STOCKCHASE

Has a buyout bid at $4 and is now closed. If you own, take the opportunity to sell at $4.

2009-03-17

HOLD

3.600

Being acquired for $3.75 by Canadian Storage Partners. $3.75 is not full and fair value, however he tendered half his position at this price in order to kick-start the process. Expect there will be competing bids for this.

2008-11-03

Comment

3.550

Sandy McIntyre

Being acquired for $3.75 by Canadian Storage Partners. He feels the price is acceptable and he is committed to it.

2008-10-24

BUY

4.590

The only consolidator of self-storage properties in Canada. Had overpaid for some of their assets early on. Rolling out a branding program that will kick in and killed some brand power.

2008-08-13

PAST TOP PICK

4.170

(A Top Pick Aug 16/07. Down 45%.) The only REIT consolidator of self-storage properties in Canada. Some operational management issues. Value is there, assets are great and the cash flow will materialize. It will just take a little longer. Still a Buy.

2008-06-12

HOLD

4.780

Bought a lot of expensive property. Top financial guy has left. There will be more competition in the storage area. Probably won't cut their distribution but are at risk.

2008-06-02

BUY

5.480

Public storage space. Currently there is only one large player, a subsidiary of a US company. Will be spending about $5 million to re-brand their name to give them a stronger presence. Good exposure to Western Canada. Very attractive value.

2008-05-14

WEAK BUY

5.310

Buyers on the margin. At this level it is very cheap. Q1 and Q4 are seasonally weak for REIT’s.

2008-03-24

BUY

6.570

Likes this from a fundamental standpoint. It is the only consolidator of self-storage property in Canada. Would like to see a little bit better disclosure on what they are doing in terms of rent. Starting to see that coming now. Trading at a slight discount to NAV. Tremendous free cash flow yield.

2008-02-29

DON'T BUY

0.700

Paul Gardner, CFA

Falls under the small cap REITs space, which is having a really tough time. Contemporaries in the US have had valuations dropped from 16X AFFO down to 13X. During this volatility, he would stay away from the small caps because of funding issues. Because of distribution stability he would rather up his portfolio to large-cap REITs.

2008-02-05

Comment

0.770

Ben Cheng

One of the smaller cap REITs. Has been on a very aggressive acquisition path. In this environment, being a smaller REIT, and investors treating this cautiously, there has been quite a drop in price. Reported slightly weaker results in the last quarter. General direction for them is correct but in an uncertain economic environment, it can be riskier.

2008-01-21

HOLD

0.770

Storage. Was one of the worst performers last year but thinks it's as low as it gets now. They have the capital to keep their 10% yield. He is holding for the long term.

2008-01-18

STRONG BUY

0.800

The only consolidator of self-storage facilities in Canada. Stock has had terrible performance over the last year. Operationally, the company is firing on all cylinders. Stock got away from itself and peaked at $2.

2008-01-14

STRONG BUY

0.810

The largest owner and operator of self-storage in Canada. 8.4% yield. Good portfolio and now is the time to be buying this. REITs were hit by subprime problems that spilled over onto this one. A great name.

2007-12-07

HOLD

0.800

Kevin Hall BComm, CFA

Weakening with the general weakness in the REIT sector. Growth by acquisition story and that strategy is facing a fair amount of headwind today. Consolidator of the self-storage space. A good little business but would be patient about buying.

2007-12-04

BUY

0.960

Consolidating public storage space and are diversified across Canada. Expecting it to do very well over the next 12 months. Very cheap.

2007-11-08

HOLD

1.000

Believes it has a good manager. They've bought a lot of their assets and the units have gone down. He is betting that their concept will work.

2007-10-29

BUY

1.050

Trading at a slight discount to its NAV. Free cash flow yield is 7% compared to the 10 year bond yield at 4.4%. The only consolidator in the self-storage business. Has some good quality property, which could develop into retail areas at higher market val

2007-09-04

TOP PICK

1.020

The only aggregator of self-storage in Canada. Covering its distribution on a free cash flow run rate. Over 7% cash yield and about 10% free cash flow yield.

2007-08-16

HOLD

1.220

Kevin Hall BComm, CFA

To buy to consolidate storage business. Have made some good acquisitions. He is continuing to watch it and as it grows he is more interested.

2007-07-11

Comment

1.230

Self storage properties. Are now the largest self storage company in Canada, from 0 last year.Nothing is wrong with this name. Recent sell off is due to peoples over excitement and subsequent disenchantment.

2007-06-29

BUY

1.300

Andrew Guy, CFA

Quality small-cap self-storage REIT. This is a model that has been very successful in the US. Very steady cash flow and low credit risk. When and if it gets listed on the TSX, it will open itself up to new buyers.

2007-06-27

DON'T BUY

1.300

Wouldn't consider it a bargain right now. Almost all of their assets are new. A good team, but their portfolio is unproven. A good organization. Probably won't make you much money for a while. Has to prove itself and mature.

2007-06-20

BUY

1.390

Ben Cheng

Good management and will continue to consolidate these self-storage space in Canada. Undervalued.

2007-05-29

Comment

1.420

Good management. Acquired a lot of their properties recently. We'll be looking at this as a “ show me” company.

2007-05-07

BUY

1.440

Public storage. Growing by acquisition. Have bought a couple of companies that were potential competition.

2007-04-11

BUY

1.430

Consolidator of public storage spaces. A growing area. Recently made 2 acquisitions. Sees decent growth ahead.

2007-03-20

BUY

1.480

The only publicly traded self storage REIT in Canada. Excellent management. Likes it as it is the only acquisitor in a market that is highly fragmented. Fully valued at $1.50 but given their strategy of acquiring you would still see significant upside at from these levels.

2007-01-19

BUY

1.580

Recently made in acquisition and did a new issue to finance it. Expanded out West. They are still overpaying, but are working on this. Likes them a lot.

2007-01-12

BUY

1.600

Grades of the company. Consolidating mom and pop public storage.

2007-01-04

WEAK BUY

1.990

Focuses on self-storage properties nationally. Has a lot of exposure to western Canada. Self-storage in Canada is a fragmented market. Good name, but does trade at a very low free cash flow yield. US Investors are in to this one.

2006-12-22

BUY

1.600

A very new REIT. Hasn’t had the test of time yet. Likes management. In Ontario, so have to worry about the Ontario economy a little. Good long-term bet.

2006-12-08

BUY

1.470