Brookfield Office Properties (BPO.TO) Buy,…

Brookfield Office Properties (BPO.TO)

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BUY

Has some fantastic properties in the US and Canada. Tied to the financial world in some ways but companies are not getting rid of massive floors of traders, etc. They do have some residential properties, which has hurt them. Even if you give these a zero value, the stock is still worth $25-$28.

BUY

Just sold their 50% interest to the co-owner at a high price. Terrific value creators and managers. Will probably use the opportunity to expand in the US during the depressed prices that are probably about to happen in the commercial market. Trades at a big discount to NAV.

TOP PICK

Own Class A commercial buildings in major cities. Likes it because it trades at about a 25% discount to its NAV. They do have residential buildings, which have hurt their net operating income but this is a smaller part of their business.

PAST TOP PICK

(A Top Pick Aug 16/07. Down 16%.) Have a big lease with Merrill Lynch in New York until 2013 and will have no trouble re-leasing. All the negative news has been discounted into the price and none of the positive news has been taken into account. Compelling value.

PAST TOP PICK

(A Top Pick July 23/07. Down 21%.) Concerned that the financial market will be hurt. Wouldn't buy at this time.

TOP PICK

Likes that they sign long-term contracts with escalation clauses with their clients. Stock has dropped dramatically because of concerns of a US recession that will effectively lay off everybody. That is not really the case. Good internal growth.

TOP PICK

Trades at almost an 18% discount to its NAV. Has some of the best properties in the world including New York, Toronto and other parts of the US. Market is undervaluing its ability to grow over long periods of time. They have long-term contracts with their clients.

TOP PICK

Has been hurt very badly. There was a lot of concern that Merrill Lynch was going to move out of their New York offices, but it looks like that is not going to happen now. Have the best office position in Alberta. Strong management. Relatively low yield but has a low payout ratio. Long-term leases.

BUY

Been very bullish on this for well over a year. An office focused REIT. Trading at a discount to its net asset value. Cheap, belongs between $21-23.

DON'T BUY

As a quantitative investor, there are certain factors that he looks for. In the last several months, the 3 most important have been 1) earnings revisions being higher 2) beating estimates and 3) free cash flow generation. At the current time with a credit crunch it is very difficult to finance and this is a business that needs to continually do that.

BUY

0wns class A and luxury office towers in major cities in Canada and the US. Market was concerned about the Merrill Lynch lease in New York City, but they look like they are staying for another 5 years. There is also concern about the slowdown in Calgary but they still meet their numbers. Everyone is disregarding the positive news.

TOP PICK

Suffered like many of the other global real estate companies. One of the big tenants in New York has said they are going to stay. One of the very best companies around. Trades at about 12X its price to FFO. Yields about 3%. Buying back stock. Have some of the best properties in the world. Trades at about 25% discount to its NAV.

BUY ON WEAKNESS

Some of the sharpest management anywhere. Just announced wonderful numbers. Very low vacancy rate. Big in New York and Los Angeles and brought their debt up a little bit and everybody's worried. Thinks the stock should come down another $1 or so and at that point Buy.

TOP PICK

Own a large part of office buildings in major cities in US and Canada. Trades at a 20% discount to its NAV. Has been hurt by the financial crisis because about 50% of their tenants are in the financial industry. Trades at 11X price to FFO, which is cheap. Manhattan space has very low vacancy rates and Merrill Lynch has confirmed they will be staying.

STRONG BUY

Has been swept up in the re-pricing of the US REIT market so the price has dropped in half. First class, high quality real estate company. Own 117 million square feet of AAA office space in key markets. Trading at 11X forward FFO multiples, which is well below the historic 13.5.

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Brookfield Office Properties (BPO.TO)