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| DON'T BUY | 0.350 | Dennis Mitchell, CFA | Convertible debenture maturing 12/11. You don't get the balance sheet protection that you think you are getting. This is a company that you do not want to get the equity of. | 2011-08-04 | |
| Comment | 0.540 | Jeffrey F. Olin | Basically a bet on Fort McMurray. Heavy concentration of decent quality apartments there. Had high-cost debt and in the process of selling assets to cover this. Lots of upside leverage if Fort McMurray comes back, which he thinks it is. High risk/high reward. No distribution at this point. (He owns some warrants, but no equity.) | 2010-07-28 | |
| DON'T BUY | 0.410 | Charles Dillingham | Apartments. They have problems because of a lack of money. Have a line of credit based on some Saskatchewan property, which is holding the dam. | 2009-09-03 | |
| SELL | 0.465 | Charles Dillingham | Totally destroyed themselves. Have huge debts and huge problems. | 2009-08-10 | |
| Comment | 0.680 | Charles Dillingham | There is much too much debt and much too much structure into the higher cost in the oil sands. They will be lucky to survive. | 2009-06-25 | |
| DON'T BUY | 0.950 | Charles Dillingham | Got itself in serious trouble. Had much too much debt. | 2009-04-29 | |
| DON'T BUY | 4.750 | Charles Dillingham | One of the problems is a lot of debt and a high payout ratio. A huge portion of their assets is in Alberta and in the oil sands area. He would be careful on this one. | 2008-02-14 | |
| VAGUE | 5.250 | Charles Dillingham | Higher risk then most. | 2007-10-29 | |
| DON'T BUY | 5.100 | Dennis Mitchell, CFA | Focused on multi-residential. Some development risk. | 2007-06-29 | |
| HOLD | 5.500 | Dennis Mitchell, CFA | Multi-residential. Focused on secondary properties in western Canada. Highly levered to the oil sands. Over distributing, but can see this disappearing by the end of 2007. | 2007-04-03 | |
| BUY | 5.960 | Dennis Mitchell, CFA | Multi-residential. Has a lot of exposure to western Canada and 30 to 40% of the revenue comes from Fort McMurray. This area has almost zero vacancy. | 2007-01-19 | |
| WEAK BUY | 6.000 | Charles Dillingham | One of the most extreme of the western plays. High yield. Probably overpaying its distributions. He feels it will earn its income and it will be a safe investment. Quite a bit of debt. Potentially, Alberta has a lot of risks. | 2007-01-12 | |
| HOLD | 5.810 | Charles Dillingham | Sold his holdings at around $6. Heavily weighted to Alberta. Will revisit in January. Reasonable yield. | 2006-12-08 | |
| BUY | 5.690 | Dennis Mitchell, CFA | Multi-residential REIT. Heavy exposure to western Canada, particularly Fort McMurray. Started in 2005 with high yield and payout ratios well in excess of 100%. Management has increased free cash flow and reduced payout ratio to 150%. Buy for growth, not yield. | 2006-11-21 | |
| SELL | 5.610 | Ravi Sood | Doesn't like this one. Very risky given their capital structure and their strategy. | 2006-07-21 |
