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Dennis Mitchell, CFAWhiterock REITWRK.UN.TODON'T BUYJul 20, 2009

You have to dig through financial statements and reporting to understand what is really going on. If you look at cash in/cash out they are over distributing. However, their statement of changes and financial position and cash flow statement, there is about $500,000 shortfall. Yield of about 20%.
Dennis Mitchell, CFADennis Mitchell, CFA
No
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$16.30

Stock price when the opinion was issued

property mngmntinvestment
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SELL

Whiterock REIT(WRK.UN.TO)

Dec 21, 2011
(Market Call Minute.) Thinks there are corporate governance issues
Photo of Jeffrey F. OlinJeffrey F. OlinUnlock Rating
$13.46

Stock price when the opinion was issued

property mngmntinvestment
COMMENT

Whiterock REIT(WRK.UN.TO)

Oct 18, 2011
High yield of around 9%. Had been doing a lot of growth. Not much institutional support. Has been significant concern that the CEO has been taking very good care of himself on the financing. They claim they're going to be improving that. Looks safe right now but the market will be watching very carefully.
Photo of Charles DillinghamCharles Dillingham
Owned
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$12.57

Stock price when the opinion was issued

property mngmntinvestment
SELL

Whiterock REIT(WRK.UN.TO)

Sep 26, 2011
Doesn't like this REIT at all, basically because of management. Suspects that some of the net operating income from some of their recent acquisitions won't stand up over the test of time.
Photo of Jeffrey F. OlinJeffrey F. Olin
No
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$12.04

Stock price when the opinion was issued

property mngmntinvestment
COMMENT

Whiterock REIT(WRK.UN.TO)

Sep 19, 2011
CEO’s contract is like no other. He takes fees both coming in and going out. Has pushed some good product and has done a lot of stuff well. Hasn't looked at this one closely although he has a little bit.
Photo of Charles DillinghamCharles Dillingham
Owned
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$12.82

Stock price when the opinion was issued

property mngmntinvestment
COMMENT

Whiterock REIT(WRK.UN.TO)

Aug 10, 2011
Recently sold a large part of his holdings. Bothers him that CEO’s compensation is based on growth rather than profitability. Also making more acquisitions outside of Canada and hopes they can transition these into accretive acquisitions. Doesn't expect much growth.
Photo of Paul Gardner, CFAPaul Gardner, CFA
Owned
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$11.65

Stock price when the opinion was issued

property mngmntinvestment
DON'T BUY

Whiterock REIT(WRK.UN.TO)

Aug 04, 2011
Has a fundamental difference with management on how the REIT should be managed. Assets are very good but the leverage is way too high and the distribution is not sustainable. Income is not as secure as in other REITs.
Photo of Dennis Mitchell, CFADennis Mitchell, CFA
No
Unlock Rating
$11.45

Stock price when the opinion was issued

property mngmntinvestment
BUY ON WEAKNESS

Whiterock REIT(WRK.UN.TO)

May 30, 2011
Company has had a chequered career and have now developed a reasonable and diversified portfolio. Yield of over 8%. Some questions on CEO’s compensation. If interest rates rise, there could be problems.
Photo of Charles DillinghamCharles Dillingham
No
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$13.84

Stock price when the opinion was issued

property mngmntinvestment
SELL

Whiterock REIT(WRK.UN.TO)

Nov 05, 2010
Over-paying distribution and have done so for a long time. Not a big fan of senior management. They are more financial engineers. Cautious of this name.
Photo of Jeffrey F. OlinJeffrey F. Olin
No
Unlock Rating
$19.21

Stock price when the opinion was issued

property mngmntinvestment
WEAK BUY

Whiterock REIT(WRK.UN.TO)

Oct 07, 2010
Have done a significant job of diversifying. Brought their payout ratio down from about 130% to 117%. A definite Caveat Emptor so don't invest too much.
Photo of Charles DillinghamCharles Dillingham
Owned
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$17.40

Stock price when the opinion was issued

property mngmntinvestment
BUY

Whiterock REIT(WRK.UN.TO)

Sep 01, 2010
Focuses out west on office, retail and industrial. Over distributes on incoming income so the question is can they grow big enough to offset this. I've made some accretive acquisitions over the last several months. Relatively inexpensive.
Photo of Paul Gardner, CFAPaul Gardner, CFAUnlock Rating
$15.41

Stock price when the opinion was issued

property mngmntinvestment
DON'T BUY

Whiterock REIT(WRK.UN.TO)

Aug 03, 2010
Have done some fancy financing that he was not comfortable with. Caveat emptor.
Photo of Charles DillinghamCharles Dillingham
No
Unlock Rating
$14.75

Stock price when the opinion was issued

property mngmntinvestment
COMMENT

Whiterock REIT(WRK.UN.TO)

May 28, 2010
Over distribute over their AFFO (Adjusted Funds from Operations). Leverage is higher than industry standard. Good properties. Management is on target and appropriately aggressive. Will have to issue more equity or buy more properties to get the 12% distribution on side.
Photo of Paul Gardner, CFAPaul Gardner, CFA
Owned
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$14.09

Stock price when the opinion was issued

property mngmntinvestment
HOLD

Whiterock REIT(WRK.UN.TO)

May 17, 2010
(Market Call Minute.) Likely to be challenged in the future. Still have some financing issues.
Photo of Charles DillinghamCharles DillinghamUnlock Rating
$14.45

Stock price when the opinion was issued

property mngmntinvestment
DON'T BUY

Whiterock REIT(WRK.UN.TO)

Apr 28, 2010
Just acquired a number of properties on the Hwy 427 corridor in the Toronto area. Don't own the entire asset, which enables them to boost returns by charging asset/management property fees. He would like to see a couple of quarters of them operating. Too much over distributing and over leveraging for him.
Photo of Dennis Mitchell, CFADennis Mitchell, CFA
No
Unlock Rating
$15.21

Stock price when the opinion was issued

property mngmntinvestment
DON'T BUY

Whiterock REIT(WRK.UN.TO)

Apr 15, 2010
Core of their business is government offices in Regina and Quebec city. Many questions about how good their finances are and if there is another shoe to drop. Very high payout ratio so there is a real risk they may have to cut distributions.
Photo of Charles DillinghamCharles Dillingham
No
Unlock Rating
$15.01

Stock price when the opinion was issued

property mngmntinvestment

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Stockchase, in its reporting on what has been discussed by individuals on business television programs (in particular Business News Network), neither recommends nor promotes any investment strategies.

We paraphrase the experts by hand, we watch the shows and write down what we understood from the experts’ comments. We are human and can make mistakes, help us fix any errors. If you see something that you know is not right or if there is a problem with the site, feel free to email us at: [email protected].

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