| HOLD | 6.950 | Michele Robitaille | Were focused on acquisitions and payout ratio continues to be more than 100%. The longer it stays down at these levels the more it could be bought and it should be held with that in mind. | 2008-10-02 | |
| DON'T BUY | 7.800 | Dennis Mitchell, CFA | Reported yesterday and missed mainly because of currency exchange. Cut distributions about 30% earlier this year. Questions management’s ability. | 2008-08-13 | |
| PAST TOP PICK | 8.500 | Ben Cheng | (A Top Pick July 23/07. Down 40% total return.) Was a seller at higher prices. Have changed their philosophy, which makes him a little bit more optimistic. Instead of acquiring, they are focusing on their operations. One of the best operators in their business. Cost pressures are hurting their bottom line. | 2008-08-07 | |
| DON'T BUY | 10.100 | Dennis Mitchell, CFA | Cut their distribution recently, which was right. Strategy had been to grow into the distribution, which they failed to do. Offers fairly attractive value but you have to underwrite the growth to get an attractive return. Would be looking for it below $9.50 before Buying again. | 2008-06-12 | |
| HOLD | 10.170 | Charles Dillingham | People have not made money in this area. Have made a number of acquisitions and are creating a portfolio that someone will want. Almost always surprise on the negative in their reports. Have bought their convertibles, but not the stock. | 2008-06-02 | |
| BUY | 9.960 | Ken McCord | REITs in general are a good income player right now. Real estate trusts are a good opportunity to pick up some good value and get a good yield. | 2008-05-23 | |
| Comment | 9.820 | Gavin Graham | Senior housing was a disaster area. Had thought demographics looked wonderful, but they stuck 20,000 beds on in an 18-24 months space. Overcapacity and couldn’t get enough staff and margins got shot to pieces. Has now stabilized but there has been a selloff in REITs. Operations and management are pretty good. | 2008-05-20 | |
| TOP PICK | 9.500 | Robert Lauzon | Had been over distributing the last few years and finally cut their distributions so the balance sheet is a little cleaner going forward. A large owner/operator of long-term care facilities. This will be a good story for the next 10 years. Could be taken over in the next few years. | 2008-04-28 | |
| PAST TOP PICK | 9.370 | Ben Cheng | (A Top Pick July 23/07. Down 35% including distributions.) Always followed a philosophy of growing internally and through acquisition. Last year investors lost patience with the continued acquisition strategy with no benefits on the bottom line. Integration has proved difficult for them. New management will be focusing more on the bottom line. Still a Buy. | 2008-04-16 | |
| WEAK BUY | 8.880 | Dennis Mitchell, CFA | Been buyers at the $8.5 level, based on the free cash flow yield. Would buy at this level. Comfortable with their payout ratio at 100% | 2008-03-24 | |
| Comment | 10.210 | Dennis Mitchell, CFA | Senior housing/launching will not qualify as REITs for tax purposes. Tax will be minimal for them. They have had operational issues. If it dropped below $10, it would be extremely cheap and he would have a hard time not buying it. He went unload his position at $11.50 or better. | 2008-02-29 | |
| DON'T BUY | 10.400 | Charles Dillingham | Payout ratio is way too high and is almost certainly going to have to cut its distribution. 10% is a very high yield. If the price ever came down to around $9, it would certainly be a good buy. | 2008-02-14 | |
| HOLD | 10.480 | Gail Mifsud | Was under a strategic review process for much of 2007. This does not fit the criteria of REITs for tax purposes. Expect that this will eventually become privatized. Not sure if the distribution is safe. | 2008-02-01 | |
| Comment | 9.930 | Dean Orrico | This REIT has struggled since inception. Payout ratio is over 100%, which is usually a negative. Put itself up for sale unsuccessfully last year. Expect someone will take the business out as it has good assets. Hard to tell if there will be a cut in distributions. | 2008-01-29 | |
| BUY | 9.490 | Michael Simpson, CFA | (Market Call Minute.) At this level it looks attractive. Has consistently missed on its earnings to cash flow but he would buy it here. | 2008-01-22 | |
| DON'T BUY | 9.990 | Charles Dillingham | Seniors residences. Ha more activity than most. Has expanded a lot. Been a huge disappointment at times because of numbers. Because they don't fit the REIT criteria they will have to restructure. Have set themselves up to be taken over. An area that very few companies have made any money at. Given the yield on it, it is Buyer Beware. | 2008-01-18 | |
| BUY | 9.990 | Dennis Mitchell, CFA | Owner/operator of seniors housing facilities. Mainly independent living and assisted living through Canada and the US. Missed on their quarterly numbers for a number of quarters in a row and will not qualify as a REIT going forward and will be taxable. At these levels, you are getting a significant discount to NAV. If you Buy start lightening your position at around $12. | 2007-12-07 | |
| HOLD | 10.010 | Kevin Hall BComm, CFA | There has been a lot going on in the seniors housing space this year. Trading at around 11X AFFO. They are over distributing. Has been a growth by acquisition. Have a very good platform in the US and Canada, however have not been able to grow accretively on a per unit basis. There is potential for a distribution cut. | 2007-12-04 | |
| HOLD | 10.190 | Michele Robitaille | One of the names that is really in a “show me” mode now. Has been a perennial disappointer in growing its cash flows and managing its payout ratios. Starting to see some better metrics. Acquisition program is starting to slow down and seeing some decent growth in same property Net Operating Income. | 2007-11-28 | |
| HOLD | 10.140 | Gavin Graham | Beneficial stable interest rates have had an inverse negative affect on stock price, cant figure this out. An excellent place to be. As the price decreases its likely someone will come and take company because it’s a great longer term business. Like management and longer term demographics. 10.5% yield. | 2007-11-19 | |
| Comment | 10.200 | Michael Decter | They had been trying to sell and had 3 reliable bidders, but they all walked away. He sold his holdings at that time. Hasn't followed this in the last month or so. | 2007-11-12 | |
| Comment | 11.080 | Michael Simpson, CFA | Retirement housing with homes in Canada and the US. Because of rapid growth, they’ve had difficulty with some of their G & A costs. Partnered with a large firm in the US. As the valuation has come down, it is becoming more interesting. Could be sold or privatized in the next 2 years. | 2007-11-08 | |
| HOLD | 12.220 | Charles Dillingham | Not been fans of these guys, because they keep on expanding and expanding but they are disappointing on their numbers.
They need to reorganize because they are no longer considered a REIT. Their payout is more then 100%.
Your chances of losing here are limited. | 2007-10-29 | |
| HOLD | 12.900 | Michele Robitaille | Has declined over the last several weeks since they announced there is no sale in the cards. They are in a “show me” mode here. Had been on a big acquisition binge and had not focused on bringing their operations into line. | 2007-10-03 | |
| WEAK BUY | 13.200 | Charles Dillingham | Has constantly disappointed people with its earnings. Have been for sale for a long time. Retirement category is supposed to be wonderful but hardly anyone makes money at it. On extreme weakness like today, he buys. Paying out more than its earnings. 8% yield could be cut back. | 2007-09-14 | |
| DON'T BUY | 15.500 | Charles Dillingham | Got caught very big with the income trust changes and not qualifying as a REIT. Would like to sell off income assets in order to qualify. There have been no takers. Have a big tendency to disappoint on earnings. | 2007-07-23 | |
| TOP PICK | 15.500 | Ben Cheng | Seniors housing space is going to continue to have very good fundamentals driving it. With recent acquisitions, it has moved into the #3 spot in North America. | 2007-07-23 | |
| TOP PICK | 15.860 | Ben Cheng | Very good set of assets. Management team is one of the best in the business. Undervalued. | 2007-05-29 | |
| SELL | 15.840 | Michael Sprung | An appealing area to have a REIT in. There is some question as to what the government will consider, a REIT or a business. Yield is less than 7%. | 2007-05-28 | |
| HOLD | 14.190 | Sandy McIntyre | Senior housing. Do not qualify as a REIT under government regulations and are moving into a taxable situation due to expansion. Had been sellers when the stock was higher. | 2007-04-13 | |
| BUY | 14.210 | Charles Dillingham | Does not qualify as a REIT under the government legislation. Have been raising money and expanding. Good operation with a fairly good yield. | 2007-04-11 | |
| HOLD | 14.190 | Dennis Mitchell, CFA | Seniors housing, so will not qualify as a REIT under the government's legislation. We'll become a business trust with a 4-year tax holiday. Operations seem to continually be a difficulty for the sector. | 2007-04-03 | |
| HOLD | 15.470 | Michele Robitaille | Has struggled with some operating issues. Very high growth oriented. Seniors’ housing is a business that she likes longer-term, but a challenge they face is their fast growth creating high expenses. 2008 will be a relatively good year for them. | 2007-03-23 | |
| HOLD | 15.600 | Michael Simpson, CFA | Have retirement properties in both Canada and US. Operating costs have been higher than expected in the last 2 quarters. | 2007-03-20 | |
| BUY | 17.350 | Dennis Mitchell, CFA | A seniors-housing REIT. Focuses primarily on independent and assisted living. Have a great joint venture with the US firm. This is a “ buy and hold” for the long-term. Good management. | 2007-02-16 | |
| HOLD | 16.830 | Andrew Guy, CFA | ING Realty Investors are rumoured to be interested in this as a takeover. The company has made some recent acquisitions that are attractive. The market has some uncertainty as to how the government will treat this REIT. Feels it is expensive. | 2007-02-08 | |
| TOP PICK | 15.100 | Robert Lauzon | Seniors’ housing provider. 7% yield. If you have a long-term time horizon, you can make 8%-10% a year. | 2007-01-22 | |
| BUY | 15.000 | Dennis Mitchell, CFA | A seniors housing REIT. A large growing portfolio in the US. This is a very fragmented market and they are making a lot of accretive acquisitions. Leverages the little higher than normal. Expect them to grow into their payout ratio. Looking for distribution increase towards the end of the year. | 2007-01-19 | |
| WEAK BUY | 14.300 | Charles Dillingham | Has made some major acquisitions, of which, one has not performed well. This is probably something worthwhile looking at. The worst is probably already in the market. They'll have to do something to do with their structure. Has potential, but more risk than others. | 2007-01-12 | |
| BUY | 14.250 | Michael Simpson, CFA | Long-term care industry in Canada and US. Had brought 3 companies together and had some issues with operating costs, but he thinks they have a legitimate chance of bringing this under control. Sees good growth opportunities in the US and somewhat in Canada. | 2007-01-04 | |
| Comment | 13.670 | Paul Gardner, CFA | New trust rules say that to qualify as a REIT, 75% of the properties have to be in Canada. Also, only 5% of your overall revenue stream is coming from management fees. There’s ways around this. Retirement businesses are very highly regulated. | 2006-12-19 | |
| Comment | 14.000 | Michele Robitaille | REITs are up about 5% since the Oct 31/06 announcement as most are excluded from the new legislation. Those that aren’t are quite capable of restructuring. Will continue to be pressure until the rules are clarified. | 2006-12-15 | |
| Comment | 13.170 | Gail Mifsud | Announced a number of major acquisitions following the 2nd quarter. Stock price down because market expected it would be funded through a new issue. Past couple of quarters were weaker than expected. Takes a while to integrate the acquisitions. Doesn’t qualify on the REIT tax exemption. | 2006-12-08 | |
| BUY | 14.000 | Dennis Mitchell, CFA | A seniors housing REIT. An external acquisition story. Their unit price has suffered because in doing their acquisitions, they haven't realized as much value in the accretions as some thought they would. Good yield. Expect that growth will outperform going forward. | 2006-11-21 | |
| PAST TOP PICK | 13.800 | Dean Orrico | (A Top Pick June 23/06. Up 2.1%.) Four years will give them time to re-structure their business to change their tax. | 2006-11-10 | |
| Comment | 14.300 | Sandy McIntyre | Likes this one longer term but does have some issues with things like external development of property from a governance point of view. Good management. A bit acquisition driven. | 2006-10-13 | |
| WEAK BUY | 13.770 | Jason Zandberg | Seniors housing. The seniors market tends to be priced a bit lower than your traditional REITs. It will be making some acquisitions in order to increase growth. Not a big fan of REITs. | 2006-09-07 | |
| BUY | 14.130 | Greg Guichon | This was an amalgamation of 3 large senior citizens residences and initially there was disappointment in the lack of synergies. Believes it is a good place to be in the long-term. | 2006-07-14 | |
| TOP PICK | 13.500 | Dean Orrico | The senior care part of the REIT sector has been really hammered over the last few months. They know how to grow their asset base outside of Ontario and Canada. Sees some very positive trends in this company. Good price. | 2006-06-23 | |
| TOP PICK | 13.450 | Robert Lauzon | Pays 7.9%. Great management team. Demographics on long-term retirement are good. Q3 and Q4 numbers for last year were under expectations but Q1 this year was right on. Looks like they've turned the corner. Have some good growth pipeline opportunities this year. With the price pullback, it's a good buying opportunity. | 2006-06-21 | |
| TOP PICK | 13.680 | Gail Mifsud | Recently upgraded it to an outperform rating. Have had tremendous asset growth with increased book value by 3.5 times. Very active on the acquisition front. On track for a very stellar year. | 2006-06-09 | |
| WATCH | 13.910 | Charles Dillingham | Getting into the range where he would like to look at it. | 2006-06-05 | |
| BUY | 13.630 | Sandy McIntyre | Downward pressure was on concerns that they were going to make a bid on Retirement Residences (RRR.UN-T). They are now out of the running on that. Also affected by the sell off of the REIT market. This seems to be abating. | 2006-05-12 | |
| TOP PICK | 13.820 | Michele Robitaille | Likes senior housing space given the favorable demographic trends. Focused on the white care side where you are not competing against government nursing homes. Margins are a little higher. High quality properties. Good growth profile. Good entry point. | 2006-04-26 | |
| BUY | 15.100 | Robert Lauzon | Three main retirement REITs that he owns are Sunrise Senior Living (SZR.UN-T), Chartwell Seniors Housing (CSH.UN-T) and Retirement Residences (RRR.UN-T). Chartwell would be his top pick. | 2006-04-07 | |
| DON'T BUY | 14.650 | Charles Dillingham | He is not very positive about it. Very weak returns. Thought to have lots of potential and well managed. It is in the right field. He has not been able to get a good focus on what management is doing. Retirement Reit is a better play for now. | 2006-03-11 | |
| BUY | 15.080 | Michele Robitaille | Good growth. Good aquisition. Seniors housing. | 2006-02-08 | |
| PAST TOP PICK | 15.950 | Robert Lauzon | (A Top Pick Sept 23/05. Up 3%.) A Conservative Way to play the ageing population. Has expanded into the US in a joint venture with Industrial Alliance (IAG-T). A good, long-term, core holding. | 2005-12-23 | |
| HOLD | 15.230 | Gail Mifsud | Has had a 50% effective return since its IPO in Nov/03. Has a market perform rating on it. It has effectively tripled the size of its portfolios but hasn't seen this growth filter down to its bottom line in terms of funds from operation growth. It remains a good growth name and will continue to see accretive aquisitions. | 2005-11-25 | |
| WEAK BUY | 14.600 | Charles Dillingham | Basically giving you a 5/6% rate of return. A reasonably well managed, middle of the road retirement REIT. Doesn't expect any trouble, but also no great things with it either. | 2005-10-31 | |
| PAST TOP PICK | 14.430 | Kevin Hall BComm, CFA | (A Top Pick Aug 26/05. Down 6% not including distributions.) Has held in here pretty good. Has one of the better growth profiles in the REIT sectors. | 2005-10-28 | |
| VAGUE | 14.000 | Ravi Sood | Prefers this over Retriement Residence REIT (RRR.UN-T). For the same exposure, but cheaper, you might want to consider Extendicare (EXE.MV-T). | 2005-10-14 | |
| TOP PICK | 14.000 | Michele Robitaille | Favourable on senior housing based on long term demographic trends. Very high quality management team. Well positioned in the market. Recently made some acquisitions which should be very positive. | 2005-10-14 | |
| TOP PICK | 19.740 | Robert Lauzon | Has had since it started. Growing in the states with 10% of their portfolio being US. Going to continue to grow. | 2005-09-23 | |
| TOP PICK | 15.350 | Kevin Hall BComm, CFA | Above average growth profile. Big growth story. Seniors housing, good demographic trends, the aging population in Canada. | 2005-08-26 | |
| VAGUE | 14.810 | Charles Dillingham | Moving into the US through an affiliation with a very strong group. Have a contract where they get a lot of fees, but doesn't know the details. Hasn't looked at them for a while. | 2005-08-08 | |
| TOP PICK | 14.800 | Gail Mifsud | Pays 7.2%. Has an outperform with a $14.50 target price. A good consolidator within the senior housing market. The spread of acquisitions is very accretive for them. | 2005-07-05 | |
| BUY | 14.390 | Dan Bastasic | Sitting pretty within an industry that's growing at 2 X the rate of the general population in relation to seniors over the age of 70. Have a higher allocation to independent living and assisted living which have higher margins than long term care. Have been a strong acquirer. Well diversified geographically. | 2005-05-27 | |
| BUY | 14.450 | Charles Dillingham | Appears to be well managed and growing significantly. Yields about 7%. In an area that has everything going for it from the point of view of the aging population. Located in Toronto where there has been a significant over supply. | 2005-05-12 | |
| BUY | 14.120 | Michele Robitaille | Likes the demographics on senior housing. Their Top Pick in this space. Very solid management. Have a very good growth pipeline through the development company Spectrum. Realtively good quality assets. | 2005-04-15 | |
| BUY | 14.590 | Garth Jestley | There are 3 plays in the "Seniors' Living" sector, this, Chartwell (CSH.UN-T) and Retirement REIT (RRR.UN-T). "Retirement' trusts have a place in portfolios and they own all 3. | 2005-02-18 | |
| STRONG BUY | 14.290 | Gail Mifsud | Has it as an outperform rating. We are in a huge demographic trend. We're all getting older. By 2040, more than half the population will be in the senior segment, over 65. A huge consolidator and acquirerer of assets. Have more than doubled their assets since their IPO a year ago. Expects double digit growth next year. | 2005-01-21 | |
| BUY | 14.130 | Leslie Lundquist | An IPO in late 2003 and they stumbled out of the gate, but have managed to get back on track. Not as expensive as many trusts. Would be fine to own a little. | 2005-01-10 | |
| BUY | 14.100 | John Priestman | Retirement home business is very fragmented so it's an area where there is the opportunity to make accretive acquisitions. Likes all 3 of the plays in this space including Retirement REIT and Sunrise Senior. This one will be the most aggresive. Have doubled their assets in less than 18 months. | 2004-12-31 | |
| DON'T BUY | 13.140 | Leslie Lundquist | Results in the early part of the year were not as strong as forcasted. 3rd quarter results show strengthening. This sector is going to be very competitive. Will have to make acquisitions to grow. Prefers organic growth. | 2004-11-17 | |
| BUY | 12.400 | Charles Dillingham | Well thought of. A growth situation. Took profits a little while ago. | 2004-10-15 | |
| HOLD | 12.360 | Charles Dillingham | Well thought of. Good yield. Fairly significant premium to Net Asset Value. | 2004-10-08 | |
| VAGUE | 11.740 | Charles Dillingham | A new entity and still have to prove themselves. | 2004-08-20 | |
| BUY | 13.210 | Dean Orrico | Excellent management team. Low payout ratio. Have developed a structure that allows them to make acquisitions. | 2004-04-05 | |
| VAGUE | 13.900 | Leslie Lundquist | Distribution has been set at a reasonable level. Demographics are good. | 2004-03-22 | |
Experts that have talked about Chartwell Seniors housing
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