STOCKCHASE

(A Top Pick Aug 20/10. Up 18.07%. )

2011-10-21

BUY

21.700

Worth between $22-$23 right now. 10% all in return, then material upside in the next 3-4 years. Short-term volatility. Distribution is sustainable. Management has a proven track record.

2010-11-17

BUY

22.130

Jeffrey F. Olin

Focus is historical or heritage real estate. King and Spedina, Batherst and King, areas of Toronto. Likes the name. Intrigued about their venture into data centers – high return per square foot / expensive to operate. He hopes they will do more of this.

2010-11-05

PAST TOP PICK

22.940

Rick Stuchberry

(Top Pick Oct 9/09, Up 49.08%)

2010-10-21

TOP PICK

21.020

Buy Class I office buildings (brick and beam) in Toronto, Montreal, Quebec and Calgary. Great management and great assets and a very strong cash flow. This quarter and next will be rocky because of occupancy issues. Under $20 is a great buying opportunity.

2010-08-20

BUY

19.510

It’s post and beam, rebuilds in the middle of cities. Down town, lot in Toronto, Montreal. Low payout ratio. Debt is relatively low. Have small tenants, short leases and some tenants aren’t the best of quality. Interesting management.

2010-06-18

BUY

19.850

Disappointed a little bit on their last numbers but are an excellent group. Have done well on their Montreal properties. About 91% payout ratio. Might be in for a period of a small correction right now but doesn't expect any serious trouble.

2010-05-17

PAST TOP PICK

20.650

(A Top Pick June 3/09. Up 45.5% excluding distributions.) Still a Buy.

2010-04-28

BUY

20.850

Brick and beam office buildings in Toronto, Montreal and Quebec city. Distributions will not be increased in 2010.

2010-03-17

PAST TOP PICK

18.790

Ara Nalbandian

(Top Pick Jul 3/09, Up 57.95%) Aren’t buying any more but still like it.

2010-02-16

BUY

19.080

Ben Cheng

CEO will be aggressive in growing the company over the next years.

2010-02-12

PAST TOP PICK

19.920

(A Top Pick May 20/09. Up 39.96%.) Should continue to grow.

2010-01-19

TOP PICK

17.800

Pays about 7.5%. Office space in refurbished brick/beam buildings, which gives a pricing advantage. Well run.

2009-12-07

TOP PICK

16.580

Rick Stuchberry

Commercial real estate REIT, mainly Toronto and Montreal. Chose this one for the 8% yield, which is sustainable.

2009-10-09

PAST TOP PICK

16.470

Ara Nalbandian

(A Top Pick July 3/09. Up 7.81%.) Strong and safe distribution. Attractive assets. Unique asset class and well managed.

2009-08-19

TOP PICK

15.050

Ara Nalbandian

Class I brick and beam office buildings primarily in Toronto and all the major centres across Canada. Old industrial buildings that they have retrofitted. Conservative balance sheet management. Will potentially have acquisition opportunities at attractive multiples. 9% yield. Conservative payout.

2009-07-03

TOP PICK

14.810

3 picks are based on income and he has avoided the more volatile juniors. Canadian REITs are an excellent buy right now.

2009-06-29

Comment

14.550

Fantastic company. Wonderful facilities in Toronto, Montreal and a few other places. Recently sold his holdings because he was concerned that downtown offices were going to be hurt. Probably okay.

2009-06-25

TOP PICK

14.190

(A Top Pick June 12/08. Down 26.18%.) Lost a little bit of occupancy but still delivered strong free cash flow growth year over year in Q1. Able to retain tenants in a declining market. Payout ratio is very sustainable. Management has a plan to realize significant value internally on their assets.

2009-06-03

TOP PICK

14.500

Real estate with a relatively stable base of mostly office and type #1 in Toronto. Relatively low turnover. Not much debt coming due in the next while.

2009-05-20

PAST TOP PICK

13.290

(Top Pick Mar 10/08 Down 15.93%) Doesn’t see it recovering. Distribution at 8% and financing properties at 8% - there’s no benefit there. 9.8% yield is safe.

2009-05-04

PAST TOP PICK

12.300

(A Top Pick March 20/08. Down 39.6% at time of sale and excluding distributions.)

2009-03-26

BUY

12.000

(Market Call Minute.) Great quality name with exposure to good markets. Good price.

2009-03-17

BUY

11.230

Michael Simpson, CFA

Started out with brick and beam buildings where operating costs were much lower. Have diversified from Toronto into Montreal, Winnipeg and Quebec city. Distribution payments are below their free cash flows.

2008-11-20

BUY

14.920

Class I office (exposed brick and beam) buildings in Toronto, Montreal, Quebec, Winnipeg and Kitchener. Tenants tend to be business services; so on the cutting line of cutbacks should there be a recession. Payout ratio of about 85%-88% of free cash flow, so very sustainable.

2008-11-03

PAST TOP PICK

13.340

Sandy McIntyre

(A Top Pick Aug 13/07. Down 29%.) Dominant landlord in Spadina/King area of Toronto and buildings are 98% occupied. Net operating income is up about 6% year-over-year. If you have a view that the economy will recover, the stock will be worth more in 3-5 years time. Distribution is safe.

2008-10-24

TOP PICK

19.500

Ben Cheng

Single largest operator of the brick and beam space in Canada. Good portfolio of assets. Better growth profile than most REITs. Very solid management team.

2008-09-24

TOP PICK

20.380

Sandy McIntyre

(A Top Pick Aug 14/07. Up 3%.) Brick & Beam properties in Toronto, Montreal, Quebec City and Winnipeg. Only utilising about 60% of available density. This gives option value on future space though the next business cycle. 7% yield.

2008-08-15

TOP PICK

19.700

A REIT in Toronto. Bean and brick buildings. Trading at a discount to its NAV. Made a large acquisition in Montreal and some smaller ones in Toronto and have not flowed through their net operating income but should happen in the next year or so. 8.5% yield.

2008-08-14

TOP PICK

21.100

Brick and beam. Continue to source accretive acquisitions and continue to release existing properties at significant spreads. Dominant landowner in the Greater Toronto Area, which will have significant upside value years later. Try to Buy below $21.

2008-06-12

PAST TOP PICK

21.820

(A Top Pick May 17/07. Up 4%.) A pocket of properties that feed into the small businesses of the world. Got caught in the downwind of all the financial markets. Fantastic management. Rents that are in place look like they will increase. They will add with organic growth 8% to 10% in FFO. Still a Buy.

2008-05-28

TOP PICK

20.250

Specialize in “brick and beam”. Properties are generally in big cities like Toronto, Montreal and Winnipeg. Have done a really decent job of growing the distribution. Excellent managers. Going forward they are doing a lot more development and intensification.

2008-04-10

TOP PICK

18.200

Has about a 7% yield. Like the real estate market. Made several acquisitions over the last year. Very comfortable with the stock.

2008-03-20

TOP PICK

17.900

Brick and beam buildings. Likes hard assets. Even though it hasn't performed well, on a relative scale it has done better than other asset classes. This is a great company that adds value to its properties. Have done a good job of increasing their distributions.

2008-03-10

TOP PICK

18.790

Only consolidator in post/beam niche so they are still able to do accretive acquisitions. Good leveraged position. Raised capital last year at over $19 so there is no issue there. Strong free cash flow growth. Excellent management team. Have had distribution increases of about 3.5%-4% for the last 5 years every March.

2008-02-29

BUY

19.120

Have a monopoly on their field, I-class properties, brick and beam buildings. Trades at a price to FFO of about 11X. Yields about 6%. Doesn't trade at a huge discount to its NAV, but what is very important is that the company has made several acquisitions over the last 3 to 6 months which will help increase their NAV.

2008-02-21

BUY

19.440

Bill Shaw

Brick and beam. Have properties in Quebec city, Montreal, Toronto, Winnipeg and Kitchener. Typically light industrial. Well managed. Good lease rates. Reasonable yield. Trades at about 20% discount to his estimated NAV.

2008-02-19

HOLD

18.740

Post-and beam older buildings with offices. If the market is going to get very bad, it will have some softness. Have done a very interesting media centre in Montreal. Very well managed and very responsible with their debt and leverage.

2008-01-18

BUY

21.000

Focuses on class I offices (industrial/manufacturing retrofitted). Likes this one a lot. Recently did an acquisition and opened up a new market in Kitchener/Waterloo, so he continues to see significant growth, as they are the only consolidators in this space. Good yield.

2007-12-07

TOP PICK

21.050

Specialize in the old warehouse buildings in Montreal, Toronto and Winnipeg. They are great developers of these properties. As they get bigger, they could get taken out by a pension plan, et cetera.

2007-11-21

WEAK BUY

20.900

Extremely well managed. Goes into older building and fix them up into offices. They did do a deal in Montreal, in the Media Centre where they will make a lot of money on that. (Explains the pop). Only concern is if you think the Canadian economy is in trouble.

2007-10-29

TOP PICK

22.040

Beam and post properties in Toronto. These are spaces that smaller companies can move to. Made some very astute acquisitions, especially one in Montreal that should increase cash flow tremendously. They really have a lock in this market.

2007-09-27

BUY

21.200

Post-and beam type buildings downtown Toronto, Montreal, etc.. Very good management. A slowdown in the economy could hurt them, but so far they are fine. 6% yield.

2007-09-14

BUY

21.720

Represents good value. Trading at about its NAV with a very good free cash flow yield. Doesn't think a lot of their properties in the Greater Toronto Area will exist as low-rise class I office. A lot of them will be turned into condos or rebuilt as class

2007-09-04

BUY

21.720

Michele Robitaille

Have a great track record. Focused on the brick and beam type business. Primarily Toronto but expanding to Montreal.

2007-08-23

BUY

20.090

A great name. The only consolidator of Class I office (industrial/manufacturing) in Canada. Good management team. Internal growth has been strong.

2007-08-16

TOP PICK

20.500

Sandy McIntyre

Brick and beam. Option value on downtown Toronto. They are the dominant landlord in the region which is experiencing very rapid redevelopment. Distribution is safe.

2007-08-13

TOP PICK

21.570

Specialize in the Brick & Beam structures period they own about 25% of this space in Toronto. Feels they will grow into their FFO measurement.

2007-07-19

BUY

21.650

Michael Simpson, CFA

Very good REIT. Originally concentrated on the brick and beam buildings in Toronto but have expanded into Quebec and Manitoba. Can see distribution increases over the next several years. 5.8% yield.

2007-07-04

BUY

21.550

Likes it. Likes the management. Risk is the tenents in the type of buildings they own.

2007-06-29

TOP PICK

21.550

Has lots of properties, in the "coon" position. Rent profile is going up. Good organic growth.

2007-06-28

TOP PICK

22.600

The whole sector has been under pressure. Post and beam downtown office Toronto and Montreal. The market is tight and there is good demand for all their office space. Good portfolio. Payout ratio of about 89%. Growing and well managed.

2007-06-20

TOP PICK

22.350

They take old warehouses, retrofit them for office space. Concentrated in Toronto, Vancouver and Montreal. Did a very big acquisition in Montreal. Fantastic management. Very accretive. Growth in income is about 10%. 10% distribution. Good growth potential.

2007-05-17

TOP PICK

22.400

Industrial complexes. Just made a large acquisition in Montreal. Growth is very favourable. Was a small cap company 3 years ago, will be a billion dollar company in a couple of years.

2007-05-03

TOP PICK

22.390

Pays 6% plus in distributions. Own a lot of beam and post properties. Likes them because it's an alternative from the main core area giving them a very different clientele. Made a big acquisition in Montreal, which has dropped the stock from $24. Great opportunity.

2007-04-23

BUY

21.350

Just did a secondary issue to buy some Montreal properties. About 3.5 million square feet of post and beam offices. Has been relatively moderate in debt.

2007-04-11

TOP PICK

21.100

The only consolidator of Class I offices, so is able to buy properties at higher cap rates and grow very accretive age. Excellent management. Good price.

2007-04-03

TOP PICK

20.930

Recently made a major transaction of Montreal and, in the next couple of years, are about to turn themselves into a billion$ company. Fundamentals are fantastic. Debt is very cheap at 5.5% and they are getting 7.5% to 8.5% yield.

2007-03-19

BUY

23.840

Focused on class I office buildings, primarily in Toronto but also in Quebec City, Montreal and Winnipeg. These are buildings that used to be industrial but converted to professional services.

2007-02-16

BUY

22.800

Andrew Guy, CFA

An interesting REIT in that it has cornered the market in industrial real estate to be turned into attractive properties. Have a very nice portfolio. 5.3% yield and a 10% distribution.

2007-02-08

BUY

22.210

A fantastic REIT. A niche consolidator with no one else in their space. Delivered consistent unit price appreciation. Distribution increases.

2007-01-19

HOLD

20.650

A niche acquirer of Class I office space. Excellent name. Great management. Low leverage.

2006-11-21

TOP PICK

17.340

Owner of warehouses converted into offices. Own about 37 properties in Toronto and Montreal. Just made a large acquisition into Quebec city. Excellent managers. 98% payout. There is room for distribution growth.

2006-08-08

TOP PICK

16.770

One of the smaller REITs. Class i buildings, i.e. brick and beam, in the Toronto, Montréal and Quebec areas. They renovate old buildings into office quarters. The payout ratio is hovering around 100% which is a good ratio. Yield is about 7%.

2005-12-29

TOP PICK

16.330

Older warehouse type properties converted into offices. Pays 7%. Very responsibly managed. Growing by acquisition. Distribution is about 94% of their AFFO so a very sustainable income.

2005-12-16

TOP PICK

14.600