STOCKCHASE

Very good yield at 8.6%. About 100% payout ratio and it's highly likely they will be bringing this down. Very sharp management.

2010-09-01

DON'T BUY

25.520

Has diversified out of the Calgary B & C properties but there is still a real vulnerability for rent renewals. Large vacancies of 20%-30%.

2010-09-01

TOP PICK

25.670

Smart management and they take care of themselves. Payout ratio of about 100%. Capable entrepreneurs.

2010-08-03

BUY

25.470

Very entrepreneurial. Very smart. Take good care of themselves. Take big swings. Did a new issue recently. High yield, 100% payout ratio. Debt isn’t too bad. Not the safest one around, but considering the yield is not a bad place to be.

2010-06-18

DON'T BUY

24.220

Q1 results came in all right. Beat estimates by $.01. Not fans of this one as their Alberta properties are sub-properties and are about to have a 10%-20% vacancy rate. (Trying to diversify out of Alberta.)

2010-05-28

BUY

24.300

About 102% payout ratio but wouldn't worry as they have very good management. Raised quite a bit of money and are doing quite a few deals.

2010-05-17

BUY on WEAKNESS

25.300

Reduced their exposure on Calgary offices and increased exposure in Toronto and Ottawa area. Good management. Try to buy at around $24.

2010-04-28

BUY

25.470

Offices/industrial properties with a tremendous amount of exposure to Calgary offices, which they are actively reducing. Purchasing in Toronto and Ottawa now. Payout ratio just under 100% with a yield of 8%+. Doesn't expect an increase.

2010-03-17

SELL

25.650

Trades at 1.3 times net asset value. Still does not like the story. Large exposure to the Calgary second tier real estate market – 20-30% vacancy and climbing. Way over valued.

2010-02-24

BUY

25.720

Top holding in his fund. Shied away because of Calgary office exposure. Most recently purchased office towers in downtown Toronto, so he has stepped into this issue. Would like to buy in the $24 at the most. Company is marketing across the country and will be in the US next week or month. Don’t buy as a short-term position.

2010-01-19

DON'T BUY

19.600

He would run from this. Retail clients are pushing yield. They are heavily into lower end buildings in Calgary. Vacancy rate is going to go from 20% to 30%. Rents are forecast to drop. They are fully valued and a good chance that they go lower. Not sure if distribution is sustainable. They wrote this management contract where they didn’t align themselves with the investor. He really doesn’t like this.

2009-11-24

Comment

18.410

Very good management but is very heavily Alberta-based. Had some rent leases that were better than he expected. Payout ratio is high but they have a huge cash reserve. It is safe as long as the world doesn't get any worse. Don't be surprised if it comes down a little bit more in price.

2009-09-03

PAST TOP PICK

17.910

(A Top Pick June 2/08. Down 38.21%.)

2009-08-10

PAST TOP PICK

14.960

(A Top Pick June 2/08. Down 49.75%.) At that time, General Electric (GE-N) acquired almost all their eastern assets so they were left with a Western play. The drop in oil prices hit them hard. Good management hold a lot of stock. 14.5% yield is very safe. Have a lot of cash.

2009-06-25

PAST TOP PICK

15.650

(A Top Pick June 2/08. Down 47.26%.)

2009-06-09

DON'T BUY

13.450

They have a problem in that they are mostly in Calgary. Be very careful. Major risk with office leases in Calgary

2009-04-29

DON'T BUY

13.500

Michael Sprung

16% distribution. One of reasons it is down as much as it is is that people think the next bad news is in commercial real estate. Distribution may have to come down. Respects management.

2009-04-22

HOLD

13.750

Kevin Hall BComm, CFA

Alberta focused. Oil prices are going to be a big factor in how this one performs. A lot of new office construction in Calgary, which is a negative. Have a lot of cash on the balance sheet so they are defensively positioned. Longer-term would look for another name from a fundamental perspective.

2009-02-27

Comment

13.200

Morecommercially focused REIT. Owns office and industrial in Western Canada. They are in industrial portfolio is now for sale. Had been sitting on $100 million in cash and used most of it to buy back units. Good-quality name and one of the best management teams in the business. Very cheap. Might be some further downside if the market corrects.

2009-02-12

Comment

18.810

Office and industrial. Huge exposure to Calgary offices. Externally managed. Very attractive yield.

2008-11-03

PAST TOP PICK

32.470

(A Top Pick Aug 15/07. Down 19%.) In June/07 sold two thirds of their assets so earnings were reduced. Q3 should be their first really good, year-over-year comparisons.

2008-08-13

TOP PICK

33.980

(A Top Pick July 23/07. Down 21%.) GE acquired their eastern assets. Any risk would be the Alberta market. Buildings are quite close to city centres. Very good management.

2008-06-02

Comment

33.910

Kevin Hall BComm, CFA

Sold a good chunk of their Eastern/Central Canada portfolio and held on to the Western B class and C class assets. With strong energy prices, there are signs that Alberta is picking up again. Good holding for now but would be out by 2009/2010 as there will be a lot of new construction in Calgary.

2008-05-06

WAIT

31.900

Their future is pretty bright. Tremendous exposure to Western Canada. Unsure of what they will do next.

2008-03-24

BUY

34.250

Almost entirely focused in Alberta. Office/industrial properties. Able to grow free cash flow internally. NAV is probably in the $40 to $42 range. This is for long-term investors. You have to understand that the Alberta market is slowing down but still one of the best markets in Canada. He uses it as a trade.

2008-02-29

BUY

33.510

Bill Shaw

Not a bad REIT to own. Trading fairly cheaply at about 30% cheaper than its NAV. Sold their Eastern office portfolio so now 70% of their assets are in Alberta. Very short average lease life at about 4.1 years so there is significant upside on the rents.

2008-02-19

BUY

33.000

One of the more dynamic groups. Have restructured and has become a western REIT. Sold off almost all their eastern stuff. Have rents that are well below the market and have about 12% coming up for renewal. Rolling them over at quite a high rate. Recently bought some of their stock. Have outside management, which some people don't like but the group is dynamic.

2008-02-14

BUY

32.300

Will complete the sale of their Eastern portfolio to GE Real Estate in August. What they are left with is about 6 million square feet of Western Canadian assets. The sale gives them low leverage allowing them to continue acquiring assets.

2008-02-01

DON'T BUY

33.310

Transaction with GE financing was very convoluted. Also, 15% of the capital gain is still being shoved over to the management arm, a 3rd party provider of management services for them. Last quarter had good guidance as well as good growth in FFO. Because of the credit blow out, institutions generally migrate to large cap REITs and avoid small caps.

2007-12-28

Comment

35.620

Tendered his holdings in June when GE purchased their central and eastern Canadian assets. Got in again because it has become so cheap. Interesting at these levels, but there are some execution risks as you are not sure what management is going to do going forward. Likes the assets and the exposure to Western Canada. Good management.

2007-12-07

TOP PICK

37.050

5.93% yield. Recently shed more than 2/3 of its assets and virtually all of the assets now are out west and are 85%-90% office.

2007-09-14

Comment

37.520

GE purchased their central and eastern Canadian assets, so is now Western Canadian focused. Asset management has been moved to Dundee Realty Corp. GE and Dundee Corp. owns 16% of the outstanding units of the REIT. He is trying to evaluate what their oper

2007-09-04

DON'T BUY

39.250

Dropped over 12% today and thinks it has something to do with technical issues. Sold off their eastern assets, the GE Realty, so they are leveraging towards the western side. There are problems and conflicts with the management in that they get 15% of all historical, current and future upside.

2007-08-22

Comment

42.050

Assets (not the units) are being sold at $47.50. If you are tempted to tender, you should look at your adjusted cost base, realized capital gain and your marginal tax rate.

2007-08-16

TOP PICK

44.910

Have been focusing more and more on office and out West. GE (GE-N) has offered to take all of their eastern operations so they will become a western REIT.

2007-07-23

DON'T BUY

44.820

GE’s real estate portfolio has basically gone in to buy their Ontario, Quebec assets. Voting will be complicated because it is a all or nothing situation. Fully priced.

2007-07-19

Comment

46.000

Huge transformational change. They own it, will see going forward.

2007-06-29

HOLD

45.350

GE has bought their eastern assets, plus they are buying significantly into the remainder. It will remain as an Alberta function with relatively low debt. If you own Hold as you will probably be able to sell it at $47.50.

2007-06-20

TOP PICK

40.000

Have gone through a dramatic transformation over the last 2 years. Very strong name, hitting on all cylinders.

2007-05-05

PAST TOP PICK

39.700

(A Top Pick Jun 5/06. Up 40.6%.) Very innovative. Tend to be secondary quality buildings. Made some big moves into Alberta, office and industrial. Still likes.

2007-04-11

TOP PICK

39.400

Office and industrial. Have done a fantastic job of growing their distribution, orienting the portfolio towards western Canadian offices. Strong management team.

2007-04-03

BUY

40.670

Michael Decter

Have been buying more of it recently. A very solidly managed REIT. Real estate assets are very much in demand for the long haul. Very good at acquiring and growing.

2007-02-26

BUY on WEAKNESS

40.110

Industrial/office across Canada. Recently picked up a significant amount of office in western Canada. Analysts are looking for them to be at 100% free cash flow payout either in Q4 last year or Q1 this year. Improved the quality of their holdings. Has been a lot of volatility and would add on weakness.

2007-01-19

TOP PICK

39.320

A big, very well done Alberta play. Good value. Has more growth potential than others.

2007-01-12

SELL

37.690

Bill Carrigan

Most of the REITs are at the top of the growth channel ands feels that most of them have been overbid. Would take some or all money off the table.

2006-12-20

BUY

36.640

Quite a bit of exposure to western Canada. Have buildings that they bought at 6% caps on rents, but if for ant reason Calgary softens, they still have their structure.

2006-12-08

BUY on WEAKNESS

36.590

Commercial diversified. Office and industrial exposure. Great management. Positive momentum from acquisitions.

2006-11-21

BUY

32.040

Norman Levine

REITs are going into a good time here. There is interest sensitivity and they'll benefit from that. The acquisition of Summit REIT (SMU.UN-T) by ING (IIC-T) placed a new valuation on REITs.

2006-09-05

DON'T BUY

28.100

Has a market perform rating on this. Despite very significant acquisition growth, this has not trickled to the bottom line yet. Currently fully valued. Doing some good things, but remains neutral on this.

2006-06-09

TOP PICK

28.240

Has outperformed. Diversified. Quite big in Alberta where real estate is booming. Recently did some major acquisitions out west. Growing their income. Still distribute more than they make but they have a DRIP.

2006-06-05

TOP PICK

28.320

Dundee Reit has been up about 15% since he last recommended it. They have the highest yield in the business. They have a diversified market. Good management team. Good cash flow. There are risks if the office market gets weak. He bought some recently around $24.00.

2006-03-11

DON'T BUY

25.710

Focus on core office and light industrialsin Toronto/Montréal. A concern was 130% payout but that has now dropped over the last 2/3 years. Making accretive acquisitions. Lower interest rates have helped their bottom line. Their structure is pretty complicated and he would prefer a simpler one so he would shy away from this one.

2005-12-29

TOP PICK

25.200

Pays 8.7%. Paying out well above what it’s earning, but they are gradually improving that. A very diversified REIT. It looks from most estimates that by next year it will be on balance. Has a very high DRIP. Have lots of cash flow. Entrepreneurial management.

2005-12-16

HOLD

25.190

Market perform. Since conversion to a trust, their results have been lacklustre.

2005-11-25

VAGUE

26.650

Has a market perform. Target price of $26.50, and looking for 7% return for the year. Has improved the quality of the asset base which she likes. A solid stable name. Neutral on the stock.

2005-07-05

BUY

26.000

David Baskin

Pretty smart guys. Prefers to own through Dundee Bank Corp (DBC.SV.A-T) because this way you get all the pieces.

2005-05-24

HOLD

26.560

Market perform rating. Recently upgraded from underperform. They have doubled their portfolio since they has changed from an operating company into a realestate company. They will be doing some major acquisitions over the next year. 2004 was reletivly weak, but expect it to improve this year.

2005-03-11

BUY on WEAKNESS

26.090

A diversified REIT. Over the past year, have been aggressively buying assets. Distribution is safe. A little expensive here.

2005-01-21

BUY

25.100

Very solid management team. Have been in the real estate business for a long time. A stable, steady as she goes type. Concerned with their relatively short term leases to maturity, but they've always had this and have managed it quite well.

2004-12-10

BUY

25.000

Gavin Graham

Payout is considerably higher than their earnings. Likes this sector which is a good inflation hedge as well as having some growth.

2004-11-08

TOP PICK

24.190

Likes their diversification and management. A higher yield of about 9%. Trading at a bit of a premium to NAV.

2004-08-20

PAST TOP PICK

23.600

Ben Cheng

(Past top pick Feb 5/04. Down 4.5%.) Still likes it. Added to their holdings on the recent weakness. Probably fair value at this point but would consider adding on weakness. Solid management.

2004-07-15

TOP PICK

24.500

Ben Cheng

One of the latest real-estate trusts. Diversified commercial office. Good management. Continue to do well.

2004-02-05

TOP PICK

21.000

Yield 10.46%.Very stable business.Tenants are stable.

2003-08-01

TOP PICK

20.710