| PAST TOP PICK | 9.910 | Robert Lauzon | (A Top Pick Nov 24/06. Up 25%.) Acquired by a US REIT. | 2008-04-28 | |
| Comment | 9.770 | Kevin Hall BComm, CFA | In the process of being taken over by a US REIT. Mainly US focused. Put itself up for sale, which did not go well. | 2007-12-04 | |
| PAST TOP PICK | 9.650 | Robert Lauzon | (Past Top Pick Nov 24/06. Down 19.7%.) There is a take-out offer for the shares. The whole REIT market has been in a slump. This is US properties. He sold out at around $13 - $14. | 2007-11-29 | |
| Comment | 9.920 | Dennis Mitchell, CFA | Have accepted an offer from a US based real estate company at $9.75 US. This is an asset purchase, not the units and IPC will have to wind up the units. There will be tax ramifications. A disappointing wrap up to this REIT. | 2007-08-16 | |
| WAIT | 10.840 | Charles Dillingham | A Canadian REIT with all its assets in the US. Has been very weak. They are having trouble finding buyers. Good management and good properties. Wait for the next announcement. | 2007-07-23 | |
| HOLD | 12.240 | Dennis Mitchell, CFA | Only Canadian Reit that only owns US properties. Modal is only class 'A' office buildings, in secondary markets across the US. Suffers from the currency discounts, and unusual promotes.
Don't buy, but hold if you have. | 2007-06-29 | |
| TOP PICK | 12.050 | Charles Dillingham | Price has dropped a lot. Structured as a REIT in Canada but it's all US assets. Has been oversold. | 2007-06-20 | |
| HOLD | 13.800 | Dennis Mitchell, CFA | Only Canadian REIT that exclusively owns US properties. They have A assets in B locations. Believes this portfolio will eventually be sold, but doesn't expect frenzied bidding. | 2007-04-03 | |
| PAST TOP PICK | 13.880 | Robert Lauzon | (A Top Pick Nov 24/06. Up 15.9%.) Reduced his holdings in the $14 range. Primarily US office assets. | 2007-03-30 | |
| DON'T BUY | 14.810 | Dennis Mitchell, CFA | Unique REIT in Canada as it is the only one that owns only US properties. Put themselves up for sale. Have seen a lot of bids at very low cap rates for mediocre/average assets. A very speculative play. Sold his holdings. | 2007-02-16 | |
| Comment | 13.500 | Dennis Mitchell, CFA | This is a unique REIT in that it is a Canadian one, but owns solely US office property. Changing their strategy to own A property in primary markets. Thinks it will be taken out. | 2007-01-19 | |
| BUY | 13.030 | Charles Dillingham | All its assets are in the US. Have sold some big assets at good profit. A lot of speculation that it will be taken over. | 2007-01-12 | |
| BUY | 12.200 | Dennis Mitchell, CFA | Offers a compelling yield. Will most likely get taken out. | 2006-12-22 | |
| TOP PICK | 12.130 | Gail Mifsud | Focused on 100% ownership of US office assets. A value story through and through. “Outperform” rating. Trades at a discount to underlying value. | 2006-12-08 | |
| TOP PICK | 11.850 | Robert Lauzon | Primarily US office space. Sold some prime property for good prices and with all the cash they are raising, they're looking to buy higher growth properties. Could be a takeover target. Nice US income that is highly tax deferred. | 2006-11-24 | |
| BUY | 9.700 | Dean Orrico | Owns US office properties. Have done a very good job in creativity and generating value for shareholders. Good quality management team. Research on it is limited. Do not have an overweight exposure on this, but a good way to play real estate outside of Canada. | 2006-06-23 | |
| DON'T BUY | 10.250 | Robert Lauzon | The last quarter’s numbers were lower than expected. There is a problem with the stronger Cdn$. Only buy if you have other REITs as well. | 2006-06-02 | |
| PAST TOP PICK | 11.840 | Sandy McIntyre | This trust is up 5% plus distibution. They like it and it has a clever management team. | 2006-03-04 | |
| TOP PICK | 11.060 | Sandy McIntyre | A well managed REIT with good properties, all located in the US in tier 2 cities. Undervalued compared to the other REITS. | 2005-12-16 | |
| PAST TOP PICK | 11.380 | Gail Mifsud | (A Top Pick March 11/05. No change. Up about 7%, including distribution.) This is the only trust, she is allowed to own as an analyst. | 2005-11-25 | |
| HOLD | 10.750 | Kevin Hall BComm, CFA | A REIT with a much better return profile. Returns from here look pretty good. The risk to this one is the US$ exposure. Sold their Bank of America holdings for a $35 million gain and can use this for capital fund requirements for '06. | 2005-10-28 | |
| PAST TOP PICK | 10.860 | Greg Guichon | (A Top Pick May 20/05. Down 5.25% not including distributions.) | 2005-10-21 | |
| PAST TOP PICK | 10.870 | Dean Orrico | (Top Pick July 29/05. Down 9.5%.) Still likes. Been caught in the downdraft of the whole income trust market. Recently had some good news which resulted in a $0.30 after tax gain. | 2005-10-18 | |
| PAST TOP PICK | 11.400 | Dean Orrico | (A Top Pick July 29/05. Down 4.7%.) Continues to like. Has been caught in the down draft in the last little while. Management has done a good job. | 2005-09-30 | |
| PAST TOP PICK | 11.820 | Greg Guichon | (A Top Pick May 20/05. Up 7%.) Up until the Katrina hurricane, they were very high on this one. They have a property there so make take time to work through this. | 2005-09-09 | |
| DON'T BUY | 12.100 | Dan Bastasic | A Canadian REIT that exclusively invests in US property. Has 37. Well diversified in 13 states. Has $51 million preferred equity interest in a Bank of America building in San Francisco. Has done a good job of increasing distributions. Have had a bit of a run up over the last month and it's now fairly valued. | 2005-08-05 | |
| TOP PICK | 12.000 | Dean Orrico | REIT's are pretty fully valued, but can see some upside in this one. Focused on the US mid office, ie, secondary markets. Have been able to identify some pretty valuable investment opportunities. Trades at a slight discount to its peers. | 2005-07-29 | |
| TOP PICK | 10.980 | Gail Mifsud | Own a collection of very high quality US office assets. A growth stock. Increased distributions 5 times. | 2005-07-05 | |
| TOP PICK | 11.000 | Greg Guichon | Interesting diversification for a Canadian investor as it is the only US$ trust and pays in US$ if you choose. Good management. | 2005-05-20 | |
| TOP PICK | 11.250 | Gail Mifsud | Excellent management team. Expect further growth, further increases to their upside. | 2005-03-11 | |
| BUY | 11.170 | Matt Baillie | Very few ways to play North American office space. 2 ways to play. O&Y REIT and this one. Thinks there will be a rebound in office space as occupancy goes up. The only issue is the US$. Thinks there is still decent growth in the story. | 2005-01-27 | |
| BUY | 11.210 | Gail Mifsud | An office REIT with a litle more leverage that she likes. | 2005-01-21 | |
| HOLD | 10.960 | Blair Wilson | A smaller cap trust, so doesn't trade a lot. Would like to see more yield for something this size. Neutral to this one at this time. | 2005-01-07 | |
| TOP PICK | 10.670 | Gail Mifsud | Have a US portfolio of high quality office assets. Can be bought in Cdn or US$'s (IUR.U-T). All income is generated in US$'s. Pays an attractive dividend. Well managed. Doing a number of acquisitions and growing their portfolio. | 2004-12-10 | |
| HOLD | 9.900 | Garth Jestley | A play on US offices. Weaker US$ can affect. | 2004-10-29 | |
| BUY | 10.030 | Gail Mifsud | A very solid name. Very strong management team. Good strategy of buying high quality assets, lease them with high credit worthy tenants, long term leases and match them up with long term debt. | 2004-10-22 | |
| BUY | 10.250 | Charles Dillingham | Fairly well valued. Currency risks. Reasonable income of about 9%. A lot of analysts are very positive on it. Probably one of the cheaper US REIT's. | 2004-10-15 | |
| PAST TOP PICK | 9.700 | Sandy McIntyre | (Was a top pick on Mar 25. Up 4.7%.) Still likes. Just made an acquisition. | 2003-05-07 | |
| TOP PICK | 9.570 | Sandy McIntyre | A contrarian choice. Out of favour, so now is the time to buy. Management is buying good properties at reduced prices and low interest rates. | 2003-03-25 | |
| TOP PICK | 9.220 | Sandy McIntyre | 10.7% yield. US office market is in a difficult period, but this company has good long term leases. | 2003-03-06 | |
| BUY | 9.850 | Sandy McIntyre | Good properties. Best chance of all the REITs to increase distributions. | 2003-01-23 | |
Experts that have talked about IPC US Income Commercial REIT
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