STOCKCHASE

Just did some equity financing. He thinks it is a consistent player. It trades at a slight discount to NAV. Good enough portfolio to get you an 8% yield.

2012-02-23

TOP PICK

0.930

(A Top Pick Jan 18/11. Up 12.98%.) Diversified into office and retail. Focused in Québec. Healthy 8.5% yield. Now have liquidity so will be saving a lot of interest expense. The rate at 11X AFFO, which is not unreasonable. Could be a takeout target.

2012-01-18

Comment

0.910

This one comes under the category of caveat emptor. Interesting group and have a fairly high yield. Into all sorts of things in the province of Québec, usually in secondary markets. As far as he is concerned they are survivors. If things get tough, they have more trouble financing. A bit more yield and if you are happy with Québec, it's fine.

2012-01-06

PAST TOP PICK

0.880

(A Top Pick Nov 1/10. Up 27.78%.)

2011-12-05

SELL

0.880

He bailed, cutting losses. There are far better quality REITs out there with a clear path to growing.

2011-12-05

PAST TOP PICK

0.880

(A Top Pick Nov 1/10. Up 25.38%.) Small cap commercial real estate trust, focused mostly in Québec. Properties are decent and management is okay. Trades at a discount to NAV. Numbers just came out and they were decent. Probably worth about $1.20. Distribution is sustainable at 9%.

2011-11-16

DON'T BUY

0.880

Name is all right but they've had a little bit of leakage because of a lower rate in their contract with Hydro-Québec. You'll be okay but he doesn't expect strong growth.

2011-11-16

TOP PICK

0.790

Trades at a cheap level to net asset value. Own properties in Quebec and Ottawa. Light industrial. Cut distribution twice in dark days. Sustainable distribution and liquidity now.

2011-10-11

WEAK BUY

0.800

Very much caveat emptor. Located in Quebec. Have bought some nice properties but they are very small. A bit too much debt and payout ratio is a bit. Has added some credible people to staff. He has a very tiny position.

2011-09-19

BUY

0.910

Have survived all the troubled times. Interesting diversity of properties in Quebec. Good name and good management. Good yield.

2011-07-18

TOP PICK

0.920

BTB Reit is a small cap company that was really hurt during the 08-09 crisis. Recently, they have made some acquisitions. They are trading at below book value and have exposure to east of Ottawa,Quebec area.

2011-05-17

SPECULATIVE BUY

0.920

Interesting situation. Issue yesterday that was reasonably successful. In a lot of different markets in Quebec. Have been around for a while. They used to be too leveraged. They have survived and debt is under a little bit better control. Some gov’t offices and local businesses. They are higher risk and higher yield – pretty close to earning their distribution. If you want yield and you can take some risk, then ok. Looks like they are doing a good job.

2011-03-10

Comment

0.910

Small group in Montreal. They’ve raised some money. High risk but they’ve survived.

2011-02-04

TOP PICK

0.910

Quebec industrial/retail properties REIT. Got squeezed in the credit crisis and cut distributions twice but now coming out of the penalty box. Cheap.

2011-01-18

Comment

0.760

Recently got financing but Caveat Emptor. Do interesting things including 3 buildings in Quebec City. Will probably survive.

2010-12-10

DON'T BUY

0.720

Quebec-focused. There are better quality names out there. You can get better returns.

2010-11-17

SELL

0.780

Jeffrey F. Olin

Entrepreneurs had some real estate skills and decided to acquire some assets and have a public vehicle. Has been challenged since inception. Small cap. He is cautious of this name.

2010-11-05

TOP PICK

0.770

Properties in Quebec. Messed up in ’08 by cutting distributions twice. Were frozen out of the ’08 credit crisis. They are below 100% now. Thrown out like the baby with the bath water. It has to get funding to grow. The story has been disregarded, but now you have to take a fresh look at it. Trades at a discount. Slowly but surely it will recover.

2010-11-01

BUY

1.290

Had a distribution cut, which hit the stock price. Good management. Assets are office, retail and industrial generally in Quebec City and secondary markets in and around Quebec. Payout ratio was too high. Pretty compelling yield now.

2008-06-12

HOLD

1.200

Retail market in small town Quebec. Started with a 13% yield but it became apparent that they weren’t going to make their distribution. Have brought it down enough, but they still have deals to do and he doesn’t know if they will be able to raise their money. Basically likes them.

2008-06-02

DON'T BUY

1.250

Robert Lauzon

Market cap is so small it’s very tough for any institutional investor to be interested in it. Properties are primarily in Montreal and Quebec and the economy has slowed.

2008-04-28

HOLD

1.850

A small cap commercial diversified. Focused primarily on Quebec. Over distributing. Cheap at these levels.

2008-03-24

SPECULATIVE BUY

2.000

Gail Mifsud

Diversified commercial real estate company and in the secondary market in Quebec. Management has a lot of contacts within the Quebec marketplace. Buying acquisitions on an accretive basis, which will help close the gap on what they are distributing with what they are earning.

2008-02-01

PAST TOP PICK

2.100

Bruce Campbell

(A Top Pick Feb 5/07. Down 10.1% including distributions.) REITs have suffered, which is a surprise in Canada. This is a small cap version of RioCan (REI.UN-T). Strip shopping malls have gone down and yet Canadian economy has stayed strong. Yield of 13%/14% is quite compelling. Still a Buy.

2008-01-23

HOLD

2.150

B quality real estate in secondary markets throughout Quebec. Toured their facilities and was pleasantly surprised with the quality. Very impressed with management. Trading around NAV.

2008-01-14

BUY

2.080

Commercial diversified with a focus on Quebec city, the rest of Quebec and a little bit of Ontario. Management has been very impressive. Don't have it as a core name.

2007-12-07

HOLD

2.470

Doesn't really like it, but does like and owns their convertibles.

2007-10-03

PARTIAL BUY

2.750

Fairly new, so when they start out they have to have a big pay out and heavy debt. If the wrong wind comes along, this is the risk you have. They seemed to have done what they said they would.

2007-07-23

HOLD

2.750

Focused in Quebec and getting shopping malls, outlet malls outside of Montreal. Small cap REITs have to grow into their expenses, meaning they had to constantly acquire to grow. Will probably hang here for another year or so. If they succeed there should be some price appreciation.

2007-07-19

Comment

2.630

Montreal-based and very small. Have used up all their capital. Getting quite high yields by going to good communities outside of Montreal. Expect they will want to come to the market again before long. Would like to see them lower their debt.

2007-04-11

WEAK BUY

2.810

Michael Simpson, CFA

New generation REIT. A play on Quebec. Office, some retail. Very high payout ratio. In the short term, the payout is OK as they can grow into it doing acquisitions. As they keep on growing, it will become harder for them to add accretive acquisitions because of competition.

2007-02-23

WEAK BUY

2.870

Small commercial diversified REIT owning office, industrial and retail properties. Strategy is to own good assets in secondary markets, east of Ottawa. Yields about 9%, but is over-distributing from a free cash flow standpoint. Concerned that they have to grow to backfill the distribution. Short-term, distribution is safe, but is concerned with long-term. Very impressed with management.

2007-02-16

TOP PICK

2.500

Bruce Campbell

Just came public in September. Pays $0.28, almost 13%. Making acquisitions and growing aggressively. Still needs to be discovered.

2007-02-05

DON'T BUY

2.500