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| Comment | 14.350 | Charles Dillingham | Has had a heck of a move. Have a relationship with Empire Company (EMP.A-T) that he views as extremely positive. Sobeys grocers have also been doing very well. Considers them as one of the better defensive names. | 2012-02-10 | |
| Comment | 13.980 | Charles Dillingham | Very responsible retail, which is tied into the Empire group (EMP.A-T). Yield of about 6.5%. Conservative and have a lot of their own money tied into this. Very steady. | 2012-01-06 | |
| TOP PICK | 13.270 | Bruce Campbell | This is the Sobey’s family REIT with strip malls anchored by Sobey stores. Mostly Atlantic Canada and a little Ontario and Quebec.. Has lagged REITs a little because it is illiquid. Almost 7% yield. The ship building contract in Halifax outs some real juice into the local economy. Looking for 3%-5% growth. | 2011-12-07 | |
| BUY | 13.300 | Paul Gardner, CFA | This is a unique story in the real estate space. 35% of their real estate exposure is tied to Sobey’s Empire. When they develop properties, they develop with a partnership with Empire. With shipbuilding coming through Irvings, it will be heavily concentrated in New Brunswick and Nova Scotia for the Eastern markets. This will help them over the next 3-4 years. | 2011-12-05 | |
| PAST TOP PICK | 13.120 | Barry Schwartz | (A Top Pick June 14/10. Up 25.32%.) Strong management. Have a pipeline to the Sobey’s company empire. Will benefit in 2012-2013 from Target stores coming into Canada. | 2011-07-06 | |
| DON'T BUY | 13.240 | Jeffrey F. Olin | Retail sector in eastern Canada. This would not be his favourite. Feels management is sleepy and there is deferred maintenance in their property. There are better names out there. | 2011-06-21 | |
| Comment | 13.100 | Dennis Mitchell, CFA | Primarily a retail REIT. Based in Atlantic Canada with a huge exposure to Sobey’s. Good quality name that you can park capital in. Won’t generate a lot of outperformance for the long term. Sound management and good assets. It’s fine, but prefers others. | 2011-05-26 | |
| HOLD | 12.850 | Jeffrey F. Olin | Shopping centers. Strategic relationship with Sobeys. | 2010-11-05 | |
| BUY on WEAKNESS | 12.720 | Barry Schwartz | Waiting for a pullback to buy more. Thinks this will grow into a billion dollar market cap company. His favourite REIT. | 2010-10-05 | |
| BUY | 11.750 | Paul Gardner, CFA | Focused in the eastern provinces and are anchored by Sobey's and other defensive staple retail outlets. Slightly more defensive than H & R (HR.UN-T) and hasn't participated as much so this would be a good time to get in. | 2010-09-01 | |
| TOP PICK | 11.420 | Barry Schwartz | Nice strip malls anchored by Sobey's, Shoppers etc. Mainly in Atlantic Canada. Expect a lot of European families will want to get their money out and look for some Canadian real estate with good yield. Trading at a 15% multiple discount to H&R (HR.UN-T). 7.8% dividend. | 2010-06-14 | |
| PAST TOP PICK | 11.350 | Charles Dillingham | (A Top Pick June 9/09. Up 52%.) Sobeys, Sobeys Family and the Empire Group. Had a financing deal with the Royal Bank of Scotland and had to do a lot of scrambling when the money wasn't there but have done a very good job. Still a Buy. | 2010-05-17 | |
| Comment | 11.330 | Ben Cheng | Very solid balance sheet and good management. Try to expand out west through acquisitions. Should be growth further down the pipe but flat for the next couple of years. | 2010-05-12 | |
| HOLD | 11.660 | Dennis Mitchell, CFA | Suffers because it is in the retail space in Canada, which has strong competition that tends to hog most of the capital and the limelight. Good quality portfolio and the distribution is very sustainable. | 2010-04-28 | |
| BUY | 11.930 | Charles Dillingham | Part of the Sobey empire system in the Maritimes. Very conservative but very well run. Don't expect a lot of growth. Very secure 7.5% income. | 2010-04-15 | |
| BUY | 11.320 | Dennis Mitchell, CFA | (Market Call Minute) Buy in $10 range. | 2010-01-19 | |
| PAST TOP PICK | 9.270 | Charles Dillingham | (A Top Pick June 2/08. Down 7.41%.) | 2009-08-10 | |
| PAST TOP PICK | 7.920 | Charles Dillingham | (A Top Pick June 2/08. Down 23.26%.) Shopping centres in the Maritimes. 11.3% yield. A lot of changes in structure with this one. Had trouble getting refinancing but that is now done. Still a Buy. | 2009-06-25 | |
| TOP PICK | 8.080 | Charles Dillingham | (A Top Pick June 2/08. Down 20.71%.) Had some debt problems but raise some money and recently did a stock issue. Very high yield of 11%. Conservative management. | 2009-06-09 | |
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| BUY | 6.440 | Dennis Mitchell, CFA | Primarily an enclosed shopping centres. Big concentrations in eastern Canada. Suffers because retail and multi-resident are the biggest sectors in Canada and they have to compete for capital against bigger names. Management has consistently over-delivered on results. Have a huge chunk of variable rate debts to term out and market is concerned that he expects them to term out later this year. Good price. | 2009-03-17 | |
| HOLD | 7.490 | Dennis Mitchell, CFA | very cheap at this level. Sustainable payout ratio, great tenant base. There is some concern of a bridge loan, but has been banking with Bank of Nova Scotia and has a good history. Good portfolio but not spectacular. They've had a good 3rd quarter and there's not much risk of a distribution cut. | 2008-12-16 | |
| BUY | 7.820 | Ben Cheng | (Market Call Minute.) Very cheap valuation. Solid company. | 2008-12-08 | |
| PAST TOP PICK | 11.650 | David Baskin | (A Top Pick July 17/07. Down 2%.) Nothing wrong with this one. Under followed. Likes the 7.7% yield. Pretty good commercial property. Good defensive Buy. | 2008-06-10 | |
| TOP PICK | 11.350 | Charles Dillingham | Mostly in Atlantic Canada. Have Sobey’s as anchor stores. High yield and well managed. | 2008-06-02 | |
| WEAK BUY | 11.000 | Dennis Mitchell, CFA | You get Atlantic exposure out of this company. Their Q4 was very strong. A good name. Not a core name. | 2008-03-24 | |
| BUY | 11.000 | Dennis Mitchell, CFA | Primarily retail. Most of its exposure is in Atlantic Canada. They are the monetization vehicle for Sobey’s and Empire. Recently blended in 62 properties of real estate from Empire. Reported 2 days ago and their results were fantastic. Distribution is covered and the debt is well in place. | 2008-02-29 | |
| BUY | 11.000 | Dennis Mitchell, CFA | (Market Call Minute.) Discount to NAV, good cash flow generation and a strong portfolio makes it a Buy. | 2008-01-14 | |
| Comment | 12.770 | Leslie Lundquist | Should have secured distributions for the foreseeable future. Extremely stable assets and very stable distribution policy. Low payout ratio. Very low yield and you may be better off with a bond. | 2007-07-25 | |
| TOP PICK | 12.500 | David Baskin | About 6.8% yield. Only been public for a little while and is not that widely followed. Will be the landlord for a lot of Sobey’s stores. The biggest commercial landlord in Atlantic Canada. Recently made some acquisitions in eastern Ontario. Higher growth possibility than some of the other REIT’s. | 2007-07-17 | |
| BUY | 13.150 | Dennis Mitchell, CFA | Most of it is grocery anchored retail, with some office as well. A good name, with good management team. | 2007-06-29 | |
| BUY | 13.620 | Dennis Mitchell, CFA | Primarily retail focused in Atlantic Canada. Good partnership with Sobeys, which is how they intend to grow in western & central Canada. | 2007-04-03 | |
| BUY | 12.950 | Dennis Mitchell, CFA | Retail focused on unenclosed and neighbourhood shopping centres. Primarily Atlantic Canada. Good yield and trades at a discount to some of the other retail REITs. | 2006-12-22 | |
| BUY | 12.860 | Charles Dillingham | Shopping centres (concentrates on Sobey’s stores) in the Maritimes. Good quality REIT. Insiders have significant holdings. Good long-term play. He is looking at it again. | 2006-12-08 | |
| WEAK BUY | 10.760 | Charles Dillingham | Trading a little above its issue price. It produces income but there won't be anything spectacular. | 2006-06-05 | |
| DON'T BUY | 11.100 | Patrick Kim | Good quality REIT overall. A lot of the properties are anchored by Sobey’s Grocery. Maritime focused REIT, a slower growth area. They talk about making acquisitions in the west where growth is, but there are already a lot of ways for investors to play the western market. | 2006-04-21 | |
| DON'T BUY | 11.330 | Robert Lauzon | Just went public at $10. You won't hurt yourself by buying this one, but wouldn't buy at this price. There is a lot of exposure to Zellers and not sure where that store fits into the Canadian retail landscape over in the next 5 years. Buy Northern Property (NPR.UN-T) instead as it is a safer alternative with better properties in areas that have higher growth. | 2006-04-07 |
