Whiterock REIT (WRK.UN.TO) Buy, Sell or Hold

Whiterock REIT (WRK.UN.TO)

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COMMENT

Has had a lot of discussion over the years but is gradually gaining credibility. Detractors still suggest financing is not what it should be. Started with a core of government offices in Ottawa and Regina. Still challenged on debt.

DON'T BUY

Sold this position. Bearish about this name. He sold at half this price. He continues not to like it because of the excessive leverage. Juicy yield (over distributing).

COMMENT

A REIT that focuses on property mainly out West. Office properties and B buildings. Were hurt when the Alberta economy slowed down. Also had too much debt. Over distribution of payouts. Down so much that the value is intriguing. Thinks 19.5% distribution is safe but questions if they can grow it.

DON'T BUY

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%.

DON'T BUY

Illiquid. CEO wanted to get out of the business and gave himself some options. Tried to sell the company but not able to. Now comments that he always wanted to be here. Core government related business in Regina and Quebec city. Did a good job on an office building in Toronto. 125% payout ratio. Highly likely they will cut the distribution.

HOLD

Payout of about 125%. Yield of 22% and even if it cuts distribution; you still end up with 15%. Has a very stable base. A lot of government buildings in Quebec and Regina.

DON'T BUY

You invest in 22% with 10 million when you have refinancing coming up and they cut you back 10 Million. They have a core of very good government-related buildings. Doesn’t know if they can pay the 22% on the loan. Doesn’t know how they are earning the income.

DON'T BUY

(Market Call Minute.) Undervalued but there are better opportunities elsewhere.

COMMENT

Mid-cap commercial diversified with exposure in Toronto and Quebec city. He has been concerned with some of the reporting seeing and some of the numbers that are being generated. Good portfolio and well-financed but doesn't know that it should trade at a premium. You would be better off in the larger cap REITs that are more stable.

DON'T BUY

Retail, office and industrial. Biggest exposure is Regina and Quebec city. Over distributing but have made a good effort to backfill. A “wait and see” story.

HOLD

Put themselves up for sale, which created a lot of confusion. At the end of the day this is a quality portfolio of commercial diversified assets. Good exposure to the Saskatchewan economy as well as Quebec City. Need a couple of quarters to see what it’s going to look like going forward.

WEAK BUY

An attractive name, the portfolio is over distributing. The quality of the real estate is exceptionally good. Structured very well.

DON'T BUY

Focused on office, industrial and retail. Major concentrations are in Quebec and Regina. Management lost the confidence of Bay Street. Will have to work very hard to recapture that and it will be an uphill battle. Over distributing. Would prefer Cominar (CUF.UN-T), Artis Real Estate (AX.UN-T) or H&R (HR.UN-T).

DON'T BUY

Was up for sale and the price took a big jump. Has dragged on for a long time. He sold his holdings. Provides a fairly good yield. Better places to be.

SELL

Was supposed to be up for sale, but there is no news or rumours that he has heard of. He sold his holdings around $14.

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Whiterock REIT (WRK.UN.TO)