STOCKCHASE

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 Schwarrtz

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

Bruce Campbell

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

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

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

DON'T BUY

8.550

Bruce Campbell

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

Bruce Campbell

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

Trades at almost an 18% discount to its NAV. Has some of the best properties in the world including New York, Toronto and other parts of the US. Market is undervaluing its ability to grow over long periods of time. They have long-term contracts with their clients.

2008-04-24

TOP PICK

19.880

Has been hurt very badly. There was a lot of concern that Merrill Lynch was going to move out of their New York offices, but it looks like that is not going to happen now. Have the best office position in Alberta. Strong management. Relatively low yield but has a low payout ratio. Long-term leases.

2008-04-04

BUY

18.730

Been very bullish on this for well over a year. An office focused REIT. Trading at a discount to its net asset value. Cheap, belongs between $21-23.

2008-03-24

DON'T BUY

18.590

As a quantitative investor, there are certain factors that he looks for. In the last several months, the 3 most important have been 1) earnings revisions being higher 2) beating estimates and 3) free cash flow generation. At the current time with a credit crunch it is very difficult to finance and this is a business that needs to continually do that.

2008-03-03

BUY

18.360

0wns class A and luxury office towers in major cities in Canada and the US. Market was concerned about the Merrill Lynch lease in New York City, but they look like they are staying for another 5 years. There is also concern about the slowdown in Calgary but they still meet their numbers. Everyone is disregarding the positive news.

2008-02-29

TOP PICK

18.950

Suffered like many of the other global real estate companies. One of the big tenants in New York has said they are going to stay. One of the very best companies around. Trades at about 12X its price to FFO. Yields about 3%. Buying back stock. Have some of the best properties in the world. Trades at about 25% discount to its NAV.

2008-02-21

BUY on WEAKNESS

19.050

Some of the sharpest management anywhere. Just announced wonderful numbers. Very low vacancy rate. Big in New York and Los Angeles and brought their debt up a little bit and everybody's worried. Thinks the stock should come down another $1 or so and at that point Buy.

2008-02-14

TOP PICK

20.750

Own a large part of office buildings in major cities in US and Canada. Trades at a 20% discount to its NAV. Has been hurt by the financial crisis because about 50% of their tenants are in the financial industry. Trades at 11X price to FFO, which is cheap. Manhattan space has very low vacancy rates and Merrill Lynch has confirmed they will be staying.

2008-02-05

STRONG BUY

21.100

Gail Mifsud

Has been swept up in the re-pricing of the US REIT market so the price has dropped in half. First class, high quality real estate company. Own 117 million square feet of AAA office space in key markets. Trading at 11X forward FFO multiples, which is well below the historic 13.5.

2008-02-01

BUY

18.340

Luxury, class A office buildings. A great name with a tremendous portfolio. Top tier management team. There were concerns that Merrill Lynch, their largest tenant, would leave but have actually signed a 5-year extension. Buying back stock.

2008-01-14

TOP PICK

18.840

Great management. Trades at about a 22% discount to its NAV and is growing its FFO. Its biggest problem is its ownership of New York office buildings. The biggest risk is that Merrill Lynch might not renew its lease, but that is only 4% of its rental revenue.

2007-12-28

Comment

19.700

David Baskin

(Market Call Minute.) Has come down significantly. People are worried about real estate in the US. Buy it through Brookfield Asset Management (BAM.A-T).

2007-12-18

TOP PICK

21.090

Owns class A office and luxury office in Toronto, Ottawa, Calgary and New York City and Boston. Has been beaten up by subprime and fears that Merrill Lynch, their biggest tenet, is going to leave. Even if they did leave, that would be a positive because they pay way below market in terms of rent. 25% discount to NAV. Tremendous growth and tremendous asset portfolio. 2% yield.

2007-12-07

TOP PICK

23.800

Real estate stocks have had a really bad time this year. Numbers have shown good growth in existing properties because of increased rents on lease renewals. Strong Cdn$ helps them. Feels the office properties will continue to do well. Thinks that Merrill Lynch will extend their 5 year lease.

2007-11-01

TOP PICK

23.250

Top asset and management group. Have underperformed specifically because there is a major concern that they will be moving their office. They've been discounted too much. A very well run company.

2007-10-29

TOP PICK

23.200

Has weakened off because of uncertainty as to what will happen to their Merrill Lynch lease in New York City. The reason for optimism is that management has always been sharp and have always made things work.

2007-09-14

HOLD

23.280

Gordon Higgins, CA, MBA

Major buildings in New York with leases out to major financial institutions, which is one of the reasons for the weakness in the share price. Assets are pre-eminent and therefore should and could trade at a premium to a lot of other companies. Real esta

2007-09-12

TOP PICK

25.120

Has a lot of exposure to strong US offices in Boston, midtown Manhattan, Washington as well as Toronto, Ottawa and Calgary. Probably the best office portfolio in North America as well as one of the best management teams. Trading at a discount to NAV and

2007-09-04

TOP PICK

23.920

The best property portfolio and best real estate team in North America. Significant internal growth from rent increases. An overhang is Merrill Lynch, which accounts for about 8% of their rental income, mainly midtown Manhattan.

2007-08-16

TOP PICK

24.840

Sandy McIntyre

The best real estate available to a Canadian investor. Excellent price. Feels that rents will be going higher within the next year.

2007-08-13

WAIT

24.790

Laura Wallace

Quite an interesting stock. Dropped because of fears regarding the real estate market, but commercial real estate is quite stable. Some concerns regarding its New York property where its tenant, Merle Lynch, may be moving. Wait.

2007-08-02

Comment

25.310

Bill Carrigan

Uptrend was violated in March. Presumes that most of the downtrend was because of the sell off in the bond market. Now the bonds are improving, so this will probably rally a bit.

2007-07-30

TOP PICK

24.550

Was oversold. Have US and Alberto properties.

2007-07-23

BUY on WEAKNESS

26.700

This whole sector in the US has declined a lot. Very high-quality portfolio. Long-term leases.

2007-06-20

Comment

30.350

Ian Nakamoto

Commercial real estate play. Excellent company. Prefers Brookfield Asset Management (BAM.A-T), which owns 51% of this company.

2007-05-14

BUY

30.590

Really like. The best value portfolio in North America, strong management team. Very strong value creation name.

2007-05-05

BUY

45.250