STOCKCHASE

In the best part of the market, they were liquidating assets and they put themselves at high quality. Yield is very low. Market was slow to recognize the quality. Very low payout ratio and low debt.

2012-01-06

PAST TOP PICK

35.190

Andy Nasr

(A Top Pick Aug 23/11. Up 8.1%.)

2011-11-11

TOP PICK

34.600

Well diversified, exposure to office/industrial/retail. Strong balance sheet. Payout is 70%. Slow steady stable. Good longterm hold.

2011-10-06

TOP PICK

35.300

2nd largest diversified REIT. Industrial, retail and office. Most conservatively managed in that it has almost the lowest debt to capital and lowest payout ratio. 4% yield.

2011-09-29

TOP PICK

32.990

Andy Nasr

Own industrial, commercial and office properties. Strong development pipeline so can grow size of portfolio by 10-15% in next few years. Payout ratio is low so there is room for a payout increase.

2011-08-23

TOP PICK

32.700

We had a reprieve over the last few days but we are in very uncertain times. This one is absolute top quality. They retain higher quality items in their portfolio, rather than expanding it, in softer economies. Very low debt. 69% payout ratio. Acquired shopping centers in Mississauga and around Toronto. Low yield, 85% taxable.

2011-08-12

TOP PICK

33.310

Very good management. Have sold some assets to improve their quality. Has brought their income down. Recently acquired some shopping centers. 35% is in Alberta.

2011-07-18

PAST TOP PICK

33.440

(A Top Pick July 9/10. Up 21.56%.)

2011-06-23

TOP PICK

33.600

Lowest payout ratio. Great management team. The only criticism is their conservatism in making acquisitions. Upside to probably $35-$36.

2011-05-26

PAST TOP PICK

33.120

(A Top Pick July 9/10. Up 19.65%.) Just keeps chugging away. Nice mixture of office, retail and industrial. Well diversified.

2011-05-20

PAST TOP PICK

33.260

Michael Simpson, CFA

(A Top Pick Feb 23/10. Up 26.91%.)

2011-03-04

WEAK BUY

32.410

Jeffrey F. Olin

Very high quality name. Office, Retail. Good properties, well managed. He has never owned it because it enjoys a significant premium to the sector. If you are looking for a reliable name it is one to own, but he has gone elsewhere.

2011-01-18

TOP PICK

31.300

Standard for other REITs. Diversified. Disciplined. Looking for protection on his returns, not huge returns. Low debt and payout ratio of 68%. One of the safest places to be.

2010-12-10

BUY

30.320

Best in country. Payout ratio is low. Leverage is low. Created tremendous value with this name. They are ready for IFRS. Management is top tier and conservative. Worth $34. He would buy at these levels 10-11% return at these levels.

2010-11-17

PAST TOP PICK

29.800

(A Top Pick July 20/09. Up 31.34%.) Still likes but a little expensive right now.

2010-08-20

TOP PICK

29.740

Steven Conville

In the majors of this space, it has the best valuation. Could possibly get to $34-$35. Likes the diversification in its tenants. For investors who are cautious but want upside, can't get hurt.

2010-08-13

PAST TOP PICK

29.250

(A Top Pick July 20/09. Up 28%.) Probably the best REIT in Canada. Great management, low payout ratio and low debt. Buy under $28.

2010-07-15

TOP PICK

28.640

Well diversified REIT with exposure to industrial, retail and office. (REITs are not affected by government conversion rules.) Raised its distribution 9 years in a row. 4.9% yield. Conservative management.

2010-07-09

TOP PICK

28.500

Well diversified properties. Great management. Low payout ratio so are able to increase distributions. Very safe and you have growth.

2010-05-17

PAST TOP PICK

28.640

Sandy McIntyre

(A Top Pick May 13/09. Up 37.38%.) Still a Buy.

2010-04-23

PAST TOP PICK

28.000

(A Top Pick March 17/09. Up 47.01%.) Still likes.

2010-03-17

TOP PICK

27.460

Michael Simpson, CFA

One of the oldest REITs in Canada and diversified geographically. Good balance sheet, payout ration of 69%, raised dividend over the last 7 years. Management is not flashy, but do a good job. Conservatively managed company.

2010-02-23

PAST TOP PICK

28.360

(Top Pick Feb 12/09, Up 34%) The only REIT that increased their distribution every year despite the financial crisis. The best REIT in the country.

2010-01-19

PAST TOP PICK

25.930

(A Top Pick Oct 2/08. Flat.) Well diversified REIT. Have industrial, office and retail. Conservatively managed. Strong balance sheet and relatively low payout. 5.25% yield.

2009-09-11

TOP PICK

23.950

(A Top Pick Aug 13/08. Down 12.82%.) Sustainable leverage levels and payout ratios. Did equity issue which recharged the balance sheet. Very conservative management team. Would buy under $24 and accumulate in times of weakness.

2009-07-20

BUY

23.620

Ben Cheng

One of the higher quality REITs. Much of their refinancing risks have passed through. Will qualify as a flow-through entity post Jan 1/11. 5.8% distribution.

2009-07-13

BUY on WEAKNESS

24.070

Probably the best REIT in the country. Diversified portfolio, high-quality assets, conservative disciplined and focused management, etc. Payout Ratio of 67%. $20.50 would be an excellent entry point.

2009-06-03

PAST TOP PICK

22.640

(A Top Pick Oct 2/08. Down 15.4%.) Diversified with retail, industrial and commercial. REIT space in general has been hit hard, partially because it is considered a sub group of financials. Also REITs tend to be debt heavy. US REIT sector is much worse than Canadian. This trust is very well positioned and is a great place to be. Upside on REITs is probably limited near-term until there is more clarity on credit situations.

2009-05-22

TOP PICK

21.600

Sandy McIntyre

Very high quality real estate company with a rock solid balance sheet and exposure across the country. Conservative payout ratio. The only tax efficient income post 2011.

2009-05-14

PAST TOP PICK

20.370

(A Top Pick Oct 2/08. Down 26.3%.)

2009-04-02

TOP PICK

20.150

One of the premier REITs in Canada. Diversified, high-quality portfolio. Payout ratio of about 65% so distribution is rock solid. Was close to their debt covenants and had to raise $100 million and stock was a little bit weak in the face of that. Yield of almost 8%.

2009-03-17

TOP PICK

20.560

One of the oldest REITs in Canada. Commercial diversified portfolio. Very low payout ratio at about 70%. Clean balance sheet. Good management team. Buy under $22 and Sell over $26.

2009-02-12

PAST TOP PICK

20.670

(A Top Pick Nov 28/07. Down 23.1%.) Well positioned and at an attractive price. One of the better performers in the real estate group. Conservatively run. Good balance sheet and strong management. Good defensive plays to be. Buy.

2009-02-03

TOP PICK

24.000

Has a very good balance sheet. Excellent assets. Very low payout ratio, which is very sustainable. There is some concern of their industrial portfolio and occupancy decline. But feel s it is a great name for your portfolio. (They are watching it carefully). Would buy at around $22.50

2008-12-16

TOP PICK

26.000

Commercially diversified. Probably the best REIT in Canada from a structural standpoint. Very low leverage around the 55% range. Low payout ratio in the mid-$70’s. Conservative management team. Excellent value.

2008-11-03

TOP PICK

22.600

Sandy McIntyre

A basket of high-quality real estate across Canada. Well tenanted. If you believe the economy is going to recover 6 to 9 months from now, you are picking up one of the best selection of assets at a significant discount.

2008-10-24

TOP PICK

27.630

One of the oldest Reits in the sector. Conservatively, well run real estate company.

2008-10-02

TOP PICK

28.650

Office, industrial and retail across Canada. Low payout ratio. Very conservative accounting. Low leverage. 4.75% yield. 70% payout ratio. Free cash flow yield of about 7%.

2008-08-13

TOP PICK

28.540

Kevin Hall BComm, CFA

Very stable name. Great balance sheet. 75% payout ratio. Good financial flexibility. While diversified across retail, industrial and office. 4.7% yield and he would anticipate a distribution increase this year.

2008-05-06

PAST TOP PICK

27.260

(A Top Pick Jan 18/07. Up .06 % not including yields.) Very low payout ratio and one of the best quality REITs. Still likes.

2008-02-14

TOP PICK

25.980

Really well managed. Diversified. A mixture of industrial, office and retail. Montreal and Toronto. Good price.

2008-01-18

BUY on WEAKNESS

29.380

One of his favourite names. Office and industrial. Spread across Canada with about 32% in Western Canada. Excellent management team and very conservatively run. Low payout ratio. Buy in the $27-$28 range. 4.5% yield.

2007-12-07

TOP PICK

28.500

One of the largest and oldest REITs. Portfolio of retail offices and industrial properties. Diversified by properties and class and geography. Conservative management team. Great long-term track record. Lower growth profile but very stable. Conservative payout ratio. Trading at a discount to NAV. Could be a takeout candidate by a pension fund.

2007-11-28

HOLD

29.600

They hold and hold and hold. Diversified very well managed company.

2007-10-29

BUY

29.500

One of the best names in this space. Commercial diversified. Retail, office and industrial. Excellent management. Good core name that you can buy at discount to NAV. Very conservative payout ratio. Development is starting to ramp up.

2007-08-16

BUY on WEAKNESS

28.660

One of the best managed. If there is ever a takeout, this would be the best candidate. Very good mix of property, both by product and geography. 4.6% yield.

2007-07-23

BUY

30.860

One of the best quality, best managed REITs. Has been weak lately so he has been buying. Reported good earnings and has increased distributions.

2007-05-07

BUY

30.190

50% Retail 25% Office 25% Industrial. He like it. Very conservative leverage and payout rates.

2007-05-05

BUY

32.540

Michael Sprung

Well distributed between office, retail and commercial. Has a good balance of inventory.

2007-01-29

HOLD

31.600

Commercial diversified. Have a unique strategy of targeting 50% retail, 25% office and 25% industrial. No US exposure. Signed an agreement with Hopewell Developments and will see some of those assets come stream later in 2007. Started to recycle their capital by selling a half interest in a property and use the capital to buy more and new real estate.

2006-12-22

BUY

30.250

Robert Lauzon

Diversified real estate across Canada. Short term looks like it has strong positive momentum.

2006-11-24

STRONG BUY

24.100

Leslie Lundquist

A diversified REIT by geography and type of property. Was going to be a Top Pick tonight but changed her mind. If you could only own one REIT, this would be the one. One of the most conservative with low debt, low payout ratio.

2006-07-13

TOP PICK

22.990

(A Top Pick Nov 25/05. Up 3.5%.) A core real estate investment trust holding. Very strong management team. Conservative balance sheets. High quality assets. Good strategic acquisition growth as well.

2006-06-09

BUY

22.770

Robert Lauzon

Diversified into a little bit of retail and office space as well as geographically. Last few quarters have been fantastic.

2006-06-02

TOP PICK

23.750

Leslie Lundquist

Canadian REIT is a diversified Canadian real estate trust. They have office, retail and commercial properties. Not overly exposed to one type of property. Strong, conservative management team. Low pay out ratio compared to the other senior trusts. Slightly less expensive than its peers. Paid a little less than $14.00 and are continueing to buy for new accounts .

2006-03-04

TOP PICK

21.920

Diversified REIT, both geographically and by product type. Excellent conservative management team. Made some strategic acquisitions. A core holding.

2005-11-25

BUY

20.400

Diversified holdings, industrial, retail and offices. Has been under the radar screen. A very solid performer. Good management. Seeing some upside in their industrial portfolio.

2005-07-15

TOP PICK

19.750

Leslie Lundquist

Pays about 6%. Very stable. Have office, industrial and retail properties. Low payout ratio of about 88%. Strong management team. Have recently extended and locked in some of their floating rate debt. Very safe and stable trust.

2005-05-20

BUY

19.000

One of the best and most stable funds around. Diversified with office, retail and industrial.

2005-05-12

HOLD

19.170

Market perform rating. Diversified Real estate investment trust. Slow growth company. Don't buy, but hold em if you got em.

2005-03-11

BUY

18.300

Has a market perform rating. Have had a solid consistant 10 years plus of delivering. Very stable and very well managed. Diversified assets.

2005-01-21

HOLD

17.690

Likes this REIT. A stable, steady growth company. May see a modest price erosion as we head into a higher interest rate environment, but a good long term hold.

2004-12-10

BUY

16.400