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Brookfield Office Properties (BPO.TO)

PAST TOP PICK
(A Top Pick July 21/09. Up 17%.) 8.95% bond maturing 6/6/14. Yielding about 7%. Excellent management who can weather the storms. Still a Buy.
TOP PICK
Drop of 15%-16% recently has put it on his radar screen. Some very high profile properties. Analysts are very positive and fundamentals look great. 4% yield. Looking for a 20%-25% rise.
DON'T BUY
Strong upward trend from July through to May when it started to form a down channel. Would like to see it break up out of that channel. Thinks June might have been the high water mark for Canadian real estate. He would avoid this sector until there is some clarity.
BUY
Has gone through a lot of change in the last few years. Wonderful “A” listed real estate assets and they're making headway on filling some of their empty space. 3.8% yield.
BUY
(Market Call Minute.) One of the best around. Canadian company and big in New York.
DON'T BUY
For a long-term hold, this is one of the better managements in the real estate space, particularly commercial. Not adding to his holdings because of the retail/commercial sector and their properties in the US.
BUY
Offers the best forward one-year return. Worth about $17-$18 right now. Yields about 4%-5%.
TOP PICK
Class A office buildings in Toronto, Montreal, Calgary, Washington and Houston.
TOP PICK
Now converting to a REIT, which he likes. Will pay out a one-time distribution of a little over $1 and continue and $.80 distribution. Major owners of very high quality properties in Canada and the US.
TOP PICK
Going to convert to a REIT. Their vacancy is stabilizing. Very good free cash flow. Going to look for acretive possibilities going forward.
BUY
Real Estate south of the border has been a problem, but these guys are one of the better managers. They're going to do okay. Spinning out it's Canadian unit. None of it's Canadian markets are overbuilt.
COMMENT
Rumor about BPO turning into a REIT. They are well capitalized. They bet their numbers last quarter. REITs are the only tax efficient structure left after income trusts end. It would make a lot of sense to turn BPO into a REIT.
DON'T BUY
Had a nice recovery. Throughout recession they managed to keep occupancy steady. He prefers the parent company and you also get power and transmission lines. Likes H&R and Cromby REITs.
DON'T BUY
An interesting space to be in but it is running into problems again. Pays a good dividend. He is not interested. Could be an interesting play – grab the dividend and hope for gain.
TOP PICK
A sustainable 4.5% dividend yield. Built up a war chest of about $1.4 billion as they are anticipating some really good US properties coming on the market. Extraordinarily well managed.
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