| BUY | 17.030 | Neil Wickham | Prefers REITS to individual property stocks. Essentially office buildings. Good price. | 2008-07-14 | |
| BUY | 17.770 | Gavin Graham | Leading office landlord in Canada. 8% yield. | 2008-07-07 | |
| HOLD | 19.650 | Dennis Mitchell, CFA | Commercial diversified REIT of office, industrial, retail. Nationally diversified and also quite a bit of US assets. Building Encana’s (ECA-T) head office in Calgary. As the transaction goes on and on it seems like it’s less accretive where it’s probably dilutive at this point. | 2008-06-12 | |
| TOP PICK | 20.450 | David Baskin | A stock that has been neglected and overlooked. The Calgary project is underway now. There is a bit of an inflation risk in that the 20-year spread between mortgages and leases would look less attractive. Has a nice yield compared to 5-year bonds. 99% occupancy rate. | 2008-05-13 | |
| Comment | 20.190 | Kevin Hall BComm, CFA | Quality in the base assets is quite high with long-term leases and long-term debt maturities. Bow development in Calgary has proven to be a challenge for them. Haven't secured their financing costs and haven't locked in 100% of their construction costs. Feels management will get through this. | 2008-05-06 | |
| Comment | 19.830 | Charles Dillingham | Had a bit of a cloud over it. External management with a lot of fees. A lot of speculation on the Encana building that is being built in Calgary regarding troubles finding a partner and on financing. So the stock has been soft. High quality management. Have a portfolio of very safe long-term leases. Reasonable payout ratio. | 2008-04-04 | |
| Comment | 19.900 | Peter Brieger | Sold his holdings recently, but will probably repurchase. It is the pick of the crop in this sector. Good yield and probably rising cash flow. Expect their Calgary Encana property will probably be sold to a pension fund, et cetera. A Buy if you are going to hold it for 3 years and are prepared for any market risks. | 2008-04-02 | |
| BUY | 20.850 | Sandy McIntyre | Very high-quality REIT. Principally commercial office where they match long-term leases with creditworthy tenants to long term financing to harvest the spread. | 2008-02-26 | |
| PAST TOP PICK | 20.330 | David Baskin | (A Top Pick Feb 13/07. Down 6% including distributions.) Very smart managers of real estate. Real estate tends to be fully leased up with a very long average term leases. Do have exposure to the US real estate industry. Building a huge structure for Encana (ECA-T) in Calgary. Think the units have been oversold. Still a Buy. | 2008-02-19 | |
| PAST TOP PICK | 19.900 | Charles Dillingham | (A Top Pick Jan 18/07. Up 13.5% not including yields.) Was oversold, so just bought more in the $19 range. The one concern is the construction of the building in Calgary for Encana (ECA-T). | 2008-02-14 | |
| BUY | 20.380 | Andrew Guy, CFA | The REIT space provides a great amount of opportunity. Quality large cap name. Great management team. The one issue is the Encana building in Calgary and if they will be able to finance it. 7% yield. | 2008-02-06 | |
| TOP PICK | 20.160 | Gail Mifsud | Unfairly beaten up over the past several weeks. Trading at an implied yield of close to 8%. Concerns on the $1.1 billion Bow project in Calgary are unmerited. | 2008-02-01 | |
| BUY | 17.490 | Michael Simpson, CFA | Diversified REIT with office, industrial and retail properties across the country. Agreed to build Encana’s new Bow complex tower in Calgary but don't have all the contracts in place to build it. This might be having an effect on the share price. Very well run REIT with an institutional grade portfolio. Good price. | 2008-01-22 | |
| TOP PICK | 17.700 | Charles Dillingham | This has always been the closest to a bond with their long-term contracts. Negative has been their external management and outside fees. The Encana building in Calgary has been stalled. Just announced they are going to sell 5 buildings in Ontario. Market is a little bit in doubt on them. Core of their portfolio is very stable. Have been very much oversold. Caveat emptor. | 2008-01-18 | |
| TOP PICK | 18.350 | Dennis Mitchell, CFA | Owns office, industrial and retail properties. They are properties that are generally done as sale and lease back so are core to the tenants. Long-term leases with long-term debt. Very little cash flow volatility. Trades at a 30% discount to NAV. | 2008-01-14 | |
| TOP PICK | 18.350 | David Baskin | Almost 8% yield. As 99% occupancy. Average life of its leases is 12 years. In the next 5 years, 8%-9% of their leases are coming up for renewal, which means it's enormously stable. 20% of their properties are in the US including a chain of department stores, which should not go bankrupt. Very stable operations. | 2008-01-14 | |
| DON'T BUY | 19.350 | Paul Gardner, CFA | Diversified REIT that deals mostly with offices in Canada and US. Really rough go the last couple of quarters. One of their biggest risks is the new Encana building in Calgary. Have locked in rental agreements but not the refinancing side, so are dealing with funding issues. Would prefer RioCan (REI.UN-T) or others. | 2007-12-28 | |
| BUY | 19.350 | Peter Brieger | There will be some weakness in the first half of 2008 but looking out further, with all the liquidity that's being pumped into the market there will be a revival of inflation and higher interest rates. At that point, the asset base of this trust will be a good hedge against inflation. First-class management. | 2007-12-28 | |
| BUY | 20.880 | Dennis Mitchell, CFA | Office, industrial and retail, diversified across Canada. Strategy is long-term leases paired with long-term debt. Very good tenant base. Less economically sensitive because of long-term leases and blue-chip tenants. Trades at a sharp discount to NAV. Developing the head office for Encana (ECA-T) and have some equity risks in this. 6.6% yield is safe. | 2007-12-07 | |
| HOLD | 20.150 | Michele Robitaille | A relatively high quality REIT. Feels the distribution is fine. Being hammered a little bit because of some US$ exposure. Also there is a lack of news on the construction of the Bow Valley Centre in Calgary. | 2007-11-28 | |
| PAST TOP PICK | 21.900 | Patrick Kim | (A Top Pick Nov 1/06. Down 5%.) Rents continue to go up and vacancies continue to do well. There is a larger debate as to where interest rates should be right now. | 2007-11-02 | |
| TOP PICK | 21.900 | Andrew Guy, CFA | Any time you can buy a $1 worth of assets for $.90 or less, it's a pretty good deal. Net asset value conservatively is around $25. | 2007-11-02 | |
| BUY | 22.020 | Charles Dillingham | Has wonderful assets, long term leases. Very little growth. As secure as anyone.
| 2007-10-29 | |
| TOP PICK | 23.870 | David Baskin | Good conservative pick. Don’t know what will happen in U.S. Yield is under 7% but steady and increasing. | 2007-09-26 | |
| PAST TOP PICK | 22.880 | Patrick Kim | (A top pick Nov 1/06, up 6.9%) Still happy with it. Core holding within real-estate. Net operating income growing well. Risks have been overblown. One of bluest chip names you can hold. Shareholders will be rewarded. | 2007-09-21 | |
| BUY | 22.180 | Michele Robitaille | Very high quality assets. Long-term leases. Not a ton of upside, but no down side either. Relatively good long-term holding. | 2007-08-23 | |
| BUY | 21.250 | Dennis Mitchell, CFA | Pairs long-term leases on core real estate with long-term debt. Growth is less than other commercialized REITs because fewer of the leases come up for renewal. In the short term, they have a couple of mortgages coming off that are 8% to 9%, which will give them some accretion. They are building Encana’s (ECA-T) head office in Calgary. Selling well below NAV. | 2007-08-16 | |
| HOLD | 23.190 | Charles Dillingham | Across the country. Mix of properties, but largely offices. They have long-term leases, so there won't be a lot of growth. 5.9% yield. | 2007-07-23 | |
| PAST TOP PICK | 23.800 | Kevin Hall BComm, CFA | (A Top Pick May 5/06. Up 11.6%.) REITs in the last little while have corrected somewhat. Should not be impacted by the government trust announcement. This one should continue to do well. | 2007-07-11 | |
| Comment | 22.940 | Peter Brieger | Reits are very much on the radar screen. So far the impact from fears of raising interest rates is not good. | 2007-06-29 | |
| TOP PICK | 22.940 | Dennis Mitchell, CFA | Yield is about 6%
Office and industry.
Strategy is to buy core real-estate, to a good credit tenant. Then lease it up for the long term, and match long term debt.
The riskiest of his top picks due to interest rate worries.
But it's a great name and a discount to NAV.
Core position for them. | 2007-06-29 | |
| DON'T BUY | 23.880 | Charles Dillingham | This is closest to a bond of any REIT around. It has slow growth with long-term leases and very high-quality portfolio. They have not insulated their debt and there is concern that the cost of money is going up. | 2007-06-20 | |
| Comment | 24.200 | Michele Robitaille | She prefers individual names as opposed to an index. Very stable, not a lot of up or down side.Don't like that it has external management. But it's a very high quality which overcomes that. | 2007-06-11 | |
| PAST TOP PICK | 24.810 | Patrick Kim | (A Top Pick Nov 1/06. Up 8.7%.) Still a Buy. Continues to be global demand for Canadian real estate. | 2007-05-14 | |
| TOP PICK | 25.190 | Charles Dillingham | Trading under book value. At a value that is worth while buying. | 2007-05-07 | |
| BUY | 25.150 | Dennis Mitchell, CFA | Large cap reit. Buy assest that are key to grade A tenents.
A great name, very strong.
Going in yield is 5.5%, 3-5 years out, could be 7-8% yield. | 2007-05-05 | |
| TOP PICK | 24.730 | Charles Dillingham | Has under performed. Has long-term leases and is very conservative. The only negative is that it has outside management, which takes all kinds of contracts and fees. Conservative. | 2007-04-11 | |
| BUY | 24.600 | Dennis Mitchell, CFA | Their strategy is to buy assets that are core to A credit tenants that are matched with long-term leases and long-term debts. Less internal growth but very stable. Attractive price. | 2007-04-03 | |
| BUY | 24.870 | Michael Sprung | One of the better managed REITs. If you are a long-term investor, REITs are not a bad place to be. Relatively good distribution and is pretty safe. | 2007-03-16 | |
| PAST TOP PICK | 26.230 | Patrick Kim | (A Top Pick Nov 1/06. Up 14%.) A lot of REITs are hitting their all-time highs. This is one of the most blue-chip ones. | 2007-02-22 | |
| BUY | 26.590 | Dennis Mitchell, CFA | A commercial diversified with office, industrial and retail and is across the entire country. Perfect name for long-term hold, income and safety of capital. Match long-term property leases with long-term debt. | 2007-02-16 | |
| TOP PICK | 26.240 | David Baskin | Everyone should have a REIT. Built a building for Encana (ECA-T) in Calgary and are leasing it back to them for 25 years. This is typical. 5% distribution which is good in this low yield world. | 2007-02-13 | |
| BUY on WEAKNESS | 24.710 | Dennis Mitchell, CFA | Very large commercial diversified. Their strategy is to own core real estate to good credit tenants. Good management. Externally managed and doesn't think it will be internalized anytime soon. A good core name. | 2007-01-19 | |
| BUY | 24.120 | Dennis Mitchell, CFA | Very open disclosures on their finances. Their strategy is to buy core properties with very good tenants. Long-term leases. Very stable name and offers a better yield than some of its competitors. Great management. | 2006-12-22 | |
| DON'T BUY | 25.090 | Gail Mifsud | Has it as a “Market Perform”. Growth rate on their property portfolio is contracting. | 2006-12-08 | |
| HOLD | 24.540 | Dennis Mitchell, CFA | Good name. Hold at these levels. | 2006-11-21 | |
| TOP PICK | 23.000 | Patrick Kim | (A Top Pick Nov 4/05. Up 21%.) One of the highest quality, blue chip, commercial property in the REIT space. Exemption from the new taxes will add to their attractiveness. | 2006-11-01 | |
| PAST TOP PICK | 23.600 | Kevin Hall BComm, CFA | (A Top Pick May 5/06. Up 12.4%.) The whole REIT sector has been positive. Summit REIT takeover by ING, Australia took out about 7%, so REIT’s have started re-evaluating themselves. A lot of capital flowing into the REIT sector now. | 2006-10-27 | |
| Comment | 21.150 | Bruce Campbell | Will be affected by interest rates. If you think rates are flattening out and maybe going down in 07, you might get a bump in valuation. This one has a yield of 6.3% which is fairly low reflecting a premium for liquidity. Probably not going to grow very much. | 2006-08-25 | |
| PAST TOP PICK | 22.020 | Patrick Kim | (A Top Pick April 21/06. Up 6.5%.) One of the highest quality REIT’s that you can own. | 2006-08-04 | |
| PAST TOP PICK | 20.590 | Gail Mifsud | (A Top Pick Nov 25/05. Up 3%, 6% if distributions are factored in..) Good long-term holding. | 2006-06-09 | |
| BUY on WEAKNESS | 21.150 | Robert Lauzon | Real estate sector has had a pretty good run and have had a correction over the last 2/3 weeks. If this one pulled back a little bit, you could buy. Stable cash flows. | 2006-06-02 | |
| TOP PICK | 20.080 | Leslie Lundquist | Relative to its large, liquid and stable peers, it is trading at a little bit of a discount. Relatively cheap. | 2006-05-17 | |
| TOP PICK | 20.850 | Kevin Hall BComm, CFA | Industrial, retail, office spaces. Tend to sign long-term leases. Has sold off recently which makes it a very good buying opportunity. | 2006-05-05 | |
| TOP PICK | 20.850 | Patrick Kim | Has lagged it high quality peers. Good portfolio of office properties. Well diversified. | 2006-04-21 | |
| PAST TOP PICK | 21.800 | Kevin Hall BComm, CFA | (A Top Pick Oct 28/05. Up 16%.) They did a fairly large equity issue which took them a while to get them worked out into the marketplace. | 2006-02-17 | |
| WEAK BUY | 21.380 | Ravi Sood | There has been a real sell-off in all the REITs. Triggered by the US REIT Index turning over which is probably triggered by interest-rate fears. This has created a good buying opportunity. His top pick in this sector would be Calloway REIT (CWT.UN-T). | 2006-02-10 | |
| PAST TOP PICK | 21.350 | Patrick Kim | (A Top Pick Nov 4/05. Up 12%.) Had been a little depressed because of a financing issue which gave him the opportunity of a good price. Has now closed a lot of that gap but is still trading at a slight discount. | 2006-01-13 | |
| BUY | 21.000 | Michele Robitaille | Real estate is somewhat more conservative than energy or some business trusts as it tends to be very stable. This one is a high-quality name. Strong management team. Very stable, steady growth and not a lot of upside, but a very safe place to be. | 2006-01-06 | |
| BUY | 20.800 | Michael Simpson, CFA | Excellent quality. They have assembled a high-quality portfolio and are expanding into the US. Long-term leases with high-quality tenants. Under levered based on their assets. | 2005-12-30 | |
| WAIT | 20.160 | Charles Dillingham | Still cheap relative to the larger, more liquid REITs. Given what has happened today with the TSE, watch to see what happens on Monday and see if it matches your comfort level. Today’s weakness may well be a buying opportunity. It looks like the interest rate concern is not a threat for now. | 2005-12-16 | |
| BUY | 20.160 | Sandy McIntyre | This one is at the very top of the quality spectrum. They have institutional grade assets. Great buildings, great tenants, good under levered balance sheet. | 2005-12-16 | |
| TOP PICK | 20.440 | Leslie Lundquist | A very stable REIT. Won’t disappoint you on the income side. Versus its peers, this is trading at its net asset value, which is a bit of a discount. | 2005-12-07 | |
| TOP PICK | 19.850 | Gail Mifsud | 99% occupancy rate. 12 year average lease term. Have on average mortgage term on their debt. Very solid company. Limited operating or financing risk. | 2005-11-25 | |
| BUY | 18.900 | Michele Robitaille | A very high quality company. Have very long lease terms. Revenues are very stable. Trading at a good valuation. Trading at a discount to its net asset value. | 2005-11-18 | |
| BUY | 18.320 | Peter Brieger | His favourite REIT. The mortgages they have pretty well coincides with the termination of the lease period, so there's not much risk there. It should recover. | 2005-11-15 | |
| TOP PICK | 19.000 | Patrick Kim | One of his favourite REIT's in terms of valuation. Has been hurt a lot more than its peers. A very high quality asset of real estate buildings. Mostly office, but some industrials. | 2005-11-04 | |
| TOP PICK | 18.900 | Charles Dillingham | You should get a very good move with good names when the market improves. A very conservative REIT. Has long term leases. Keep an eye on it and don't rush out to buy. (Could soften more?) | 2005-10-31 | |
| TOP PICK | 18.740 | Kevin Hall BComm, CFA | A very conservative REIT. High quality, credit worthy tenants. Very little risk. A high quality name that's trading at an average or below average valuation. | 2005-10-28 | |
| PAST TOP PICK | 19.600 | Michael Sprung | (A Top Pick June 24/05. Down 0.5% not including distributions.) Good consistent cash flow. | 2005-10-11 | |
| TOP PICK | 19.580 | Michael Sprung | Exposure to both Canada (80%) and the US (20%). A little over half its properties are office, 1/3 industrial and balance in retail, so good diversification. Well priced going forward. | 2005-06-24 | |
| TOP PICK | 19.550 | David Baskin | Commercial real estate 99%+ occupied. Simple formula. Build a building for someone like Puralator, lease it for 20 years, mortgae it for 20 years and lock in the spread. In the current environment of low interest rates, it's a good solid place to put your money. | 2005-06-09 | |
| BUY | 18.940 | Kevin Hall BComm, CFA | A high quality REIT. Very stable and very predictable. Has a long term contractual revenue stream. High credit worthy tenants. Not a lot of risk. One knock against it is that it has an external management team. | 2005-05-06 | |
| BUY | 18.450 | Michele Robitaille | A relatively high quality name. A slower growing trust. | 2005-03-18 | |
| HOLD | 19.100 | Gail Mifsud | Market perform. 6% total return expectation. Execellent managment team, long track record of stable steady growth. | 2005-03-11 | |
| BUY | 19.980 | Kevin Hall BComm, CFA | Great track record. Trading near its all time high. A lot of money is coming into Canada and buying up real estate and driving up valuations. A good, steady, quality, core holding. Long term leases. | 2005-02-04 | |
| BUY | 18.970 | David Baskin | Interest rate environment is stable with 5 year government bond down and the spread between this and REIT's is more reasonable. Favourite REIT's are H & R and Riocan. Very solid with big portfolios, large market caps with a lot of liquidity. | 2005-01-25 | |
| HOLD | 18.990 | John Priestman | Very expensive. Has had a huge move. Trading at over 20% premium to its net asset value. 7% yield. Do some profit taking. Can repurchase at a cheaper price down the road. | 2004-12-31 | |
| HOLD | 18.100 | Gail Mifsud | Has to be one of the best REIT's. Very solid long term player. Have less than 8% of their portfolio rolling over. Expensive. Good long term hold. | 2004-12-10 | |
| BUY | 17.860 | Blair Wilson | A conservative trust, so more interest sensitive. Was recommended, but came off due to valuation. | 2004-11-26 | |
| BUY | 17.890 | Gavin Graham | Good conservative management. 7/8% yield. | 2004-11-08 | |
| DON'T BUY | 17.540 | Gail Mifsud | A very solid REIT. A "Best in the Class". Trading at a significant premium to its underlying value. | 2004-10-22 | |
| VAGUE | 17.680 | Charles Dillingham | Rich. Has very good long term contracts. | 2004-10-15 | |
| BUY | 15.670 | John Priestman | A good REIT. | 2004-05-26 | |
| BUY | 15.290 | David Baskin | Off 20%. | 2004-05-14 | |
| BUY | 17.790 | Peter Brieger | Buying for new clients. | 2004-03-16 | |
| BUY | 15.720 | David Baskin | Likes. | 2004-01-07 | |
| BUY | 15.410 | Charles Dillingham | One of the most stable income's in REITs. Have very long-term leases. Have an increase in their cash flow every year. Doesn't expect an increase in distributions. | 2003-09-26 | |
| PAST TOP PICK | 15.600 | Charles Dillingham | Was a past top pick and still likes it. | 2003-08-01 | |
| PAST TOP PICK | 14.970 | Garth Jestley | (Was a top pick on Apr 2/03. Up 8%.) Still likes. Good management team. | 2003-06-25 | |
| BUY | 15.260 | David Baskin | Has a good policy in locking in spreads. | 2003-06-16 | |
| TOP PICK | 15.130 | Charles Dillingham | Have good quality, long term leases so they're well protected. | 2003-06-13 | |
| TOP PICK | 13.970 | John Priestman | Well managed. 99% occupance leased. | 2003-04-02 | |
| PAST TOP PICK | 14.000 | Sandy McIntyre | (Was a top pick on Feb 26. No change, but did have distributions.) | 2002-08-12 | |
| BUY | 13.900 | Garth Jestley | Commercial real estate REITs should remain strong. | 2002-08-06 | |
| TOP PICK | 14.050 | Sandy McIntyre | Selected for those who are bearish on the economy. Well diversified and safe. Creative management. Has a blue chip list of tenants. | 2002-02-26 | |
| BUY | 13.820 | David Baskin | Their favourite real estate trust. Should have a 9% yield. Stable. | 2002-02-19 | |
| STRONG BUY | 13.740 | David Baskin | New major acquisition. 10% distribution. | 2002-02-07 | |
| TOP PICK | 13.160 | David Baskin | Has AAA tenants. 99% of space is leased. Not many leases are due for renewal. Expects a yield of 12/15%. | 2001-12-03 | |
| BUY | 12.570 | Bill Shaw | Good financing/development. Good yield. | 2001-11-02 | |
Experts that have talked about H&R Real Estate Inv Trust
