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| DON'T BUY | 21.800 | Michele Robitaille | Just increased their bid for Canmarc (CMQ.UN-T) which she feels was quite unnecessary. This will make the accretion on this deal very skinny, almost zero. Very much Québec focused, which has been their advantage. Prefers others. | 2012-01-25 | |
| PAST TOP PICK | 21.800 | Ben Cheng | (A Top Pick Jan 11/11. Up 11.78%.) | 2011-12-20 | |
| BUY | 22.350 | Paul Gardner, CFA | Making a hostile bid for Canmarc (CMQ.UN-T). Have really great property assets in Québec. Only trading at about 12X price to AFFO. Not over levered. Yield of about 6%. Stable properties and have access to capital. You'll probably earn 6% plus 6.7% in capital gains next year. | 2011-12-05 | |
| TOP PICK | 22.480 | Greg Newman | Just made a hostile bid for another REIT, which would complement their portfolio. Almost 50% of their leases expire over the next 2 years. Management wants to double over the next 5 years through acquisitions. Good yield. | 2011-11-30 | |
| Comment | 21.410 | Charles Dillingham | Very well managed. Concentrated largely in Quebec but made an interesting acquisition in Halifax. Have a fair amount of industrial in Quebec, which has been badly hurt with about 10% vacancy. Good but not a huge winner. | 2011-10-18 | |
| TOP PICK | 21.550 | Charles Lannon | US announcement of prolonged interest rates was a huge favor to the REIT section, and all high yielding equities. This is the pick up litter. Close to 7% dividend yield. Management owns 20%. Very well run. | 2011-08-11 | |
| BUY | 22.070 | Jeffrey F. Olin | Focused in Quebec where they have a dominant market position. Reasonably valued. You can count on the dividend. | 2011-06-21 | |
| PAST TOP PICK | 22.700 | Dennis Mitchell, CFA | (A Top Pick April 28/10. Up 28.13%.) One concern is that they have around 30% of its market cap in convertible debentures, 10% of which are in the money. Theoretically their units could grow by 10% in the next quarter so the next 10% is already spoken for. | 2011-05-26 | |
| PAST TOP PICK | 22.360 | Dennis Mitchell, CFA | (A Top Pick April 28/10. Up 24.75%.) | 2011-04-20 | |
| PAST TOP PICK | 21.360 | Charles Dillingham | (A Top Pick March 19/10. Up 21.39%.) Quebec city industrial and office. Very good managers. | 2011-02-04 | |
| WEAK BUY | 21.770 | Jeffrey F. Olin | Very comfortable as a long-term investment. Yield is solid, well managed. Dominant player in Quebec Real-estate. Won’t see any great growth because it is large and heavily concentrated in Quebec but no issue holding for 2-3 year period. | 2011-01-18 | |
| TOP PICK | 20.910 | Ben Cheng | Management has a significant stake in the company. Planning on expanding their footprint in Atlantic Canada, which the market is not giving them credit for. | 2011-01-11 | |
| TOP PICK | 21.000 | Dennis Mitchell, CFA | Great job of delivering inline results each quarter. 14-15% (all in) from here. Very conservative management. Own a lot of stock themselves so they are on the same page. | 2011-01-07 | |
| PAST TOP PICK | 21.250 | Charles Dillingham | (A Top Pick March 19/09. Up 13.46%.) Sold his holdings, probably too early, but still have some of their convertibles. He was concerned about Industrials in Quebec. | 2010-12-10 | |
| WEAK BUY | 21.550 | Dennis Mitchell, CFA | Very conservative. It was a small miss quarter. Admin costs are a little higher than expected. Concentrated in Montreal and Quebec, so not a core holding. 6.68% yield. | 2010-11-17 | |
| DON'T BUY | 21.300 | Jeffrey F. Olin | Clear leader in Quebec market place. Very strong management. Trades at a premium. Has owned it in the past. | 2010-11-05 | |
| BUY | 21.750 | Paul Gardner, CFA | Specializes in office properties in Quebec. Conservative because payout ratio is about 80%, which you always like. Riocan is close to 100%. Payout ratio could grow in the near future. He likes it. It is 2/3rds done. No change Jan 1, no conversion. | 2010-11-01 | |
| PAST TOP PICK | 22.080 | Charles Dillingham | (A Top Pick Sept 3/09. Up 36%.) Largely Quebec, a little bit Ottawa. Primarily industrial and office. Extremely well run. | 2010-10-07 | |
| PAST TOP PICK | 20.470 | Charles Dillingham | (A Top Pick Sept 3/09. Up 24.99%.) Wonderful management. Has cheap land available for growth. | 2010-09-01 | |
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| PAST TOP PICK | 19.650 | Charles Dillingham | (A Top Pick Aug 10/09. Up 24.83%.) | 2010-08-03 | |
| PAST TOP PICK | 18.940 | Charles Dillingham | (Top Pick Jun 23/09, Up 36%) Very well run. Largely Ottawa, little bit of Quebec. As part of diversification they own quite a bit of industrial and that hurt them. | 2010-06-18 | |
| TOP PICK | 19.180 | Rick Stuchberry | This is a yield stock but you also get a bit of growth. Largest REIT in Quebec running from Ottawa to the Maritimes. Good yield of 7.5%. Occupancy rates should start to rise over the next quarter or two. | 2010-05-14 | |
| TOP PICK | 18.920 | Dennis Mitchell, CFA | (A Top Pick June 3/09. Up 22.9% excluding distributions.) Have some excellent opportunities going forward. Just purchased Overland Realty, which exposes them to Atlantic Canada. Also have a very accretive development pipeline. | 2010-04-28 | |
| BUY | 19.260 | Paul Gardner, CFA | Quebec focused well run rate REIT including strip malls and office buildings. Should do well. Distributions of about 7%. | 2010-04-01 | |
| TOP PICK | 18.800 | Charles Dillingham | Quebec-based and have just expanded into the Maritimes. Well disciplined. They almost certainly have to come for an equity issue so wait around for that first. | 2010-03-19 | |
| BUY | 19.750 | Dennis Mitchell, CFA | Not in his top 10 on valuation. Today, bought Overland Reality Corp. in Nova Scotia with small portfolio of offices, industrial, retail and multi-family. In the past they bought asset from a Quebec REIT and did a tremendous job of leasing the assets and he would expect no less from this transaction. Distribution is sustainable, but they have a number of convertible debentures issues outstanding. As you grow free cash flow and unit price goes up, you trigger these converts and you issue a lot of equity. | 2010-01-19 | |
| TOP PICK | 17.680 | Charles Dillingham | Yielding about 8%. Quebec economy is a lot more stabler that many others, particularly Quebec city. Very good, conservative management. | 2009-09-03 | |
| TOP PICK | 17.010 | Charles Dillingham | Conservatively managed and very disciplined in everything they do. Have marginally grown their income every period. 8.5% yield. | 2009-08-10 | |
| TOP PICK | 15.220 | Charles Dillingham | Recent issue was totally oversubscribed. 9.4% yield. Good management. Good price. | 2009-06-25 | |
| TOP PICK | 15.400 | Dennis Mitchell, CFA | Commercially diversified. Have some very accretive acquisition opportunities and some excellent development yields. Recently made some land purchases. Low leverage. Sustainable payout. | 2009-06-03 | |
| BUY | 12.650 | Michele Robitaille | Good value. High-quality company. Quebec focused. Great place to be long-term. | 2009-04-02 | |
| BUY | 12.400 | Dennis Mitchell, CFA | (Market Call Minute.) Just reported and probably a Buy. | 2009-03-17 | |
| BUY on WEAKNESS | 21.750 | Dennis Mitchell, CFA | Just reported another tremendous quarter. Great management team and very conservative. Fairly valued. Try to buy at $20. Yield of 6.6%. | 2008-08-13 | |
| PAST TOP PICK | 20.650 | Kevin Hall BComm, CFA | (A Top Pick July 11/07. Up 2%.) A good diversified REIT. Have done a good job in turning acquired assets from Montreal around. Management owns 25%. | 2008-05-06 | |
| TOP PICK | 18.510 | Gail Mifsud | Quebec-based. Trading at a discount to its NAV. acquired office and industrial assets from Alexis Nihon (AN.UN-T), which doubled the size of the portfolio giving them about 17 million square feet. This has provided them with above average funds from operation growth. Management owns about 20% of the trust units. | 2008-02-01 | |
| PAST TOP PICK | 20.960 | Kevin Hall BComm, CFA | (A Past Top Pick Oct 27/06. Up 1%.) A dominant landlord in Quebec city. Acquired a number of under performing assets in the Montreal area and was able to increase occupancy. Superior management team owns 20% to 25% of the REIT. | 2007-12-04 | |
| PAST TOP PICK | 21.350 | Charles Dillingham | Then $22.58 Very good steady. Based almost 100% in Quebec. Almost no growth in Quebec. | 2007-10-29 | |
| WEAK BUY | 21.770 | Charles Dillingham | Has been disappointing in its performance for a while. Part of it is taking over Alexus Nehon and part of it has been management changes. Probably pretty good value here. | 2007-09-14 | |
| TOP PICK | 21.130 | Leslie Lundquist | Properties are almost entirely in Quebec city and Montreal. Reasonable levels of debt. Diversified portfolio of properties. Yield is about 6%. | 2007-07-25 | |
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| PAST TOP PICK | 21.350 | Charles Dillingham | (A Top Pick Dec 8/06. Down 5.4%.) Was hurt by the Alexis-Homburg deal. Has a bit of a growth. Still likes. | 2007-07-23 | |
| TOP PICK | 21.330 | Kevin Hall BComm, CFA | Relatively cheap. Made a recent acquisition from Alexis Nehon which diversified them away from Quebec city and into Montreal and Ottawa. Management owns about 20%. | 2007-07-11 | |
| PAST TOP PICK | 23.820 | Charles Dillingham | (A Top Pick Dec 8/06. Up 5.5%.) Has under performed. Had to do quite a bit of financing. Would consider them a Buy. | 2007-05-07 | |
| PAST TOP PICK | 25.730 | Kevin Hall BComm, CFA | (A Top Pick Oct 27/06. Up 23.8%.) Tried to acquire Alexis Nihon (AN.UN-T) and will get 60%, which is better than nothing. | 2007-03-09 | |
| PAST TOP PICK | 23.890 | Charles Dillingham | (A Top Pick Dec 8/06. Up 5.8%.) In the process of acquiring Alexis Nihon (AN.UN-T), of which ING owns 19%. | 2007-01-12 | |
| BUY | 22.550 | Dennis Mitchell, CFA | Well run commercialized REIT, including office, industrial and retail. Primarily Quebec City and Montreal. Will possibly be moving into the Atlantic provinces. Made a bid for Alexis Nihon (AN.UN-T) and thinks they will be able to do that on very accretive terms. | 2006-12-22 | |
| TOP PICK | 22.580 | Charles Dillingham | Have always liked management. Merging with Alexis Nihon (AN.UN-T). A little concerned on how much they paid given some of the office problems, but there should be a good savings. | 2006-12-08 | |
| TOP PICK | 22.580 | Gail Mifsud | Has a “Strong Buy” rating. Merging with Alexis Nihon (AN.UN-T). Quebec based with 11 million sq ft including 1/3 industrial, 1/3 retail and 1/3 office. Strong management. | 2006-12-08 | |
| TOP PICK | 20.840 | Kevin Hall BComm, CFA | 20% of the Company is held by management. Very conservatively run. Probably the best balance sheet in the REIT sector. Rock solid distribution. Very reasonable valuation. | 2006-10-27 | |
| PAST TOP PICK | 19.930 | Michele Robitaille | Cominar Real Estate is up 4%. They continue to own and like. One of their core holdings in the REIT portfolio. Very high quality name and strong track record in development. | 2006-03-17 | |
| TOP PICK | 19.110 | Michele Robitaille | A diversified REIT with about 125 properties focused in Quebec and Montréal. Has a long track record of consistent growth and cash distributions. Conservative management team. Focused on development rather than acquisitions which is good. | 2006-01-06 | |
| BUY | 14.700 | John Priestman | A favorite holding. Extremely well-managed. Good balance sheet. Would be a prime target in any merger/acquisition activity. | 2004-05-26 | |
| TOP PICK | 13.710 | Charles Dillingham | Quebec based. Over 8% yield. Well-managed. Good-quality. | 2003-09-26 | |
| TOP PICK | 10.700 | Sandy McIntyre | Good track record and good management. | 2001-10-29 |
