Brookfield Office Properties (BPO.TO) Buy,…

Brookfield Office Properties (BPO.TO)

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TOP PICK

Feels the NAV is about $19 and is trading at a significant discount to that. Good example of what you can get when you look beyond Canada. New York properties are being impacted by one of their major tenants leaving and they’ll have to back fill that space once the lease is up in 2013. Once they do that he expects the stock will snap back up to $18-$19 quickly.

TOP PICK

Brookfield Office Properties 4% 4/16/2018. Lower Manhattan, well managed. Triple 'B' high so investment grade.

BUY

Doing a wonderful job. At some point inflation is going to pick up and real estate generally is going to be one of the beneficiaries.

BUY

Great company. Have AAA assets. One of the best portfolios that there is. Pretty good entry point here.

COMMENT

Thinks this is fine longer-term. Merrill Lynch is moving out of their space and that space is not yet filled. Thinks they will find a tenant and this company will weather the storm. Dividend is attractive and he feels it is safe.

BUY

Preferred P. Great company. He plays it through Brookfield Asset Management (BAM.A-T). This is a 5.15% rate reset. Likes the term of it, which goes out to 2017.

BUY ON WEAKNESS

(Market Call Minute.) Buy it at $17 or better as it offers you a 15% total return.

TOP PICK

Office REIT with offices in North America and some in Australia. As US economy improves, they'll get an uptick in occupancy and rents. Some concern about their World Financial Center in New York with a major tenant leaving at the end of 2013. Market is overlooking that the property is going to be unencumbered. About 50% of debt is coming due within the next few years and they'll be able to refinance at much lower rates. 3.3% dividend. NAV of about $23.

STRONG BUY

High-quality portfolio. Very cheap and offers about a 30% total return from these levels. Last quarter was not remarkable.

COMMENT

4% bond maturing April 16/18. This was a new issue and is still trading around where it came out at, about $99.80. You might want to look at their preferred shares instead, which gives you a little bit of that yield advantage.

BUY

If you a believer in the fact that vacancy rates are going to continue to fall, then this is a very good way to play it. Rise is likely to continue as long as outlook for north American economy remains strong.

BUY ON WEAKNESS

Primarily in New York, Boston and Los Angeles. Have a big issue in New York where they have Merrill Lynch down by the trade center. Likes the name and the management but not sure so he has recently lightened up a little. He likes it at around $14. Yield of about 3.1%.

BUY

Exposure is downtown Manhattan. Some intermediate term risks. BAC is leaving their building plus one other large tenant. But a recent investor day went very well. If you can buy at $15, you are getting it at less than book.

WEAK BUY

Own maybe the best real estate in North America however, valuation is expensive at 15X Funds from Operations (FFO). Nice dividend yield.

PAST TOP PICK

(A Top Pick Oct 7/10. Down 2.66%.) This is one that he is in and out of periodically. It's a first-class company. Have some fairly significant vacancies in Boston and New York where tenants left so have been hurt a bit. Still one of the best names around.

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Brookfield Office Properties (BPO.TO)