STOCKCHASE

Has done well and has very high occupancy. Uniquely positioned in a power center industry. Have a very significant strategic relationship with Smart Centers which is a competitive advantage in terms of pipeline and expertise. You can sleep well at night holding this one. 5.8% yield is safe and predictable. Strong management. Fully valued but if you are looking for a steady distribution play, this is a decent name.

2011-12-21

BUY

26.910

‘Wal-Mart’ REIT. Did a capital raise recently. Most of growth will come from earn outs (partner on developments with Smart Centers) and development portfolio. The assets they are developing have a higher payout than they are trading at and this will be accretive. A nice core holding.

2011-12-05

TOP PICK

26.450

Stan Wong

Very defensive characteristics. Retail space where more than 70% of their properties are anchored by Wal-Mart (WMT-N). Currently have a 99% occupancy rate. 5.8%yield.

2011-11-24

Comment

25.750

One of the biggest retail REITs. Very good growth prospects in Canada. Doesn’t look like a bargain though. Safe to hold for the long term.

2011-10-18

BUY

25.710

Have a very strategic relationship with Wal-Mart (WMT-N). Reasonably well valued. Very high occupancy. Recent management change was very strong.

2011-09-26

BUY

24.400

Peter Brieger

Looking at this. In the shopping center business with Wal-Mart (WMT-N) as a key tenant.

2011-08-18

BUY

25.280

REITs can raise money very, very easily. Amounts of overpayment are insignificant. They are just below 100% right now. Have a lot of Walmart sites. Good name 6% yield.

2011-08-12

STRONG BUY

24.780

Offers you about a 20% return from this point. Great management team and great assets. Low payout ratio.

2011-08-04

PAST TOP PICK

25.450

Steve Carlin

(A Top Pick July 20/10. Up 25.23%.)

2011-07-26

PAST TOP PICK

25.450

(A Top Pick June 18/10. Up 31.64%.) Have lots of property and a good relationship with Wal-Mart. New CEO and a lot of people think he will be very good for this company.

2011-07-18

Comment

25.450

Outdoor mall REIT and the one thing that would hurt it would be higher interest rates or a slowing down by the Canadian consumer. Sector has done so well over the last 1-1.5 years that it’s difficult to get excited about this market for either upside or downside.

2011-07-04

BUY

25.790

Calloway (CWT.UN-T) or RioCan (REI.UN-T) regarding risk? Right now it would probably be Calloway. RioCan has moved up a lot and has gone into the US. Calloway has room for growth, it’s all in Canada and its multiple is lower.

2011-05-30

BUY on WEAKNESS

25.840

Big box tower centres. Had a good quarter. Good quality core name but would like to see it pull back in price to the $24 range.

2011-05-26

TOP PICK

25.100

Retail. May benefit from Target (TGT-N) coming in. Big unenclosed power centres, mainly in the big 6 market. Close relations ship with Wal-Mart (WMT-N). A couple of $’s upside from here.

2011-04-20

Comment

22.530

Sold his holdings because of high fashion components. A lot of development opportunities. Have always been dynamic. Finances are a lot better than they used to be. Not sure why it has dropped in price. Looking at it again at this price.

2010-12-10

BUY

24.070

Wal-Mart-anchored power centers. 24% revenue from Wal-Mart. Great core name to have in your fund. Noise around mezzanine lending. They need to clean all that up for 2011 to stay a REIT. Worth $24-$25 so buy at $22.

2010-11-17

BUY

24.270

Steve Carlin

Most REITs have done exceedingly well because of lower interest rates. Yield of around 6%.

2010-11-10

Comment

25.030

Look at total return, don't focus on yield. Solid entity. Large cap. Strong in power centers. Largest shareholder brought Wal-Mart to Canada. Smart Centers. They are buying some development projects and thinks they are paying too much and he is evaluating that.

2010-11-05

BUY

24.110

Largely shopping centres with access to Wal-Mart stores. Well managed and good quality shopping centres. Have done really well. 6.4% yield. Good for the long-term. (He has taken some profits.)

2010-10-07

Comment

23.000

Calloway (CWT.UN-T) versus RioCan (REI.UN-T)? RioCan is feeling very challenged as it can't find any growth in Canada so are expanding into the US. Calloway has always had more sites than they were using and have the Wal-Mart relationship allowing them to expand. For immediate growth and a better economy in Canada, Calloway has the advantage. Very close to being the same. Fully valued.

2010-09-01

PAST TOP PICK

22.180

(A Top Pick July 20/09. Up 83.69%.) Still likes but a little expensive right now.

2010-08-20

BUY

21.700

Peter Brieger

Focused on shopping centres, particularly those with Wal-Mart. That could carry them forward for the next few years. . If interest rates start to pick up, their progress could be impeded.

2010-08-12

BUY

21.600

Focused in the retail arena. Have a lot of Wal-Mart anchored centres. Good management. Very high stability. Reasonable yield at 7.2%. Concerns on debt refinancing have been put to bed with the recent new equity issue.

2010-07-28

TOP PICK

21.800

Steve Carlin

Not a lot of upside from a capital appreciation perspective but it has a 7%+ yield. Pay out 93% of their funds from operations and this is sustainable.

2010-07-20

PAST TOP PICK

21.690

(A Top Pick July 20/09. Up 76%.) Roughly 30% of cash comes from Wal-Mart. There was no movement in their occupancy. Cash flow quality has been maintained. A little expensive at these levels.

2010-07-15

TOP PICK

20.790

They had expanded at the wrong time in Ontario. These guy go and do what they say will do. They cleaned themselves up a lot. Payout is close to even. They have very good centers. Have most Wal-Mart stores.

2010-06-18

BUY

20.330

Outdoor strip malls/retail facilities. Wal-Mart (WMT-N) is their biggest anchor. Has recovered nicely from the credit crisis. Has some room to grow. 7% distribution is safe but probably will not grow.

2010-05-28

TOP PICK

20.900

Retail with the Smart centres including Wal-Mart. Payout ratio is about 100%.

2010-05-17

BUY on WEAKNESS

20.910

Unenclosed power centres and anchored by Wal-Mart. This is a great core holding for a portfolio. Try to buy closer to $20.

2010-04-28

TOP PICK

20.650

(A Top Pick Apr 29/09. Up 113.8%.) Has a huge advantage of access to Wal-Mart through its Smart Centres. Have gradually brought their balance sheet into better order. 7.5% yield. He treats it as a trading vehicle.

2010-04-15

HOLD

21.090

The anchor to most of the Wal-Marts in Canada. Had some financial issues but with the opening of finances, they have recovered. Thinks the distribution is sustainable. Strong tenants and strong properties. Not his favourite story.

2010-04-01

PAST TOP PICK

20.840

(A Top Pick Apr 29/09. Up 98.6% excluding yield.) He sold off too early. Very good retail entity with some of the best performance this year. Could be a little overpriced right now but still could be a buy.

2010-03-19

HOLD

21.630

Unenclosed power centres, primarily anchored by Wal-Mart. If you are an income investor, this delivers a very steady stream. If interest rates start going up he would expect all REITs and risky assets to pull back.

2010-03-17

BUY

19.760

Michael Decter

Distributing 100% of their cash flow but thinks they will sustain the distribution. Expects it to continue as a REIT rather than converting. Solid, long-term holding.

2010-01-25

DON'T BUY

19.730

Ross Healy

P/E is sky high. His FMV calculation is substantially below current price. Trading at 89X forward earnings and would be happier with 15X. 7.8% yield.

2010-01-11

PAST TOP PICK

18.550

(A Top Pick Dec 5/08. Up 136%.) Retail oriented. Defensive. Trading in line with its NAV, so not overly expensive. Hold. 8.3% yield.

2009-11-25

BUY

17.530

Jim Huang

REITs are exempt from having to change to corps in 2011. There has been a good recovery in the sector. Amount of leverage they can use going forward will probably be limited and real estate in general depends on leverage. Reasonably valued and growth will depend on the growth of their tenants, primarily Wal-Mart. Thinks 12.9% distribution can be maintained until 2011 and then gradually increases.

2009-10-02

BUY on WEAKNESS

18.160

Had been beaten up because of a concern on financing. Have done a great job in addressing this. Fairly priced and probably at a slight premium to NAV. You might try to get in at $15 or lower if the market has a correction over the next couple of months.

2009-09-11

DON'T BUY

16.680

Recently sold this on a rally. They always need money. Have fixed some of their cash demand problems but at a very expensive rate. Wal-Mart is their core. He thinks they are paying out about 120% of what they are earning.

2009-09-03

BUY

15.700

(Market Call Minute.) Financing is lower for the REIT space so it is cheaper.

2009-08-12

TOP PICK

13.300

(A Top Pick Aug 13/08. Down 25.67%.) Potentially has a $1 billion development pipeline with concerns on whether it is accretive or not. Payout ratio of 100% is questionable. 27% of tenants are Wal-Mart. Average age of property is about 7 years.

2009-07-20

BUY

12.750

Largely in Ontario. Main tenant is Wal-Mart. They were counting on expansion and new development when money became tight and they were short. This hurt them a lot. Recently did a debt issue at 10% and another one at 8%. Seem to have taken care of their debt needs. 12% yield is probably quite safe.

2009-06-25

Comment

13.840

Ken McCord

Owns a lot of trusts but not REITs. The REIT sector is not screening well.

2009-06-09

DON'T BUY

11.000

Doesn’t see any drivers of growth in REIT space. Just did a 5-year lending agreement for over 10%.

2009-05-04

TOP PICK

10.560

Quite responsible with it’s payout ratio of about 97%. Its debt is reasonable. Table portfolio of shopping centers. Very good yield and will almost certainly maintain the yield.

2009-04-29

PAST TOP PICK

10.800

(Top Pick Apr 16/08, Down 42.17%) Have pushed aside some of their refinancing risk. Buy.

2009-04-27

PAST TOP PICK

10.150

(Top Pick Apr 08/08 Down 44%) Buy it for the quality of the company, the fact that you are the Walmart landlord in Canada. Not much downside. Would buy for company and not for dividend.

2009-04-17

DON'T BUY

10.160

Bruce Campbell

Has a little bit more balance sheet concern with this one compared to RioCan (REI.UN-T). Prefers RioCan. 15% yield

2009-04-13

BUY

10.510

REITs are exempt from the 2011 government ruling. This is one of the more stable REITs. Retail oriented and their biggest tenant is Wal-Mart. Their biggest challenge is on the financing front and what have to work hard to manage their maturity and debt schedules. Reasonably comfortable that they will be able to do this.

2009-04-02

BUY

10.190

Payout ratio of about 96% to 30% of their cash flow comes from Wal-Mart, which is in expansion mode in Canada. Expect them to do well relative to their peers. Would Buy under $10 and Sell at $13 or better, their trading range.

2009-03-17

BUY

10.850

Big concern is their retail-based REITs. Have a huge development pipeline this year and next and the market is concerned with their ability to finance the equity component of it but he is comfortable they will be able to source this. In a trading range, so Buy at $11.50 or less and Sell at anything above the $13-$14 range.

2009-02-12

PAST TOP PICK

11.090

(A Top Pick Feb 6/08. Down 47%.) Their tenant Wal-Mart is one of the strongest retail names in North America and he was surprised that this has not done better. Still a Buy.

2009-02-04

PAST TOP PICK

11.040

(A Top Pick Nov 28/07. Down 43.8%.) Has been hit a little harder than some of the other REITs because of concern over their financing and liquidity position. Late 2008 they addressed the concerns and she feels it is manageable. Very attractive at this price.

2009-02-03

WATCH

11.950

Michael Decter

All REITs have come off but have been rallying a little. If you think retail sales are going to be terrible in 09 and will continue, he would be wary. But if you think stimulus efforts will help sales in Canada, it is pretty attractive at this price. 12.8% yield. Wait a quarter.

2009-01-28

PAST TOP PICK

12.400

(A Top Pick Nov 8/07. Down 41.8%.) Very stable shopping centre REIT. Have been selling some assets to fund acquisitions. Wal-Mart represents about 28% of their rents. Still likes.

2009-01-16

PAST TOP PICK

12.450

(A Top Pick Dec 27/07. Down 42%.) 12% yield is safe. Wal-Mart is the anchor for the bulk of their malls. Still very well positioned. Still a Buy.

2009-01-06

BUY

10.440

Concerned earlier this quarter, due to their need to finance their development pipeline. Talked with them and feels confident that they will be able to finance their scaled back pipeline and maintain their distribution.

2008-12-16

TOP PICK

8.750

Retail space. #1 tenant is Wal-Mart. Little more defensive holding. Big overhang is a development pipeline that needs funding over the next several years. For the next couple of years it is very manageable. Almost 18% yield. Risk/reward is quite attractive.

2008-12-05

PAST TOP PICK

8.490

(A Top Pick Nov 8/07. Down 58%.) Strategic partnership with Smart Centres, which has a big pipeline which are Wal-Mart anchored power centres. Debt is close to maximum and not sure how they can finance the pipelines. Last couple of acquisitions have not been as accretive as many investors wanted. Management has been buying shares. Occupancy at 99%. Still likes.

2008-11-20

PAST TOP PICK

19.780

(A Top Pick Sept 5/07. Down 12%.) One of the largest and premier operator of Wal-Mart's in Canada. A lot of REITs continue to be pressed down by some of the levered hedge fund selling coming out of the US.

2008-09-24

PAST TOP PICK

20.450

(A Top Pick Nov 8/07. Down 16%.) Wal-Mart is their main tenant in 70% of their shopping centres. Stable business. Free cash flow yield of over 9%. Very strong buying opportunity.

2008-09-19

TOP PICK

20.000

(A Top Pick Aug 15/07. Down 14%.) Had to pare down a sizable acquisition and accretion got very skinny. This was headline news that weighed heavily on the price. Rock solid growth. 8.5% free cash flow yield. Tenant base is retail anchored by Wal-Mart.

2008-08-13

PAST TOP PICK

19.500

(A Top Pick July 27/07. Down 17%.) Affected by the fallout in the real estate sector and concerns about being able to finance commercial real estate. This one has most of their properties anchored by Wal-Mart. Still a Buy.

2008-07-22

TOP PICK

18.810

Hank Cunningham

6.65% convertible bond maturing June 30/13. Trust massacre in Oct/06 left a lot of trust convertibles in no man’s land. Good quality. Convertibles rank ahead of the units themselves giving a whole level of protection from the distributions. Units would have to go to zero before bondholders had to worry about their interest.

2008-07-21

Comment

21.410

A good name. Very cheap right now. His concern is on their most recent transaction of $600 million in real estate, which he feels is dilutive. Attractive price with an almost 8% free cash flow yield. Rock solid portfolio. Will watch to see what kind of growth they can develop.

2008-06-12

PAST TOP PICK

21.750

Sandy McIntyre

(A Top Pick July 3/07. Down 9% including distributions.) Actually, US real estate is going up. This one is amongst the top quality asset base in real estate and is trading at a discount to its value. Generates over 6% yield. We'll have a growth profile going forward. Still a Buy.

2008-05-05

TOP PICK

20.750

Real estate market in Canada is very different than in the US. One of the things overhanging the stock is a large acquisition they made of various Wal-Mart centres but they have just announced restructuring which is much better for the REIT.

2008-04-16

BUY

20.600

The main anchor for Wal-Mart. Excellent managers.

2008-04-10

TOP PICK

21.050

Even in a situation of a slowing economy, when you are at Wal-Mart's largest landlord in Canada, you can only benefit from this. Even if Wal-Mart doesn't grow, everybody wants to be in their area. Trading at a conservative 13% discount to its NAV.

2008-04-07

DON'T BUY

21.010

Just sold his last position. They have Wal-Mart, but whenever they bring a new centre in, the REIT’s buys it from smart centres (?) and they pay a high price and then it has to be developed. They are largely in Ontario and he is concerned about the Ontario/Quebec economy.

2008-04-04

DON'T BUY

19.720

Similar to RIOCAN. Don’t like recent transactions which haven’t really benefited company, but more so their smart centres and Wal-Mart.

2008-03-24

Comment

21.550

One of the benchmark bellwether REITs. Unenclosed malls throughout Canada. 25% of their tenant base is Wal-Mart. Reported today and numbers were pretty much in line. The one concern is the $688 million portfolio that they bought from Smart Centres. Rumour on the street is that they are looking for a buyer for half of it and get asset management fees.

2008-02-29

TOP PICK

23.370

Trading at a discount to its NAV at about 12%-13%. 7% free cash flow yield. Very attractively valued. Likes that it is Wal-Mart's landlord in Canada.

2008-02-06

Comment

20.950

Very highly thought of by everybody. They work with smart centres that rent to Wal-Mart. They locate land and sell it. Just did a fairly big acquisition that will require about $200 million to build it out. Largely in Eastern Canada where the economy is a bit slower. Cost of capital is higher. He questions if they will get the growth out of this.

2008-01-18

TOP PICK

21.790

Has a 15% discount to NAV. Just over 7% cash flow yield. Stable portfolio of unenclosed retail, mostly anchored by Wal-Mart. Will probably be the largest REIT in Canada in 2 years time. Tremendous value.

2008-01-14

Comment

23.400

Peter Brieger

Looking at Riocan (REI.UN-T), Primaris (PMZ.UN-T), H&R (HR.UN-T) and Calloway (CWT.UN-T). Have been pretty well beaten up and the yields are looking very enticing. As an inflation hedge they look very attractive.

2007-12-28

TOP PICK

23.200

Have a lot of Wal-Mart anchoring their properties and have done a very good job of managing. If there is a slowdown in Canada, shoppers tend to trade down so Wal-Mart will not be as heavily impacted. NAV is around $27, so there is a 14%-15% discount.

2007-12-27

Comment

24.360

Unenclosed power centres across Canada, anchored overwhelmingly by Wal-Mart. Just announced a purchase of $680 million of retail properties. Payout ratio is about 102%. The yield is very safe. Trading at about a 15% discount to NAV.

2007-12-07

TOP PICK

22.590

Basically a retail focused REIT with 25% of annual rents coming from Wal-Mart. High-quality leases with 92% of properties constructed after 1995. Near-term organic growth is limited but the development pipeline is second to none. Cheap at 17% of NAV.

2007-11-28

HOLD

22.200

The REIT market has had a really bad year. Anchors are almost all Wal-Mart. Thinks REITs will either be flat or start going up in value. The only issue is that it will be hard for them to grow by buying property.

2007-11-21

TOP PICK

23.670

REIT sector is very beaten up. Trades at a significant discount to its Net Asset Value. On a free cash flow basis it is trading at about 14 times. Very solid numbers. About 99% occupancy. Wal-Mart is about 27% of their leases. Good development pipeline.

2007-11-08

PAST TOP PICK

25.170

One that the street always seems to like. Has good shopping centers all across the east. Has smart centres where they team up with Walmart. They are watching them now.

2007-10-29

TOP PICK

25.170

One that the street always seems to like. Has good shopping centers all across the east. Has smart centres where they team up with Walmart. They are watching them now.

2007-10-29

TOP PICK

25.300

The REIT sector should give you pretty stable returns. Focused on the un-enclosed retail area with Wal-Mart being their main tenant. Undervalued.

2007-10-03

TOP PICK

24.300

Likes real estate in Canada. REITs have declined significantly, but represent tremendous value. NAV is about $28/$30. Owns one of the best retail portfolios in Canada and they are the predominant landlord for Wal-Mart.

2007-09-05

TOP PICK

24.300

Owns unenclosed power centres throughout Canada. Tend to follow Wal-Mart around. In 2 years, this will be the largest REIT in Canada. A good quality core name. Trading at a discount to its NAV. Good cash flow yield.

2007-09-04

BUY

23.800

A retail focused REIT. Almost a play on Wal-Mart expansion in Canada. A little bit of development upside. Not a lot of rental rate increases. Trades at a bit of a discount.

2007-08-23

TOP PICK

24.250

Just hit a 52 week low. Yield is 6% plus. Looking for 5%-7% growth on a steady basis. 27% of its money comes from Wal-Mart, who is expected to add 10 to 20 stories in Canada over the next 5 years. Trading at a 10% discount to their NAV.

2007-07-27

PAST TOP PICK

25.600

(A Top Pick Dec 8/06. Down 10.6%.) Apartment REIT across the country. Has been a disappointment. Volatile.

2007-07-23

BUY

25.600

Trading underneath its asset value and is very cheap. Should be closer to $30. Has one of the best portfolios of retail space in Canada.

2007-07-23

TOP PICK

25.390

Sandy McIntyre

Inflation advantaged. When inflation goes up rents go up. The value of the asset goes up with inflation. Good price.

2007-07-03

TOP PICK

25.140

Focused on Retail properties. Will go anywhere that Walmart is going. At this stage you can buy at a discount NAV. Good managment team. Risk is when Walmart leaves the area they are in.

2007-06-29

TOP PICK

25.950

A play on the big box Wall-mart anchored store.

2007-06-11

TOP PICK

27.500

(A Top Pick Dec 8/06. Down 2%.) Floundered. Has the inherent ability to grow. Have an inside track for Wal-Marts, but building stores around it takes time. Wait for signs of recovery before buying.

2007-05-07

TOP PICK

27.350

Has been overlooked. They are following smart centers and he thinks it's a good strategy.

2007-05-05

TOP PICK

27.600

(A Top Pick June 5/06. Up 13.3%.) Has constant development and usually is anchored by Wal-Mart. Good growth.

2007-04-11

BUY

28.130

Retail, focused on unenclosed power centres, generally Wal-Mart anchored. Expects they will have consistently increased distributions at, or will exceed, inflation.

2007-04-03

BUY

29.200

Retail focused. Primarily owns large centres. Likes the stability of their tenants. Wal-Mart accounts for 27% of their leases, but pays exceptionally low rent. Phenomenal management team. A good core name.

2007-02-16

PAST TOP PICK

29.700

Patrick Kim

(A Top Pick Jan 13/06. Up 18.9%.) A good place to be.

2007-01-26

PARTIAL BUY

29.000