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Investment Q&A

Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.

Q: I have had good success with industrial reits, having held DIR.UN for several years, and having 2 other industrial reits bought out over the years with nice profits. And then there's NXR. A more recent purchase and clearly a mistake, as it is currently the highest percentage loss in my portfolio (fortunately a small holding: only about 1% - but was about 1.5% initially). Question - do you see any hope for this one, or better to just move on now that it has shown a little strength? This is in an RSP, so the loss can't be claimed. I would like to take advantage of the current relatively high yields in some better-quality names to hopefully make my RSP a little less prone to this kind of loss.
Thank-you
Read Answer Asked by grant on November 16, 2023
Q: Good afternoon!
I would appreciate an update on your views about the residential arm of Dream. They seem to be doing well, but I was hoping you might help me spot any red flags here, or point out where I am not seeing the data correctly. My cursory review noted the following:
1) Debt to assets only 31.9%
2) Stock price at 50% NAV
3) Paid $10.5 distributions, out of $.18 FFO, which implies a payout ratio of only 58%, which seems low and I would think adds to some margin of safety for a small firm.
4) Actually are buying back stock, although minimally.
5) Dividend seems very good at almost 7%.

Thanks!
Paul
Read Answer Asked by Paul on November 15, 2023
Q: I asked a question on Brookfield Property a couple days ago...thank you for the reply...In it you said BPY files its own financials...I have looked high and low for them (obviously , in the wrong places )...would you be kind enough to post a link to where I could view them or give me the name of the website where I could find them...please and thank you
Read Answer Asked by Cam on November 14, 2023
Q: I have heard mention made, generally negative, of "external management" in reference to income trusts. I am curious about your expert opinion on this subject with speciic reference to DIR.UN and CSH.UN.
Thank you for your thoughts, Bill
Read Answer Asked by Bill on November 14, 2023
Q: How secure are the dividends from these real estate investments?
Read Answer Asked by Ron on November 13, 2023
Q: Looking to add to one of these REITS in TFSA. Are they each favorites of yours in their respective REIT sectors (Industrial, Residential)? If not, which REITS are your favourites in these sectors? Which sector do you see doing best for growth over 2-3 years assuming rates have peaked and likely decline sometime in 2024?

Thank you.
Read Answer Asked by Tony on November 13, 2023
Q: Are you able to discuss the results of CAR.UN? Do you see potential upside to this company given a more stable interest rate environment?

Can you also comment on their strategy? It seems given their focus on upscaling their building portfolio (ie recycling out older buildings and using their cash to buy newer properties), tail winds from housing shortages & immigration coupled with their focus on affordable housing (eg. mobile homes) could be good opportunities in the future.
Read Answer Asked by Cathy on November 11, 2023
Q: I would appreciate your comments regarding their earnings release and the dividend cut. The market did not like the cut in dividend, but I am wondering as to whether this might at some point be a buy. Their payout ratio seemed low for a reit, even with a very high dividend. If the eliminated dividend reduces debt, would they also be a takeover target for a larger reit/
Read Answer Asked by Paul on November 10, 2023
Q: Hi Peter, Ryan, and Team,

In order to keep the real estate sector balance more or less the same, would you endorse a sale of TCN to use the proceeds to purchase more DIR.UN (which we already hold in this investment account) ? TCN has been a frustrating stock, but I believe that DIR.UN has more upside. Alternatively, are there other stocks in the same sector that you would suggest instead of DIR.UN?

Thanks as always for the pertinent guidance.
Read Answer Asked by Jerry on November 10, 2023
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