STOCKCHASE

Owns B & C multi residential properties. They dominate Atlantic Canada. A great name.

2008-06-12

HOLD

8.090

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

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

Apartments and manufactured home communities, primarily in Atlantic Canada.

2008-03-24

TOP PICK

7.590

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

(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

(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

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

(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

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

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

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

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

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

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

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

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

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

PAST TOP PICK

2.400

(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

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

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

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

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

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

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

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

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

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

Very good group. Buying properties that make sense.

2004-10-08

BUY

2.200

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

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