio that they bought from Smart Centres. Rumour on the street is that they are looking for a buyer for half of it and get asset management fees. | 2008-02-29 | |
| TOP PICK | 23.370 | Andrew Guy, CFA | Trading at a discount to its NAV at about 12%-13%. 7% free cash flow yield. Very attractively valued. Likes that it is Wal-Mart's landlord in Canada. | 2008-02-06 | |
| Comment | 20.950 | Charles Dillingham | Very highly thought of by everybody. They work with smart centres that rent to Wal-Mart. They locate land and sell it. Just did a fairly big acquisition that will require about $200 million to build it out. Largely in Eastern Canada where the economy is a bit slower. Cost of capital is higher. He questions if they will get the growth out of this. | 2008-01-18 | |
| TOP PICK | 21.790 | Dennis Mitchell, CFA | Has a 15% discount to NAV. Just over 7% cash flow yield. Stable portfolio of unenclosed retail, mostly anchored by Wal-Mart. Will probably be the largest REIT in Canada in 2 years time. Tremendous value. | 2008-01-14 | |
| Comment | 23.400 | Peter Brieger | Looking at Riocan (REI.UN-T), Primaris (PMZ.UN-T), H&R (HR.UN-T) and Calloway (CWT.UN-T). Have been pretty well beaten up and the yields are looking very enticing. As an inflation hedge they look very attractive. | 2007-12-28 | |
| TOP PICK | 23.200 | Andrew Guy, CFA | Have a lot of Wal-Mart anchoring their properties and have done a very good job of managing. If there is a slowdown in Canada, shoppers tend to trade down so Wal-Mart will not be as heavily impacted. NAV is around $27, so there is a 14%-15% discount. | 2007-12-27 | |
| Comment | 24.360 | Dennis Mitchell, CFA | Unenclosed power centres across Canada, anchored overwhelmingly by Wal-Mart. Just announced a purchase of $680 million of retail properties. Payout ratio is about 102%. The yield is very safe. Trading at about a 15% discount to NAV. | 2007-12-07 | |
| TOP PICK | 22.590 | Michele Robitaille | Basically a retail focused REIT with 25% of annual rents coming from Wal-Mart. High-quality leases with 92% of properties constructed after 1995. Near-term organic growth is limited but the development pipeline is second to none. Cheap at 17% of NAV. | 2007-11-28 | |
| HOLD | 22.200 | Paul Gardner, CFA | The REIT market has had a really bad year. Anchors are almost all Wal-Mart. Thinks REITs will either be flat or start going up in value. The only issue is that it will be hard for them to grow by buying property. | 2007-11-21 | |
| TOP PICK | 23.670 | Michael Simpson, CFA | REIT sector is very beaten up. Trades at a significant discount to its Net Asset Value. On a free cash flow basis it is trading at about 14 times. Very solid numbers. About 99% occupancy. Wal-Mart is about 27% of their leases. Good development pipeline. | 2007-11-08 | |
| PAST TOP PICK | 25.170 | Charles Dillingham | One that the street always seems to like. Has good shopping centers all across the east. Has smart centres where they team up with Walmart.
They are watching them now. | 2007-10-29 | |
| TOP PICK | 25.170 | Charles Dillingham | One that the street always seems to like. Has good shopping centers all across the east. Has smart centres where they team up with Walmart.
They are watching them now. | 2007-10-29 | |
| TOP PICK | 25.300 | Michele Robitaille | The REIT sector should give you pretty stable returns. Focused on the un-enclosed retail area with Wal-Mart being their main tenant. Undervalued. | 2007-10-03 | |
| TOP PICK | 24.300 | Ben Cheng | Likes real estate in Canada. REITs have declined significantly, but represent tremendous value. NAV is about $28/$30. Owns one of the best retail portfolios in Canada and they are the predominant landlord for Wal-Mart. | 2007-09-05 | |
| TOP PICK | 24.300 | Dennis Mitchell, CFA | Owns unenclosed power centres throughout Canada. Tend to follow Wal-Mart around. In 2 years, this will be the largest REIT in Canada. A good quality core name. Trading at a discount to its NAV. Good cash flow yield. | 2007-09-04 | |
| BUY | 23.800 | Michele Robitaille | A retail focused REIT. Almost a play on Wal-Mart expansion in Canada. A little bit of development upside. Not a lot of rental rate increases. Trades at a bit of a discount. | 2007-08-23 | |
| TOP PICK | 24.250 | Andrew Guy, CFA | Just hit a 52 week low. Yield is 6% plus. Looking for 5%-7% growth on a steady basis. 27% of its money comes from Wal-Mart, who is expected to add 10 to 20 stories in Canada over the next 5 years. Trading at a 10% discount to their NAV. | 2007-07-27 | |
| PAST TOP PICK | 25.600 | Charles Dillingham | (A Top Pick Dec 8/06. Down 10.6%.) Apartment REIT across the country. Has been a disappointment. Volatile. | 2007-07-23 | |
| BUY | 25.600 | Ben Cheng | Trading underneath its asset value and is very cheap. Should be closer to $30. Has one of the best portfolios of retail space in Canada. | 2007-07-23 | |
| TOP PICK | 25.390 | Sandy McIntyre | Inflation advantaged. When inflation goes up rents go up. The value of the asset goes up with inflation. Good price. | 2007-07-03 | |
| TOP PICK | 25.140 | Dennis Mitchell, CFA | Focused on Retail properties. Will go anywhere that Walmart is going.
At this stage you can buy at a discount NAV.
Good managment team.
Risk is when Walmart leaves the area they are in. | 2007-06-29 | |
| TOP PICK | 25.950 | Michele Robitaille | A play on the big box Wall-mart anchored store. | 2007-06-11 | |
| TOP PICK | 27.500 | Charles Dillingham | (A Top Pick Dec 8/06. Down 2%.) Floundered. Has the inherent ability to grow. Have an inside track for Wal-Marts, but building stores around it takes time. Wait for signs of recovery before buying. | 2007-05-07 | |
| TOP PICK | 27.350 | Dennis Mitchell, CFA | Has been overlooked. They are following smart centers and he thinks it's a good strategy. | 2007-05-05 | |
| TOP PICK | 27.600 | Charles Dillingham | (A Top Pick June 5/06. Up 13.3%.) Has constant development and usually is anchored by Wal-Mart. Good growth. | 2007-04-11 | |
| BUY | 28.130 | Dennis Mitchell, CFA | Retail, focused on unenclosed power centres, generally Wal-Mart anchored. Expects they will have consistently increased distributions at, or will exceed, inflation. | 2007-04-03 | |
| BUY | 29.200 | Dennis Mitchell, CFA | Retail focused. Primarily owns large centres. Likes the stability of their tenants. Wal-Mart accounts for 27% of their leases, but pays exceptionally low rent. Phenomenal management team. A good core name. | 2007-02-16 | |
| PAST TOP PICK | 29.700 | Patrick Kim | (A Top Pick Jan 13/06. Up 18.9%.) A good place to be. | 2007-01-26 | |
| PARTIAL BUY | 29.000 | Dennis Mitchell, CFA | Making acquisitions. Has been beaten up in the last little while as they did 2 large equity issues creating overhangs on both of them. At these levels, he would consider adding selectively. A good core name. | 2007-01-19 | |
| PAST TOP PICK | 28.720 | Charles Dillingham | (A Top Pick Dec 8/06. Up 1.2%.) | 2007-01-12 | |
| BUY | 27.580 | Dennis Mitchell, CFA | Focuses on unenclosed power centres in any market that has 100,000 or more. Have taken a lot of steps to improve the operation and the structure of the REIT. A really good quality core name. | 2006-12-22 | |
| TOP PICK | 28.060 | Charles Dillingham | Big shopping centres company. Virtual lock on all Wal-Mart sites. Did an issue that didn’t sell. Highly likely that down the road there will be a major sell-out of this issue. That would be the time to Buy. | 2006-12-08 | |
| BUY | 25.740 | Sandy McIntyre | Hold properties with big box stores such as Wal-Mart. Likes this company. | 2006-07-28 | |
| BUY | 24.320 | Paul Gardner, CFA | Wal-Mart stores anchor properties. Going to start to expand into Europe, which will give them a little more risk. | 2006-07-07 | |
| TOP PICK | 24.360 | Charles Dillingham | Owns retail properties. A big component of their properties is Wal-Mart. Had under performed when the market had over anticipated what it could do. A little bit weak, but will gain traction at some point. | 2006-06-05 | |
| BUY | 24.740 | Robert Lauzon | Stable growth. Not exciting but a great company. | 2006-06-02 | |
| PAST TOP PICK | 24.900 | Greg Guichon | (A Top Pick Jan 20/06. Down 6.3%.) Still likes it. Feels it's one of the highest quality REITs out there. | 2006-04-28 | |
| PAST TOP PICK | 24.750 | Patrick Kim | (Past Top Pick Jan 13/06. No change.) Most of their properties are anchored by Wal-Mart. This is a REIT with a growth aspect. Good price. | 2006-04-21 | |
| BUY | 24.570 | Ravi Sood | His top pick in this sector. Has the best growth profile. There has been a sell-off in REITs, triggered by the US REIT Index turning over because of interest-rate fears. Good buying opportunity | 2006-02-10 | |
| TOP PICK | 26.050 | Greg Guichon | Sees the REIT sector as a good growth area. This is the one REIT that has double-digit growth. 30% of its revenues come from Wal-Mart with the rest coming from the top 10 retailers in Canada. One of the more solid REITs. | 2006-01-20 | |
| TOP PICK | 24.810 | Patrick Kim | Potential for double digit cash flow growth going forward primarily because of the unique relationship they have with First Pro and Wal-Mart building more and more super centres across Canada. It Believes the unit price has been depressed somewhat because of a recent financing. Thinks the former premium it traded at will be regained. | 2006-01-13 | |
| BUY | 23.500 | Paul Gardner, CFA | About three quarters of their sites have a Wal-Mart name involved. Have increased distributions considerably. Very good management. | 2005-12-29 | |
| WAIT | 24.000 | Kevin Hall BComm, CFA | Looks quite good, This year their pair ratio will be about 90% of free cash flow, which is healthy. AFF flow is continuing to grow. Like quite a bit. Pricey right now, probably wouldn'nt step in right now. Good fund | 2005-08-26 | |
| PAST TOP PICK | 23.500 | Patrick Kim | (A Top Pick Jun 10/05. Up 12%.) A little bit pricey now. Still considers it one of the premier REIT's to own. One of the fastest growing REIT's becaiuse of the special relationship with First Pro. These are a lot of the open concept malls anchored by Wal-Marts. Believes there's a lot more properties in First Pro which could be vended in. | 2005-08-19 | |
| BUY on WEAKNESS | 23.050 | Sandy McIntyre | On any sort of dip, he would be a buyer. Big fan of the First Pro Development company which is slowly doing a reverse takeover of Calloway. | 2005-08-12 | |
| DON'T BUY | 22.700 | Charles Dillingham | Have liquidated all his positions except for a bit of private placement. Took significant profits. Overpriced. A good name. | 2005-08-08 | |
| BUY | 23.730 | Dean Orrico | Likes this trust. If you believe in the new format of retail shopping centres, this is really their bread and butter. A great way to play retail real estate. | 2005-07-29 | |
| BUY on WEAKNESS | 21.250 | Robert Lauzon | A lot of their properties have Wal-Mart as tenants and US investors love this. Continuing to grow. | 2005-06-17 | |
| TOP PICK | 20.580 | Patrick Kim | One of the most dynamic REIT's in terms of their ability to grow. Has a lot of their properties anchored by Wal-Mart (WMT-N). | 2005-06-10 | |
| PAST TOP PICK | 20.300 | Garth Jestley | (A Top Pick Jan 21/05. Up 10%.) Still likes. With its focus on Wal Mart it has a very prominent position in the Canadian Market Place. | 2005-06-03 | |
| WATCH | 19.970 | Charles Dillingham | Now have a big merger going on. At some point it's going to be one of the biggest and very high quality REIT's. Wait for an opportunity to buy at a lower price. | 2005-05-12 | |
| BUY | 18.480 | Gail Mifsud | Good long term hold. Focused on power centre shopping centres. | 2005-01-21 | |
| BUY | 17.020 | Charles Dillingham | Has been one of the best performers this year with a 20/30% rate of return. Have struck a deal with First Pro bringing in a number of Walmart stores. | 2004-10-15 | |
| BUY | 15.700 | Charles Dillingham | Has had a very strong return. Might be a little bit pricey right now. Most analysts speak very highly of this one. Retail is one of the safest areas to be in. | 2004-08-20 | |
| TOP PICK | 14.850 | Dean Orrico | (A top pick Jan 21/04. Up 2.6%.) Still likes. Three acquisitions have increased the size of it and its liquidity. Have increased their distributions. | 2004-05-26 | |
| BUY | 14.330 | Dean Orrico | At a very attractive price now. Aligned with First Professional Shopping Centers which is Wal-Marts landlord of choice. | 2004-05-05 | |
| HOLD | 16.000 | Allan Meyer | This is a favorite. Think the distributions will be increased. The US REIT's were off last week which probably had some effect on the stock. Could have more weakness. | 2004-04-12 | |
| STRONG BUY | 14.360 | Ben Cheng | Looks to be First Pro realties way to break into the public market. Will continue to grow. Relationship will be very benefitial. | 2004-02-05 | |
| TOP PICK | 14.370 | John Priestman | A 2nd.tier REIT, which has the potential to become a 1st tier REIT. Getting some good contracts in February. This company is first choice of Wal-Mart's. | 2004-01-21 | |
| BUY | 11.000 | Charles Dillingham | Have some good affiliations. They will have Wal-Mart as a big part of their portfolio. Forming a base and should be good long-term hold. | 2003-09-26 | |
| BUY | 9.900 | Sandy McIntyre | 11.5% yield. Undervalued. | 2003-06-19 | |
Experts that have talked about Calloway REIT
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