STOCKCHASE

Has been his top pick in the past. He likes the consistency of it. Nursing homes and senior care homes in Ontario specifically. Don’t have to deal with the US like the other companies. You are, in a sense, subsidized by the province. Payout ratio is conservative and 14x price to AFFO.

2012-02-23

DON'T BUY

11.950

Dennis Mitchell, CFA

Amica (ACC-T) or Leisureworld (LW-T)? Long-term care revenue comes directly from the government so they are generally smaller increases but pretty much guaranteed. Trades at a huge premium to NAV

2012-02-14

Comment

11.010

Focused in Ontario. 7.7% dividend is reliable. Well-managed. Cheap.

2011-12-21

PAST TOP PICK

10.900

(A Top Pick Nov 1/10. Up 15.23%.)

2011-12-05

PAST TOP PICK

10.640

(A Top Pick Nov 1/10. Up 12.76%.)

2011-11-16

TOP PICK

10.640

Low payout ratio and almost 8% dividend yield. Quite secure. If the market drops, it just stays where it is.

2011-11-16

BUY

10.550

Basically nursing homes. Small margin business almost all paid by the government. Ontario government is requiring them to replace a lot of their beds. There is funding for this, but critics feel it is not enough to justify. Feels dividend is safe but doesn't see much growth. Very appropriate for individuals. Yield of a little under 8%. Payout ratio of about 80%.

2011-10-18

PAST TOP PICK

10.530

(Top Pick Sep 1/10, 16.00%) Unlike competitors, it is Ontario only retirement and nursing homes. Funding formula with province is much more understandable. Cheap financing and demographics work. Election out of the way could put upward pressure on pricing.

2011-10-11

BUY

10.440

Likes this one. Fairly low risk sector. Nursing homes with a focus in Ontario. Strong operational management. Distribution is reliable.

2011-09-26

TOP PICK

10.430

(A Top Pick Sept 1/10. Up 12.37%.) Senior care is a really complicated space. This one is so much each year because it has all its retirement/nursing facilities in Ontario. Getting into more higher end real estate and are getting CMHC financing..

2011-09-08

PAST TOP PICK

10.050

(A Top Pick Sept 1/10. Up 10.19%.) Still likes. Fantastic company with a conservative capital balance sheet. Room for it to grow.

2011-08-10

BUY

10.600

Is a defensive name, has a good yield/income to it. Believes that the yield is sustainable. It's in the nursing home sector primarily, and expanding into the retirement home side. Focused in Canada. Board is strong. 8% yield.

2011-06-21

TOP PICK

10.920

Low payout ratio. Nursing homes. Good management.

2011-05-30

DON'T BUY

10.830

Dennis Mitchell, CFA

Long term care housing so operating margins will be thinner. Long term care requires professional help such as nurses so expenses will be higher. Will have to relocate some of their class C assets.

2011-05-26

DON'T BUY

10.600

Dennis Mitchell, CFA

Long term care facilities in Ontario. Not a big fan as he feels it was overpriced on the IPO. About half the portfolio (“A” quality assets) is fairly valued at about an 8% cap yield and the rest, B and C, were probably fairly valued at 12% to 13% but brought it all out as an 8% cap yield. Feels distribution is sustainable for the next couple of years. Expect investors will be left behind by some of the better quality REITs. 2 new acquisitions will improve their quality.

2011-04-20

BUY

10.750

Solely focused in Ontario, which he likes. They get CMHC financing for upgrading facilities. Well run and cheap relative to its peers. Under levered.

2011-01-18

BUY

10.700

Ben Cheng

Nursing homes operator in Ontario and probably one of the best operational teams out there. Revenues and increases in pricing completely controlled by the Ontario government.

2011-01-11

TOP PICK

10.550

Paul Harris, CFA

Long term health care. Nice demographic play in Ontario. Currently there is a 26,000 backlog of needed beds. Not expensive on a funds to operation basis at about 10X. 8.10% yield. Expecting reasonable growth.

2010-12-23

TOP PICK

10.170

8.4% yield. Ontario only. 40,000 more beds over the next 10 years. Can get CMHC funding. Getting 3% funding. Have to upgrade a lot of their retirement space to get funding. There is a huge barriers to new competitors.

2010-11-01

BUY

10.260

Long-term care homes, largely in Ontario. Hasn't had a great reception from the market and he likes it more than the market does. Business is quite good. Good long-term hold. Good yield at 8.2%.

2010-10-07

TOP PICK

9.890

Operate long-term care facilities in Ontario where they get provincial funding. 8.5% yield. Limited competition because of the barriers to entrance in this field.

2010-09-01

BUY

9.950