Hi Pat: This is my first time asking a question. Could you please advise me on the following two stocks: Brookfield Office Properties and Uni-Select? Thanks.
Brookfield Office Properties, $16.15, symbol BPO on Toronto (Shares outstanding: 504.3 million; Market cap: $8.1 billion; www.brookfieldofficeproperties.com), owns office buildings in the downtown cores of New York, Washington, D.C., Houston, Boston and Los Angeles in the U.S.; Toronto and Calgary in Canada; Sydney, Melbourne and Perth in Australia; and London, England. In all, these holdings consist of 112 properties with 69 million square feet of leasable area.
In the three months ended September 30, 2012, Brookfield’s revenue rose 17.9%, to $580 million from $492 million a year earlier. Cash flow per share fell 3.3%, to $0.29 from $0.30. The stock yields 3.5%.
Brookfield will face a challenge at the end of next year when Bank of America Merill Lynch moves out of its three-million-square foot space at Brookfield’s World Financial Centre in New York (which will likely be renamed Brookfield Place New York). However, Brookfield is optimistic it can find new tenants.
Brookfield Office Properties is okay to hold.
A: Uni-Select, $22.90 symbol UNS…
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