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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: From your report on IIP.UN, it appears that the company is making money from acquiring properties in more urban (i.e. stable) areas and by doing so, it is able to increase the efficiency and profitability of its property management area. The trust is also making some money by raising rents after tenants on old cheaper leases leave and by applying for "above guideline increases for existing tenants" which I think is another way of saying it works to get around rent controls.

Does IIP.UN own individual condos and/or condo buildings? Do they develop any of their own projects or is entirely a growth by acquisition story?

Is the above approach much different than that of CAR.UN? The metrics for both are very similar. Is IIP.UN different in that it owns somewhat more expensive rental units? Or are the two companies pretty similar?

Back in January, you felt that CAR.UN should be owned if one is interested in yield and IIP.UN would appeal more to someone wanted growth. Is your answer the same today?

Appreciate the insight.

Paul F.
Read Answer Asked by Paul on June 18, 2018
Q: Hi - I have an additional $50k to add to my real estate portion of my portfolio and would like the best reits in the following spaces: a) Low cost residential b) High end residential c) non-retail commercial d) Utilities and Heavy duty industrial e) Non-North American Commercial

What would be your top 5 picks for a long term hold (8 -10 yrs)
Read Answer Asked by Ron on December 18, 2017
Q: I am looking to replace HR.UN with a REIT that has minimal, or no retail exposure. Can you suggest a couple with comparable dividends, and better potential upside? Thank you.

Grant
Read Answer Asked by Grant on November 14, 2017
Q: In what order would you rank these residential reits for a long term hold (5 plus years)? Would you agree that you should have one or two as part of a core holding in a portfolio? Thank you .
Read Answer Asked by Albert on October 26, 2017
Q: In a previous question in March you answered that MEQ was a much more expensive stock then Boardwalk BEI-un. MEQs book value was .5 at the time vs a .7 from Boardwalk. How did you make that judgement that MEQ was much more expensive? Since March boardwalk is down 15%, does that make it significantly less expensive then MEQ at the moment?

Also is it safe to assume IIP.un has pretty much has the same strategy as MEQ albeit an Eastern Canada concentration? Its book value is 1.1 vs a .6 from MEQ. Its ROE is significantly better then MEQ but P/E ratios are roughly the same? Does that justify the lower book value of MEQ or am I looking at things wrong?

What are your 3 favorite stocks in the real estate market.

thanks
Read Answer Asked by Thomas on September 11, 2017
Q: In reagrds to your model portfolio update;

Sell full position in BMO Equal Weight REIT ETF (ZRE, NR)
Trade Rationale - We see a few headwinds facing the broad REIT industry. Higher potential rates may make this segment come out of favour while also increasing costs to the REITs themselves. Add in high property values and pressure on retail stores, and we think it is time to be more targeted with any REIT exposure.


I concur and shifted my focus to smaller, higher yielding albeit riskier REITS like PRV which is flat since purchase not including DRIP & NXR just bought. My question is what REIT's would you recomend for this targeted approach and retail concerns, I am familair with some of your more popular REIT suggestions so hoping to hear some diferent names.

Thanks!

Craig
Read Answer Asked by Craig on August 02, 2017
Q: I hold substantially less than 5% of each of the above securities in my diversified portfolio.The sector is not over-represented in my portfolio. I would appreciate your opinion as to which, if any, should be sold because of duplication; and/or to reduce the # of stocks held; and/or because of other specific concerns; and which, if any, should be added to. I do not require the cash from any disposition, am not averse to risk, and, subject to your comments, would reinvest it in this or any other sector which you recommend.Thank you in advance for your usual reasoned response.

Read Answer Asked by Harold on July 10, 2017
Q: Hi Folks,
I'm looking to add a REIT or two to my income portfolio. I'm also aware of the possibility that rates may increase over the next year or so. I was thinking that "growthy" REITS would provide some protection from rising rates. Could you suggest two or three REITS with the potential for above average growth with a sustainable distribution. I'm OK with some riskier names.
Great work, as usual.
Dennis
Read Answer Asked by Dennis on June 09, 2017
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