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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 held Middlefield's IDR for a short time in a RIF and am down 6.05%. Found it has been merged with 2 other ETFs or funds. I am feeling very uncomfortable with it. Can you comment what has happened and if MREL is worth holding? Losses do not bother me much & I can easily move on.
Thank You
Read Answer Asked by William James (Jim) on March 28, 2022
Q: Hello Team,

Given your past responses it does not seem like you are fans of Colliers or at least would allocate capital to other names first (and don’t like the amount of debt they carry).

I don’t understand this and look at the company as a smaller, younger BAM for the following reasons:

- Their IM is growing by over 50% yoy.
- revenue has compounded over the last decade while ebitda margins have improved from 9.3% to 14%.
- their acquisitions of Harrison st, basalt, antirion have diversified their offering to be more infrastructure than only RE.
- they have already proven to successfully expanded into engineering serivcies.
- Their goal is to have over 65% reoccurring revenue by 2025
- Jay Hennick has proven track record with the stock providing compounded annually return of +20% for 20 years.


I could go on and on but given the tailwinds for alternative asset managers (similar to BAM) and proven track record. I don’t understand how this isn’t in your core stable of beloved Canadian names with the likes of BAM, CSU, TOI, ECN, ATD, GSY, etc.

I would love to hear your expanded feedback on the name


Read Answer Asked by James on March 25, 2022
Q: What are your thoughts on this company? To quote "FCR remains one of a small number of REITs trading at meaningful valuation discounts versus pre-pandemic (P/NAV 74% versus 86%, P/AFFO 16.0x versus 20.0x)" I understand its debt is high but has been reducing it aggressively pre pandemic.
I know you like GRT.UN and CAR.UN, wondering where FCR ranks in relation to these 2.
Read Answer Asked by John on March 24, 2022
Q: I'm a roughly 50/50 income/growth investor with the income being an important part of our retirement income.

Given that REITs are generally high debt equities I'm questioning how they'll fare given the current environment of rising interest rates and and increasing costs. Will they be able to offset those increased costs by raising rents?

I'd first like you to comment on my assumptions as to what is going on. Agree or disagree.

Secondly I'd like you to comment on the specific REITs that I've mentioned. I'm sure they're all different based debt maturities and rental contracts. The average length of their rental contracts may work against them if it's longer while the average maturity of their debt may work for them if it's longer. Cost increases are now.

Read Answer Asked by Larry on March 23, 2022
Q: Would you please rank these 12 REITs for future growth prospects, where 10 is the best prospects & 1 the worst. Also would please indicate what REIT assets contribute to future growth & those REIT assets that have very little future growth. Thanks ... Cal
Read Answer Asked by cal on March 23, 2022
Q: According to a G&M article on treat of stagflation, XSB is not a good choice of invest re 40-60 portfolio.
Assuming you agree with this article what would be your top 3 or 4 investment to replace XSB ?
Read Answer Asked by Roy on March 21, 2022
Q: Hi, should have some exposure to R.E. Could you please pick two of these R.E companies you would prefer, with dividend , growth, and management considerations. This is for a unregistered acct. for long term. Or would you stay clear of this sector for now because of higher interest rates that are likely to come?
also if you have a better suggestion please include it .
Thanks
Read Answer Asked by Brad on March 21, 2022
Q: Thanks for your previous answer on the share split in these companies. However, I have one final question. Should I deduct the book value of the spin off shares of pmz.un from the original book value of the HR.un shares to come up with an accurate picture?
Read Answer Asked by Robert on March 18, 2022
Q: Hello Peter and team, I have held a position in the company for more than 10 years. It has been a roller coaster ride with a couple of boom and bust along the way. Recently, it has been recovering fast, with Covid restrictions lifting and people going back to offices. Does this run up have more legs? Is it time to trim? What will the rising interest affect REITS in general? Do you see better opportunities in REITS (not limited to office REITS)? Appreciate your insight!
Read Answer Asked by Ching on March 17, 2022
Q: When I was awarded shares of PMZ I entered them into the program with a book value at the current share price, but in reality, I did not pay for the shares. Conversely the HR.UN became a 20% + loss. I'm wondering if this is okay or should the PMZ shares have gone in at 0 book value or the HR value be reduced to accurately reflect the performance of the portfolio.
Read Answer Asked by Robert on March 17, 2022
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