STOCKCHASE

Exposure is downtown Manhattan. Some intermediate term risks. BAC is leaving their building plus one other large tenant. But a recent investor day went very well. If you can buy at $15, you are getting it at less than book.

2011-12-05

WEAK BUY

15.490

Barry Schwartz

Own maybe the best real estate in North America however, valuation is expensive at 15X Funds from Operations (FFO). Nice dividend yield.

2011-11-21

PAST TOP PICK

15.910

(A Top Pick Oct 7/10. Down 2.66%.) This is one that he is in and out of periodically. It's a first-class company. Have some fairly significant vacancies in Boston and New York where tenants left so have been hurt a bit. Still one of the best names around.

2011-11-16

PAST TOP PICK

15.840

(Top Pick October 27/10, Down 8.15%) REITs continue to be one of his more significant weightings. This one was a casualty. Solid yield, office properties, operator. You could own it here.

2011-10-25

PAST TOP PICK

14.820

(A Top Pick Oct 7/10. Down 10.89%.) High-quality. Most of it is in the US where there are some office vacancies. Still an excellent company with wonderful assets.

2011-10-18

BUY

15.040

Jeffrey F. Olin

Highest quality real estate entity in Canada. Own class A office buildings in major urban centers with a heavy concentration in Manhattan, which is the rub. Depends on your call on Manhattan. If you think the economy is in for a tough time, it could be challenged. Wouldn't hesitate to own on a long-term basis and forget about it.

2011-09-26

PAST TOP PICK

15.890

(A Top Pick Sept 1/10. Up 2.96%.)

2011-09-19

PAST TOP PICK

16.910

(Top Pick Aug 3/10, Up 17.39%) Not a REIT. Has not performed well for him. But there is nothing wrong with it. Everything is fine. There have been some changes within it during the last year. It’s a buy compared to some of the New York ones.

2011-08-12

PAST TOP PICK

18.300

Mike S. Newton, CIM FCSI

(A Top Pick July 12/10. Up 30.11%.) Likes that they have started diversifying by buying Australian properties.

2011-07-19

BUY

18.150

Tremendous name. Some of the best quality assets in North America. Also expanded with a little toehold in London UK and a big Australian portfolio. Great quality office portfolio, mainly Toronto, Ottawa, Calgary, Manhattan Washington and Houston. Worth about $20. 3% yield.

2011-04-20

HOLD

17.260

Real Estate. (He owns preferreds but not the commons.) Very smart management and generate good value over time. He prefers REITs because they give him 5%-7% yields. You have to depend on them creating transactions to create value over time.

2011-02-16

HOLD

17.310

Very well located. New York office space is strengthening. Getting out of the housing. If it got above $18, he might take some profit.

2011-02-04

PAST TOP PICK

17.690

(A Top Pick March 8/10. Up 22.97%.) New York rents have started to pick up in the commercial space. Superb managers.

2011-02-03

DON'T BUY

17.040

Went through some major reorganization of its assets and essentially moved out of residential totally and into commercial, significantly in the US. Not convinced that the US real estate cycle has ended and that it won’t spill over into the commercial side.

2011-01-21

BUY

17.580

Jeffrey F. Olin

Highest quality real estate name in North America. Outstanding team. Significant concentration in Manhattan (40-45% of net operating). A good name. It is fully valued.

2011-01-18

PAST TOP PICK

17.120

(Top Pick Jan 19/10, Up 43.88%)

2011-01-07

PAST TOP PICK

17.510

(A Top Pick Jan 25/10 Up 40.99%.) Still likes.

2010-12-31

BUY

16.870

Peter Brieger

Great story going forward if you like commercial real estate. Have demonstrated a great ability to avoid the pitfalls that its peers have encountered. (He owns the preferred shares.)

2010-12-15

Comment

17.160

Mike MacBain

30-year bond. Good company and well managed. A bit higher yield than most plays. He owns it as a Short against a 30-year Government of Canada bond interest rate as a hedge.

2010-12-13

BUY

17.360

Mark Carpani

Brookfield 5.25% 2018 or 5.14% 2020? He would go for the longer one.

2010-11-16

STRONG BUY

18.630

Jeffrey F. Olin

Arguably the highest quality in terms of assets in Canada. Majority of income is from US (40%), mostly in Manhattan. Exceptional management. Office markets. Thinks it is a good name. Owns the parent company. He is comfortable with the valuation

2010-11-05

Comment

17.620

Gavin Graham

Good properties. Probably the best way to buy is through Brookfield Asset Management (BAM.A-T), the holding company, because you get all the parts of a holding company at a discount.

2010-10-29

TOP PICK

17.870

Global leader and a pure play on Class A office space. Trades at a discount as well as a discount to many of the REITs. Have liquidity and can continue to make acquisitions. Exposure to Australia, US and Canada.

2010-10-27

TOP PICK

17.150

Just made some changes where US and Canadian housing has been taken out with Australia being put in. Becoming a clean entity with office properties. Also own Brookfield Office Properties. New York office properties are starting to improve. 3.5% yield. Payout ratio about 50%.

2010-10-07

STRONG BUY

16.090

Had strongly considered this as a Top Pick. Strongest part of Canadian market is REITs, which are able to make accretive acquisitions. Although not a REIT, has about 80% office properties in the US and trades at a discount to REITs. High-quality assets.

2010-09-28

TOP PICK

16.400

Ben Cheng

Have come under a lot of pressure since they announced the acquisition of the Australian office properties but he likes the prospects in North America and Australia. Have the best quality Class A office properties. 2.65% yield.

2010-09-20

DON'T BUY

15.930

Stan Wong

Has had a sideways movement for the last 6 months or so but well above the 50 and 200 day moving averages. Decent dividend of 3.6%. Missed their earnings estimate last quarter, which would make them shy away.

2010-09-16

TOP PICK

15.850

Geographically diversified. Trading at a multiple of 16. 3.7% yield.

2010-09-01

BUY

15.100

Have AAA properties with very high occupancy.

2010-08-09

BUY

14.880

Have had a fairly major change in strategy. For years they had residential properties in their portfolios but now will be moved into another entity. With the funds they get from this they will buy a whole bunch of properties in major cities in Australia. Likes the move.

2010-08-06

TOP PICK

15.080

Putting all their main assets into specialized units. Primarily North American and US office properties. Focusing on Australian properties for Chinese growth. Don't buy today but watch it for a sense of when it is going to bottom.

2010-08-03

STRONG BUY

16.040

Highest quality in the land. He has been holding it for the long term. Very well run company. Heavyweight in New York and Manhattan. Can’t say anything against it. 3.6 Dividend.

2010-07-29

BUY

15.090

Hap (Robert) Sneddon FCSI

Very big cash balance sheet and are expected to go on a shopping spree for some really good properties. Own some very high-quality premium properties in the US. Good management.

2010-07-19

PAST TOP PICK

15.090

Mark Carpani

(A Top Pick July 21/09. Up 17%.) 8.95% bond maturing 6/6/14. Yielding about 7%. Excellent management who can weather the storms. Still a Buy.

2010-07-19

TOP PICK

14.620

Mike S. Newton, CIM FCSI

Drop of 15%-16% recently has put it on his radar screen. Some very high profile properties. Analysts are very positive and fundamentals look great. 4% yield. Looking for a 20%-25% rise.

2010-07-12

DON'T BUY

14.340

Strong upward trend from July through to May when it started to form a down channel. Would like to see it break up out of that channel. Thinks June might have been the high water mark for Canadian real estate. He would avoid this sector until there is some clarity.

2010-07-08

BUY

15.130

Has gone through a lot of change in the last few years. Wonderful “A” listed real estate assets and they're making headway on filling some of their empty space. 3.8% yield.

2010-06-21

BUY

16.100

(Market Call Minute.) One of the best around. Canadian company and big in New York.

2010-05-17

DON'T BUY

15.410

For a long-term hold, this is one of the better managements in the real estate space, particularly commercial. Not adding to his holdings because of the retail/commercial sector and their properties in the US.

2010-05-07

BUY

15.880

Offers the best forward one-year return. Worth about $17-$18 right now. Yields about 4%-5%.

2010-04-28

TOP PICK

15.250

Class A office buildings in Toronto, Montreal, Calgary, Washington and Houston.

2010-03-17

TOP PICK

14.750

Now converting to a REIT, which he likes. Will pay out a one-time distribution of a little over $1 and continue and $.80 distribution. Major owners of very high quality properties in Canada and the US.

2010-03-08

TOP PICK

14.750

Linda Shick

Going to convert to a REIT. Their vacancy is stabilizing. Very good free cash flow. Going to look for acretive possibilities going forward.

2010-03-02

BUY

14.750

Real Estate south of the border has been a problem, but these guys are one of the better managers. They're going to do okay. Spinning out it's Canadian unit. None of it's Canadian markets are overbuilt.

2010-02-26

Comment

14.260

Rumor about BPO turning into a REIT. They are well capitalized. They bet their numbers last quarter. REITs are the only tax efficient structure left after income trusts end. It would make a lot of sense to turn BPO into a REIT.

2010-02-24

DON'T BUY

13.900

Barry Schwartz

Had a nice recovery. Throughout recession they managed to keep occupancy steady. He prefers the parent company and you also get power and transmission lines. Likes H&R and Cromby REITs.

2010-02-22

DON'T BUY

13.510

Benj Gallander

An interesting space to be in but it is running into problems again. Pays a good dividend. He is not interested. Could be an interesting play – grab the dividend and hope for gain.

2010-02-09

TOP PICK

12.900

A sustainable 4.5% dividend yield. Built up a war chest of about $1.4 billion as they are anticipating some really good US properties coming on the market. Extraordinarily well managed.

2010-01-25

DON'T BUY

12.870

A little concerned about their commercial properties. There are probably safer sectors in real estate.

2010-01-21

TOP PICK

13.240

Great Portfolio, good management team, sustained payout ratio and low leverage. Largely exposed to Manhattan and Calgary offices. They have weathered the storms. Cashed up for certain. Great Name, worth $14, he would buy at $12.50. Trading below net asset value.

2010-01-19

Comment

12.760

Douglas Kee

Good quality assets and over time they will squeeze out higher dividends. There's also the potential for capital appreciation. Sharp management. Owns preferreds rather than common shares. Concerned about the commercial real estate side.

2010-01-08

TOP PICK

12.140

Nick Majendie

Has been penalized because of debt coming due in 2011 related to the Trizac acquisition a few years ago as well as the expiry of the Merrill Lynch lease in New York. Did a big equity issue and are very liquid currently. Almost 5% yield. Cash flow will grow 4%-5% in the next year.

2009-12-09

DON'T BUY

11.950

Michael Sprung

One of the better managed property management companies. The big concern right now is commercial real estate and how sustainable leases will be in the current economic situation. Fully valued.

2009-11-27

HOLD

12.030

The only risk is that the office side could be weak.

2009-11-24

BUY

11.170

(Market Call Minute) Likes it. Best commercial assets in the world. Will come off a little in the short term. You buy it for the longer term.

2009-11-03

BUY

11.070

Mike S. Newton, CIM FCSI

(Market Call Minute) Absolutely. 4.7% yield

2009-10-27

BUY

11.810

Looks for catalysts for growth generally. Likes it and likes the fact that it has been consolidating. Sector is recovering.

2009-10-19

BUY

12.500

Stan Wong

Doing a preferred share offering for their class L shares for $25 per share, yielding 6.75% until 2014 and then the yield will equip the Canadian 5 year bond yield +4.17%. Likes this issue. Good yield.

2009-09-17

PAST TOP PICK

11.330

(Top Pick Sep 29/08, up 34.4%) Sold at the low around $10. It’s a great company with great assets, all in commercial real estate. It’s a conservatively managed company for commercial. Good asset managers. They like to sign long, long term leases. In times like this it benefits them. They are in the best properties in New York and Chicago. Buy on weakness.

2009-09-01

BUY

12.240

Nick Majendie

Big concern is major debt repayment coming due 2011. Also concerns about US real estate market, especially offices. Merrill Lynch lease comes up for renewal in 2012. Did an equity financing which mitigates the risk. Very cheap and you will have to be patient.

2009-08-27

BUY

12.390

Christine Poole

5% yield is attractive. Recently did an issue, which Brookfield Asset Management (BAM.A-T) took 51% of. Very highly regarded management.

2009-08-26

BUY

11.350

Ara Nalbandian

Recently had a share offering, which was taken up extremely well. Money to be used to buy distressed US properties. There are positive catalysts in this company. Has been encouraging activity in valuations in this sector. 5.5% yield.

2009-08-19

VAGUE

10.870

Steven Conville

In the short term the market is poised for a pullback. Hopefully a short one to establish stability. Canadian real estate is starting to interest him. What he is not seeing here is that the world is starting to end. AS a result doe3s’t think the stock is too risky at these levels. It could be a year or 18 months from here is that there will be a rally.

2009-08-17

Comment

11.600

Did a $600 million share offer, which was taken up aggressively indicating liquidity is back and real estate is in decent shape. Creating this capital so they can buy US distressed housing. Good management and great balance sheet. He owns the preferreds.

2009-08-12

BUY

9.900

Brilliantly run company. No danger signals or hideous debt signals. Think we will rotate in time out of the slightly prolonged commercial property descent as opposed to housing.

2009-07-28

TOP PICK

9.300

Mark Carpani

8.95% bond maturing 6/6/14. Yielding about 7%. They are flush with cash and there are currently incredible opportunities in the commercial market so it is a good growth story.

2009-07-21

Comment

9.230

Class A office towers in larger cities. Overhangs are 1) Merrill Lynch, largest tenant in downtown Manhattan will probably leave in 2013 and 2) have a large debt maturing in 2011 in their US office fund that will need financing. Payout ratio of about 67%. Cheap right now but you will have to deal with a lot of headline news and write out a wave of volatility.

2009-07-20

BUY

9.230

Very strong balance sheet. Turmoil in commercial real estate is actually a buying opportunity for them. Great long-term value. Strong management.

2009-07-20

WATCH

9.120

Jim Huang

Have very good assets with Class A properties in many big US cities. Unfortunately, a lot of their exposure is in Manhattan and that market has not been great. Think they will bottom at some point but doesn't think it's over yet.

2009-07-16

Comment

9.110

Sometimes high dividends indicate nervousness by the markets. Short term he is a little concerned about exposure to commercial real estate where there are 5-year lease rollovers. Would prefer to be in Brookfield Asset Management (BAM.A-T) for the diversity.

2009-07-15

BUY

7.880

Dealing with a strong head wind with regards to the economy and will feel it the most. Well capitalized and not over levered. Very cheap at 7.5X AFFO. Sold his common stocks but owns preferreds.

2009-07-08

BUY

8.640

Bill Carrigan

Thinks the REITs are okay. Looking at this one, he thinks it looks fine. This could be the surprise bet of the next 6 months.

2009-07-02

BUY

9.030

Brookfield Asset Management (BAM.A-T) versus Brookfield Properties (BPO-T)? Likes both of them a lot. Owns more of Brookfield Asset Management and loves their hydroelectric generating assets. Brookfield Properties has a terrific balance sheet. They are really positioned to go in and be vulture investors and by some big valuable distressed properties at good prices.

2009-06-15

BUY

8.270

Have some of the best assets in the world. He was uncomfortable about the whole real estate market but that has changed dramatically and this company will do well over a long period of time. Smart management with the ability to buy good assets.

2009-05-28

Comment

8.270

Rick Stuchberry

Reasonable yield and pretty good portfolio. With the market going up, this is not the time to Short. If you do it, do it with a hedge with a Call over top of your Short or something. You are going against the market now.

2009-05-28

DON'T BUY

8.550

Real estate with a large US component. You could worry that after retail, with a bit of a lag, office will recover but will be slow. Might take a couple of years.

2009-05-25

HOLD

9.200

Steve Carlin

Real estate sector is still suffering a bit of challenge, especially in mortgage refinancing. He is cautious on real estate and this would have to be a longer-term play. Good quality assets and good company management but it has had a decent move in the last little while. 7.25% dividend.

2009-05-12

VAGUE

8.410

Marc-Andre Robitaille

8.3% dividend. Stock had a good run recently. Likes company but they have a big exposure to US real estate market, however it is trading at a big discount to its US piers. Fairly save dividend until at least 2010 unless economy deteriorates after 2010.

2009-04-15

HOLD

7.500

Class A offices in Toronto, Ottawa, Calgary, downtown Manhattan, Virginia and Washington DC. Great management and great assets. When Shorting on banks was stopped in the US, so the Shorts switched to the landlords. Office occupancy in Calgary and Manhattan, and to some extent Toronto, will decline so rents will come off creating cash flow deterioration. Payout ratio of only 65% so distribution is safe. Buy at $5.50 or less and if you own, Hold.

2009-03-17

Comment

6.420

Very good quality real estate but lease rollovers are coming over the next few years so the market has some concerns. 10% yield is relatively safe but less safe than the banks’.

2009-02-23

PAST TOP PICK

6.820

(A Top Pick Feb 5/08.) Lost substantially on this one.

2009-02-19

BUY

7.660

Stock seems to have stabilized. Clever company run by clever people with an exceptional 9% yield. Long-term rental contracts.

2009-02-13

PAST TOP PICK

8.350

(A Top Pick Dec 28/07. Down 59.3%.) Trades at a discount to its NAV. Sold out at around $10 because of vulnerability and perception that the New York property market is going to deteriorate.

2009-01-13

PAST TOP PICK

7.950

(A Top Pick Dec 28/07. Down 53%.) Sold out at around $10-$11. Replaced their real estate with unsecured bonds.

2008-12-17

BUY

8.450

The distribution appears to be very safe. A great portfolio and a great management team. The overhang here is huge exposure to financial services. Buying at these levels in 3 to 5 years you will be "handsomely rewarded!"

2008-12-16

Comment

7.850

David Driscoll

Biggest landlord in Manhattan. Under the gun right now because of all the layoffs going on in New York City. Have been able to roll over their debt. Customer clientele base has been pretty strong. Expect the parent Brookfield Asset Management (BAM.A-T) will continue to make acquisitions. Would prefer the parent.

2008-12-12

DON'T BUY

7.600

It all comes down to cost of capital and whether they can generate a return on the assets. He would avoid the real estate group.

2008-12-01

PAST TOP PICK

10.950

(A Top Pick Nov 1/07. Down 51%.) Best properties, bar none, globally. Don't have a lot of debt coming due.

2008-11-05

PAST TOP PICK

11.480

(A Top Pick Dec 7/07. Down 44.5%.) Exposed to Calgary and Manhattan offices. Have been a number of negative reports regarding midtown and downtown Manhattan offices. Some deterioration in fundamentals. Q3 was good. Very cheap at these levels but there is more negative news to come out of commercial real estate.

2008-11-03

PAST TOP PICK

11.000

Sandy McIntyre

(A Top Pick Aug 13/07. Down 55%.) Best property company in Canada and North America. Job losses in the financial services industry, which means tenants coming out of the system. Valuation is good.

2008-10-24

TOP PICK

15.750

It owns some of the best commercial properties in the world. Make a lot of money in residential – it’s a land bank. Have been buying back their shares and will continue. Not levered as much as many real estate firms. Bought a lot of their buildings cheaper than current rates.

2008-09-29

HOLD

19.000

Excellently run. Brilliant results in their recent quarter. The problem is that they are greatly leveraged by the nature of their business.

2008-09-15

PAST TOP PICK

21.750

Sandy McIntyre

(A Top Pick Aug 14/07. Down 7%.) Real estate market had a major sell off in the 1st quarter. Best quality public real estate available to Canadian investors. 2.75% yield. You should Buy the cyclical troughs. If you are a trader, take some short-term profits otherwise Hold.

2008-08-15

BUY

22.140

Has some fantastic properties in the US and Canada. Tied to the financial world in some ways but companies are not getting rid of massive floors of traders, etc. They do have some residential properties, which has hurt them. Even if you give these a zero value, the stock is still worth $25-$28.

2008-08-14

BUY

18.340

Just sold their 50% interest to the co-owner at a high price. Terrific value creators and managers. Will probably use the opportunity to expand in the US during the depressed prices that are probably about to happen in the commercial market. Trades at a big discount to NAV.

2008-07-24

TOP PICK

18.880

Own Class A commercial buildings in major cities. Likes it because it trades at about a 25% discount to its NAV. They do have residential buildings, which have hurt their net operating income but this is a smaller part of their business.

2008-06-25

PAST TOP PICK

19.220

(A Top Pick Aug 16/07. Down 16%.) Have a big lease with Merrill Lynch in New York until 2013 and will have no trouble re-leasing. All the negative news has been discounted into the price and none of the positive news has been taken into account. Compelling value.

2008-06-12

PAST TOP PICK

19.990

(A Top Pick July 23/07. Down 21%.) Concerned that the financial market will be hurt. Wouldn't buy at this time.

2008-06-02

TOP PICK

19.990

Likes that they sign long-term contracts with escalation clauses with their clients. Stock has dropped dramatically because of concerns of a US recession that will effectively lay off everybody. That is not really the case. Good internal growth.

2008-05-22

TOP PICK

20.720