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| PAST TOP PICK | 10.920 | Dennis Mitchell, CFA | (Top Pick Nov. 17/10, Up 15.41% Total Return) Has done everything he expected. Surprise was the number of apartments in Ontario. On the cusp of calling it a core holding. | 2011-12-05 | |
| PAST TOP PICK | 10.310 | Paul Gardner, CFA | (Top Pick Sep 1/10, Up 16.93%) A theme4 from a year ago. Great defensive. Stability and as rates get lower they funding gets cheaper. Doesn’t know when he will transition out of it. | 2011-10-11 | |
| BUY | 10.520 | Jeffrey F. Olin | Trading at a discount to NAV, which he feels is north of $11. This is one you can see sleep at night with. | 2011-09-26 | |
| PAST TOP PICK | 10.310 | Charles Dillingham | (A Top Pick Sept 1/10. Up 19.72%.) | 2011-09-19 | |
| PAST TOP PICK | 10.670 | Paul Gardner, CFA | (A Top Pick Sept 1/10. Up 21.43%.) | 2011-09-08 | |
| BUY | 10.590 | Charles Dillingham | Always liked this name. Apartments in the Maritimes and now coming into Ontario. Also manufacturing homes. Use oil for heating so costs have gone up with the price of oil. Have a very good portfolio. 5% yield. | 2011-08-12 | |
| PAST TOP PICK | 10.010 | Paul Gardner, CFA | (A Top Pick Sept 1/10. Up 13.15%.) A safe way to play real estate. Occupancy levels are pretty high. | 2011-08-10 | |
| Comment | 10.050 | Dennis Mitchell, CFA | This quarter came in flat as they had a little higher repairs, maintenance expenses and property taxes. Utilities got hit by the rise in oil prices. Great quality, core name. Multiple is a little high at 18-19 times free cash flow. Normally would buy at these levels, but with a volatile market will wait and see how it shakes out. | 2011-08-04 | |
| BUY | 10.770 | Dennis Mitchell, CFA | Apartment REITs and manufactured home communities, mainly in Atlantic Canada but also in Ontario. Increased their dividend this year. Concerned that they have gone into the luxury apartment market in Ontario. | 2011-05-26 | |
| PAST TOP PICK | 10.530 | Paul Gardner, CFA | Killam Properties, Up 35% since May 28, 2010, He sold it recently because he thought it had done its run. Replaced it with Mainstream Equity. | 2011-05-17 | |
| TOP PICK | 10.750 | Dennis Mitchell, CFA | Multi-family. Apartments and trailer parks, mainly in Atlantic Canada but increasingly in Ontario too. Worth $11.50-$12. Some headwinds on property taxes and utilities. Good quality name. Very safe and secure cash flow. | 2011-04-20 | |
| TOP PICK | 10.320 | Paul Gardner, CFA | Get access to CMHC financing. Own apartments in Eastern Ontario and manufacture mobile homes. Have a ton of capital that they can access to grow the bottom line. Should get an 8%-10% rate of return this year. | 2011-02-23 | |
| HOLD | 10.320 | Charles Dillingham | Fairly high dividend yield. Well managed and have good properties. Will have trouble growing from here without taking a fair amount of risk. He’s been taking a little off the table. | 2011-02-04 | |
| TOP PICK | 10.000 | Dennis Mitchell, CFA | Apartments and manufactured homes in Atlantic Canada, Ontario and a little bit of Alberta. Great quality name. The take-out of Park Bridge earlier this year by BCIMC implies that KMP could be worth $12-$13. Compelling return at these levels. | 2010-11-17 | |
| BUY | 10.270 | Jeffrey F. Olin | Good properties and they are good managers. They were company building and not shareholder value building earlier but on the right track now. Announced some new developments. For the first time you will see some value-add activities out of them. Recently they did an acquisition - pretty accretive. | 2010-11-05 | |
| PAST TOP PICK | 10.000 | Paul Gardner, CFA | (Top Pick Oct 6/09, Up 51.44%) | 2010-11-01 | |
| HOLD | 10.140 | Sandy McIntyre | Nice recovery in the share price and add a near all-time high. If you are a long-term income investor, continue to Hold. Good company. | 2010-10-08 | |
| HOLD | 10.250 | Charles Dillingham | Finally getting its recognition. Getting a little extra push right now with their competition Parkbridge being taken out. Well managed and a very stable business. Probably as high as it's going to go for a while. 5.4% yield. Long-term hold. | 2010-10-07 | |
| TOP PICK | 9.240 | Charles Dillingham | Apartments and gets all the benefits of CMHC financing. Starting to grow in Ontario. About 85% payout ratio and a sustainable 6.1% yield. | 2010-09-01 | |
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| TOP PICK | 9.240 | Paul Gardner, CFA | Own the apartment buildings and manufactured houses, basically mobile homes using CMHC financing. Just reported great numbers. Net operating income increased 5% and they upped guidance 5%. Good management and there is still room to grow. | 2010-09-01 | |
| PAST TOP PICK | 9.070 | Dennis Mitchell, CFA | (A Top Pick July 20/09. Up 61.93%.) Still likes but a little expensive right now. | 2010-08-20 | |
| Comment | 8.990 | Michael Decter | The Atlantic region has done very well. This one is a nice growth situation. | 2010-08-16 | |
| PAST TOP PICK | 8.630 | Dennis Mitchell, CFA | (A Top Pick July 20/09. Up 57%.) Primarily in Atlantic Canada with some exposure to Ontario and Alberta. Apartment buildings and some mobile homes. Still cheap at these levels. | 2010-07-15 | |
| BUY | 8.620 | Charles Dillingham | Likes the name. One of his biggest holdings. They are doing a very good job. Expanding into Ontario via London and Waterloo. Some say buying properties at too high a price. They are getting a yield of 5% and then believe they can manage it a bit better and can borrow CMHC money and get a better spread. Dividend is safe. Brought payout ratio significantly below 100%. Safe long-term investment. | 2010-06-18 | |
| TOP PICK | 8.280 | Paul Gardner, CFA | Stable performer. Focuses on apartment buildings and manufactured housing, mostly out east. Get CMHC financing so that when interest rates drop they get better financing. 6.75% dividend. | 2010-05-28 | |
| PAST TOP PICK | 8.390 | Charles Dillingham | (A Top Pick June 9/09. Up 44%.) Apartments and manufactured homes in the Maritimes and have done a very good job. Starting to move into Ontario. Still a Buy. | 2010-05-17 | |
| PAST TOP PICK | 8.400 | Dennis Mitchell, CFA | (A Top Pick June 3/09. Up 45% excluding yield.) Focuses on apartments and trailer parks. Great cash flow and very stable. Still cheap. | 2010-04-28 | |
| BUY | 8.490 | Charles Dillingham | Largely apartments in the Maritimes. Very good place to be. Payout ratio at around 90%. High dividend yield. | 2010-04-15 | |
| BUY | 8.270 | Paul Gardner, CFA | REIT focuses on apartment buildings and mobile homes out east and in Ontario. Raise $50 million on an equity issue, which is slightly dilutive. This will go towards future purchases and will be accretive to the bottom line. | 2010-04-01 | |
| BUY | 8.290 | Charles Dillingham | He looks for good sources of dividend producing income, which this one is. They are earning their income and have their payout ratio down to about 90%. | 2010-03-19 | |
| HOLD | 8.470 | Dennis Mitchell, CFA | Apartment building and trailer parks in primarily Atlantic Canada. He was impressed how Atlantic Canada weathered the downturn. Fairly valued at these values. It’s a wait and see as to whether they can grow cash flow. Talked about entering Ottawa and Toronto markets. | 2010-01-19 | |
| TOP PICK | 8.350 | Paul Gardner, CFA | Manufactured housing focused mainly in the east. Very good management. Healthy 7.5% yield. When they need to borrow, they can use CMHC rates. | 2010-01-08 | |
| TOP PICK | 7.710 | Paul Gardner, CFA | If you are going to be in the REITs. They are great managers, mostly out east. They are seeing a net migration because of commodities. They are well capitalized. Get funding through CMHC. Distribution is sustainable and there is a chance it will grow. | 2009-11-24 | |
| TOP PICK | 6.940 | Paul Gardner, CFA | Own manufactured homes in eastern provinces and Ontario. They get cheaper CMHC financing so there is no funding issues. | 2009-10-06 | |
| VAGUE | 6.950 | Prakash Hariharan | There is still some upside. 8% Yield is sustainable. Growth of dividend is questionable. Would prefer others in the sector. | 2009-09-29 | |
| TOP PICK | 6.070 | Dennis Mitchell, CFA | Apartments, primarily in Atlantic Canada where he economies have held in relatively well. Recently did an equity raise. Almost full occupancy. Access to CMHC financing. | 2009-07-20 | |
| BUY | 5.810 | Paul Gardner, CFA | Multi-family residential apartments and manufactured houses and focused mainly in Atlantic Canada. A great play in a recession because of lower rents. Balance sheet has gotten better because of an equity raise. Have access to CMHC financing giving them lower interest costs. Trades at about 12X AFFO. Thinks yield is sustainable. | 2009-07-08 | |
| TOP PICK | 6.210 | Charles Dillingham | Maritime operations and are producing well. About 9% yield. | 2009-06-09 | |
| TOP PICK | 5.800 | Dennis Mitchell, CFA | Dominant apartment landlord in Atlantic Canada. Also have a portfolio of manufactured housing communities. Great Q1 performance but probably not sustainable as it was off of low occupancy last year. Sustainable payout ratio. CMHC financing. Look for opportunities to pick away at lower prices during the summer. | 2009-06-03 | |
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| BUY | 4.990 | Dennis Mitchell, CFA | (Market Call Minute.) Multiresidential with access to CMHC financing. Sustainable payout ratio. | 2009-03-17 | |
| Comment | 5.050 | Dennis Mitchell, CFA | Multi residential properties in Atlantic Canada. Good management team. Likes the assets. Not a lot of rent growth in Atlantic Canada. Re-examining this company. Owns a little. | 2008-11-03 | |
| BUY | 7.940 | Dennis Mitchell, CFA | Owns B & C multi residential properties. They dominate Atlantic Canada. A great name. | 2008-06-12 | |
| HOLD | 8.090 | Charles Dillingham | 6.9% dividend yield, which is very attractive for tax purposes. Fairly solid portfolio in the Maritimes. Don’t look for growth. | 2008-06-02 | |
| BUY | 8.000 | Charles Dillingham | Maritime apartments. Pretty straight business. Likes them a lot. Has a very high dividend of about 7%, which he feels is safe. Top-quality apartments in good locations. | 2008-04-04 | |
| VAGUE | 7.600 | Dennis Mitchell, CFA | Apartments and manufactured home communities, primarily in Atlantic Canada. | 2008-03-24 | |
| TOP PICK | 7.590 | Dennis Mitchell, CFA | This is his more defensive pick. Mostly residential and manufactured homes, mostly Atlantic Canada but also Ontario. Not as much internal growth. Payout ratio is in the low 80%’s. Discount to NAV. Strong and sustainable free cash flow growth. | 2008-02-29 | |
| TOP PICK | 7.740 | Charles Dillingham | (A Top Pick Jan 18/07. Down 10.2% not including yields.) Apartments and they are earning their money. Debt is not too bad. Important to get guys that don't have to borrow money and have steady earnings in an industry that will survive tough times. | 2008-02-14 | |
| PAST TOP PICK | 8.300 | Michael Simpson, CFA | (A Top Pick Feb 23/07. Down 16.2% including distributions.) Sold his holdings last summer in the $9.50/$9.60 range. If you own, continue to Hold. At these levels, he may consider buying again. | 2008-01-22 | |
| TOP PICK | 8.500 | Charles Dillingham | Apartments in Atlantic Canada and some manufactured homes in Ontario and Western Canada. Dividend income that competes with the interest equivalent of all the other REITs etc., which are not tax-deductible. They are steady. Have held their value fairly well in recent times. | 2008-01-18 | |
| PAST TOP PICK | 8.580 | Dennis Mitchell, CFA | (Top Past Pick Dec 22/06. Down 15.1%.) Sold his holdings earlier this year. A good quality name and that these levels represents 10%-15% discount to NAV. Distribution is covered. If you own, start selling at $11 and consider exiting at $13. | 2007-12-07 | |
| BUY | 8.750 | Charles Dillingham | They have made a few mistakes, but he likes them. They've got a very good dividend which is a tax advantage. He believes it is sustainable. Not spectacular, but stable. You are buying for the yield, plus a bit of growth. | 2007-10-29 | |
| TOP PICK | 9.450 | Dennis Mitchell, CFA | Owns multi-residential properties in Atlantic Canada. Owns 10% of the market. Possibly considering Ontario also. Trading below its NAV. Good free cash flow yield. Possible takeover target. | 2007-09-04 | |
| BUY | 7.900 | Dennis Mitchell, CFA | Traditional apartment buildings mixed with trailer parks. Significantly below NAV. Instituted a dividend earlier this year and expects they are looking to convert to a REIT. Excellent dominance in Atlantic Canada apartments. Good yield and good management team. | 2007-08-16 | |
| Comment | 8.970 | Charles Dillingham | A very good portfolio of apartments in the Maritimes. Have mobile homes in Ontario and west. Been a disappointment, primarily because of financing. Should have issued stock a few years ago, but borrowed expensively. Then issued stock and market was unhappy with it. Dividend yield of close to 6%. Okay long-term. | 2007-07-23 | |
| HOLD | 9.200 | Michael Simpson, CFA | Real estate operating company in Atlantic Canada. Have a levered balance sheet, so the market is expecting an equity issue. | 2007-07-04 | |
| HOLD | 9.980 | Charles Dillingham | Think they will be OK on the taxes because they are an apartment company. Very good portfolio. Good dividend. Probably won't make a lot of money on this. Long term it will be positive. | 2007-06-20 | |
| BUY | 2.740 | Charles Dillingham | Good group. Have acquired a lot of property in wonderful locations and have upgraded them. A lot of their expenditures are over, so they won't have to spend as much on development. Good value longer-term. | 2007-05-07 | |
| BUY | 2.560 | Charles Dillingham | Apartments and manufactured homes. Have been in the $2.30-$2.60 range for a long time. The expectation is that there is a private deal in the Maritimes that when it is completed, will make this stock look cheap. Good portfolio. | 2007-04-11 | |
| TOP PICK | 2.510 | Michael Simpson, CFA | A real estate operating company. Speculation that it could become a REIT. Have tax losses, so will continue as they are until they get final details of the proposed legislation. Instituted a 14% dividend. Undervalued. | 2007-02-23 | |
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| PAST TOP PICK | 2.400 | Dennis Mitchell, CFA | (A Top Pick Dec 22/06. Down 6.3%.) Vagaries of how taxes will apply to REITs have prevented them from converting. Have suffered from a little bad luck, but still likes. | 2007-02-16 | |
| TOP PICK | 2.370 | Dennis Mitchell, CFA | Multi-residential. Pretty much the sole consolidator of residential property in the Atlantic provinces. Tremendous density in terms of property. Strong management. Strong possibility it will be a REIT by the end of 2007. | 2007-01-19 | |
| BUY | 2.450 | Michael Simpson, CFA | A consolidator of family apartments in Atlantic Canada. Also have a trailer park division. Will probably convert to a REIT. Expects upside of the stock. | 2007-01-04 | |
| TOP PICK | 2.540 | Dennis Mitchell, CFA | Own apartments, but also manufacture home communities. They are reviewing their strategic alternatives, but he feels they have no choice but to convert to a REIT to get their cost of capital back. | 2006-12-22 | |
| BUY on WEAKNESS | 2.600 | Dennis Mitchell, CFA | Multi-residential operating company. One side of their business owns traditional apartments while the other side owns manufactured home communities. Have grown as much as they can in the corporate model so it may become a REIT conversion. | 2006-11-21 | |
| WAIT | 2.700 | Charles Dillingham | Has been very static to negative for a while. They should have done a stock issue last year. With their convertible debt, their debt is up to 70% and you can't grow from that base. Wait until they do a stock issue. | 2006-06-05 | |
| HOLD | 2.900 | Charles Dillingham | He thinks very highly of this company. Recently disappointed with the recent market movement. Good company, it is expanding. It may be growing too fast and not letting the earnings catch up. He has a big position in this stock and they are staying in it. | 2006-03-11 | |
| BUY | 2.710 | Peter Hodson | Eastern Canada residential rental company. Very well managed. Did a good job acquiring properties, raising rents, creating synergies for cost savings. Has stalled a bit because they are serial issuers i.e. they issue stock and then buy properties, issue stock, etc. From a long-term perspective, it's a good company. | 2006-02-01 | |
| BUY | 2.600 | Charles Dillingham | Stock price has stayed at this level for quite awhile. Seem to be doing a very good job. Internal cash flows are improving significantly. Thinks it's going to make up for the fact that there is no dividend payout. | 2005-08-08 | |
| BUY | 2.730 | Charles Dillingham | Likes it a lot. Well managed, fast growing apartment REIT in the Maritimes. No distribution at the moment. It's all growth. | 2005-05-12 | |
| TOP PICK | 1.970 | Glenn Paradis, BA, CFA | Have increased their urban real estate market share from 0 to 3 1/2% on the east coast. Acquisition oriented and are able to get their properties at pretty attractive prices. Good management team. | 2004-10-14 | |
| BUY | 1.960 | Charles Dillingham | Very good group. Buying properties that make sense. | 2004-10-08 | |
| BUY | 2.200 | Peter Hodson | A consolidation rental housing strategy in eastern Canada. Ultimately, in 3/4 years, they'll change into a REIT. | 2004-03-23 | |
| BUY | 2.440 | Peter Hodson | Have been very aggressive in buying property in the Maritimes. Well-managed. Very impressive with what they've done. | 2004-03-02 | |
| TOP PICK | 1.440 | Peter Hodson | No competition. Will probably turn into a REIT ultimately. Give it a couple of years and cash flow should start looking pretty good. Just did a financing, so let it settle down first. | 2003-11-14 |
