Investment Q&A

Q: Hello 5i Team

I currently own European Residential REIT (ERE-UN), however I wish to sell it before year end with the uncertainty of what will happen after the special distribution and reduction in dividend (i.e. to many moving parts).

I want to replace it with either of the TSX listed US dollar REITS

BSR REIT - HOM-UN
Dream Residential - DRR-UN -UN,
Flagship Communities - MHC-UN

or add to my existing holdings of Inter Rent (IIP-UN)

1 - What would 5i suggest and if the US dollar REIT, please rank in order of preference?

2 - If I go with the TSX USD reits should I buy them in Canadian Dollar or US dollar (as they trade in both currencies on the TSX)? I am thinking I should go with Canadian Dollar as it will make the annual ACB calculations easier (my reits are held in a taxable account).

Thanks

Q: In view of the recent acquisition of TCN by Blackstone, do you think that HOM.UN could also be a future target of a takeover? If so, who do you see as likely suitors and what might be a reasonable offer?

Thanks as always.

Q: Are the dividends of those Cies accepted for Canadian dividend tax credit since their businesses are also significantly in the USA ?

Q: hi folks:

can you pls compare/contrast INVH (invitiation homes) HOM.UN (BSR) and TCN (tricon)

and in which order would you consider purchase (if at all)

thanks again

Q: How would you rank these. What would the rationale be for the ranking. Housing affordability seems to be a market issue as well as not enough supply. Are these all buys with the macro backdrop?

Q: BSR 1/4 ly results look pretty good.
Most propeties in the US.
Your comments please.

Q: Hi, Are there any Reits based in Texas? I think a lot of people are moving to Texas and reits with holdings there should do well..What are your thoughts?

Q: Other than higher interest rates, is there a reason the US housing REITS have been so weak of late? Does the same reason apply to CAR.UN which have been down.

Q: A question on your data.
It shows price to cash flow of about 10x for hom.un
Compared to car,un and kmp.un both at 17x it seems far cheaper .
I was under the impression it was an expensive reit

Q: Can you comment on BSR’s recent rent rate growth press release please. Do you think BSR’s premium is warranted given the growth and markets they are in? Thanks

Q: Is TCN or HOM.un a better buy at this time? Which has better growth prospects in the near and medium term? Which has a cheaper valuation and are their valuations reasonable for reits? Are their debt levels reasonable?

Q: These symbols are confusing.
They are both showing as having the same US$ div'd.
Same name and both say :CA on you web site,
They appear to be the same but .U trades in US$ on the TSX.
The .UN one is aa newer list and trades in Cdn $.
Any advantage to one over the other?
Cdn $ one seems to do less volume.
I always get gypped on conversion when I trade US$ in a Canadian $ account. Even the trading fee is in US$.
Would appreciate your expert opinion.

Q: What did you think of their q3 results? Seems like the company is benefiting from exposure to the strong texas market. How does the valuation/growth compare to to other alternatives? Thanks

Q: Can you comment on BSR reits latest results please. The stock has been on fire and results looked good to me. Is it a decent buy today? How does it compare with peers? Valuation? Thanks

Q: If you held a small position of HOM.UN:CA would you be replacing it with something else or continue to hold it?

Q: A little while ago, Stephen asked a question about some Reits and BSR was mentioned. In your answer, you suggest it was not cheap, based on 22x cash flow. A couple of questions: would other matrices also show it to be not cheap? About P/E, it shows at 5 on my Portfolio Tracking, but on the web page from my booker, it says 12.49....why the difference? Last, while I do like the business focus of BSR, CAP Reit is often mentioned favourably for this sector; can you briefly compare these 2 and suggest which you would prefer, and why? Thank you for your excellent service.

Q: Which one of these two investments would you buy now and why? Both seem decently cheap.

Q: Which 4 of the 6 Reits would you buy at current levels? Please rank your choices.
Thanks

Q: Michael, perhaps you meant BSR Reit Canadian invested in US market.

Q: Can you tell me the difference between these two listings? And what is your view of this company. Is it a buy? Thank you