STOCKCHASE

Started up with a very high payout ratio of 140% and are still not earning their distribution. Real estate quality is much less than others.

2008-06-12

Comment

2.040

Kevin Hall BComm, CFA

Payout ratio is probably north of 140%. Will be difficult for them to grow in this kind of environment. Wouldn't be comfortable owning this. Expects distributions will be cut.

2008-05-06

SELL

2.150

Commercial diversified focused in Western Canada. Distribution is not safe. Payout ratio is north of 120%. Leverage is also high.

2008-01-14

WATCH

2.200

Now become more and more a Winnipeg fund. Some risks but it's improving.

2007-10-29

SELL

2.110

Came out in 2005 with a very high yield and correspondingly very high payout ratio. Have made some progress bringing the payout ratio down but he is concerned that they have stalled with no more institutional capital available to them.

2007-08-16

Comment

2.480

Their portfolio is dominated by 'B' assets and secondary markets. What is needed is to release some of the leases that are coming up. They need to see the internal growth to go along with their acquisitions.

2007-05-05

DON'T BUY

2.420

Commercial diversified. Heavily over distributing in the order of 150%-170% payout. Has really had to grow into its payout ratio. Now at a crossroads. No more institutional capital for them.

2007-04-03

Comment

2.770

Small-cap REIT in commercial diversified and focused in secondary markets. Attractive yield. 2007 is a big year with backfilling the payout ratio and getting closer to 100% as well as cleaning up some of their assets. Waiting to see 4th quarter numbers.

2007-02-16

WATCH

2.320

Stock price is at a discount to net asset value. 2007 is the key and crucial year as he would like to see some growth in leasing, rents in Peterborough retail as well as some good growth in parking income.

2007-01-19

Comment

2.400

Has not performed particularly well. Older product in Ontario and Manitoba. High payout ratio. Illiquid. Probably safe, but has a lot of work to do.

2007-01-12

WEAK BUY

2.270

Commercially diversified. Significant exposure to western Canada. Overall strategy is to buy B & C assets in secondary markets and take advantage of the cost of capital arbitrage. Over distributing from a free cash flow standpoint. Expecting them to get to 100% later in 07.

2006-12-22

Comment

2.290

A smaller micro REIT. They buy the B and C properties; Well diversified throughout the country and in their portfolio. To be a good REIT, you have to be really focused to get synergies going and they don’t have it.

2006-12-19

DON'T BUY

2.300

Concerns include some assets that are industrial, high payout ratio and very illiquid. Will probably be OK as it has strong management. A “Buyer Beware” REIT. Over 12% yield.

2006-12-08

BUY

2.350

Owns retail, commercial and industrial properties. There focus is primary and secondary assets in secondary markets. Have significant acquisition potential and access to capital.

2006-11-21

BUY

2.300

A small cap REIT. Unique in that it focuses on Class B and Class C offices and retail. Diversified across the country, which is quite nice. Leases are all coming off in the next 3-4 years, which means they could increase. In this economy, they should do well. Payout ratio versus income is still high, but this should drop.

2006-11-07

DON'T BUY

2.380

Robert Lauzon

Small REIT and not big enough for his holdings. Had some stumbles out of the gate and got high amounts of debt.

2006-09-08

BUY

2.160

Small cap REIT that focuses on lower grade buildings. It is acquiring and growing. They buy properties at the 8/10% cap rate, which is hard to find. If they can keep the executions clean and their debt under control, it will do quite well.

2006-07-07

DON'T BUY

2.110

A micro REIT. With small cap REITs you get more volatility. Focuses on the B and C types of office buildings. Distribution is about 140% of their FFO. They are trying to grow into their distribution. Very risky.

2006-06-14

WAIT

2.590

Sandy McIntyre

A group of assets that are class B in quality. He is looking for a couple of milestones over the next few months regarding structuring and seeing the annual report. Somewhat neutral on it now but if it meets his targets, he will get positive on it again.

2006-05-12

DON'T BUY

2.590

Robert Lauzon

Not too enthused with a lot of their properties. They are not the highest quality or highest quality tenants. Management has recently been on the news about questionable practices.

2006-04-07

DON'T BUY

2.690