December 11, 2019 - ENB
New! Enbridge Inc. Q3-2019 Earnings & Price Target Update .....
December 10, 2019 - TNT.UN
New! True North Commercial REIT - Q3-2019 Earings, Price Target Update .....
December 7, 2019 - CM
CIBC - 2019 Earnings & Price Target Forecast .....
December 6, 2019 - TD
TD Bank - 2019 Fiscal Earnings & Price Target Update .....
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National Bank of Canada - Fiscal 2019 Earnings, Price Target .....
December 4, 2019 - RY
Royal Bank of Canada, Fiscal 2019 Earnings, Price Target Update .....
December 3, 2019 - BMO
Bank of Montreal - 2019 Earnings, Fiscal 2020 Forecast .....
December 1, 2019 - CRR.UN
Crombie REIT - Q3-2019, Price Target Update .....
Recommendation Changes
NA, ESI, NWH.UN, VET, SRV.UN, more...

Yield Spread Opportunities - Preferred Shares- Earnings: REI, SRU, CHP, CT, CRR

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This update covers five Canadian shopping centre REITs, Preferred Share recommendations and comments on the status of yield spreads.

Earnings updates include RioCan REIT(REI.UN), SmartCentres REIT(SRU.UN), Choice Properties REIT(CHP.UN), CT REIT(CTR.UN) and Crombie REIT (CRR.UN). The strategies common for all are to expand their shopping centre properties with infill development, primarily residential and to add new mixed use development located in major urban hubs. These strategies are in response to competition from web based retail business that can operate without the need and costs of a physical location. The goal of these REITs is to diversify revenue sources, support store traffic by adding a residential component in core downtown locations in major urban centres. The retail shopping centre REITs are evolving into retail and residential REITs. The residential component will produce recurring rental income if retained; if sold there is the profits on resale and ongoing property management fees. The capital projects underway range from $1B to $5B+ over an approximate five year time frame.

Ranked by assets, RioCan and SmartCentres have been the largest Canadian shopping centre REITs, with Choice Properties REIT, CT REIT and Crombie having been formed about 5 years ago from three major names in the Canadian retail sector. Crombie's properties were spun out from Empire Group (EMP.A) who mainly own Sobey's, Choice Properties came from Loblaws(L) who are owned by George Weston Group.(WN) and CT were formed with retail properties from Canadian Tire(CTC). Choice Properties has moved into the top position measured by assets following the acquisition of Canadian Real Estate Investment Trust (REF.UN) in May-2018.

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New Issues & Acquisition
December 6, 2019
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November 22, 2019
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November 8, 2019
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October 26, 2019
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Coverage Universe - Weekly Price Change: Oct 11-18, 2019
October 11, 2019
Melcor REIT - 5.1% Convertible Debenture New Issue