STOCKCHASE

They acquire underperforming apartment buildings in Alberta. They reposition CapX into apartments and re-rent them out. Management is internalized and they own 30% of the company. Probably worth closer to $32-$35. Very cheap. Get their funding from CMHC which is the cheapest way to do it.

2012-01-18

PARTIAL SELL

23.770

Has moved up a lot. Looks like it wants to top right here for a bit. If you own, you might to consider selling a little bit because you have done so well. On the other hand, it has a very entrepreneurial owner and there is still a chance you get dividends declared.

2012-01-06

TOP PICK

22.500

(A Top Pick Jan 18/11. Up 45.63%.) Unique in that it is a corporation, not a REIT. They don't pay a dividend. Have grown from 272 apartment units in 1998 to about 7800 units with a net equity capital of $10 million. Focused in Western Canada. Appraised value of $42.80 a share and he thinks it will get to the $33 range. No dividend.

2011-12-21

TOP PICK

18.650

Own a lot of assets out West. Own apartment buildings and they buy “Ma and Pa” 3-4 story apartment buildings and renovate them. Get tremendous growth in their net operating income. Trades at a discount to NAV of about 25%. Wouldn’t be surprised to see it at $25 by end of 2012. Management owns 20% of outstanding shares.

2011-11-16

TOP PICK

16.990

Good management. 30% of management-owned shares. Renovate and reposition apartment buildings in Alberta. CMHC financing. Beat estimates last time aggressively. No destitution. Management adds value to properties.

2011-10-11

TOP PICK

16.950

(A Top Pick July 29/10. Up 52.81%.) Management owns 40%. Value $25-$30. Apartments focused in Western Canada. No dividend. Grown from less than 300 units in 1998 to about 7500 today. True value creator. Worth $25-$30 a share.

2011-09-26

TOP PICK

17.400

Purchase and refurbish old apartment buildings in Alberta where vacancy rates are dropping. Starting to get some pricing power. Really cheap on NAV value. Don't pay out anything but use their free cash flow to continue growing the bottom line. Management owns 30% of outstanding stock.

2011-09-08

BUY

18.000

Apartments in Sask. Big in Edmonton, Calgary and a little in Ontario and BC. Rents have gone down in Alberta. Situation is improving, however. Growing cash flow. Barry any surprises in the market it should be going up. 21% YTD.

2011-08-12

TOP PICK

17.420

Real estate company that focuses on apartments in Alberta. Great at transitioning old apartment buildings. Recently blew away numbers. Management owns 30% of the float. Trades at a discount to its NAV. $23 over the next 6 months.

2011-08-10

TOP PICK

17.100

Buy up smaller apartment units in Alberta and Saskatchewan. 30% management owned. Funds from Operation (FFO) increased by 100% from last year and 50% going into next year. Doesn't pay a dividend because they are still developing their pipeline but probably will in the next 12-18 months. Good capital gains play. Cheap trading at 1.1X price to NAV where it should trade at 1.2 or 1.3.

2011-07-04

TOP PICK

16.490

(A Top Pick Jan 18/11. Up 6.67%.) Focused on the acquisition of under managed, beat up apartments. NAV is in the $25 range. Significantly undervalued and worth between $24-$30 a share. Had some operational challenges but bringing down their high vacancy rate. A steal at these prices.

2011-06-21

TOP PICK

16.900

Apartments. Take terrible 3 story buildings and totally renovate them. 11% vacancy because of this. All of the numbers are improving. No distribution, just growth, a bit of risk.

2011-03-22

TOP PICK

15.450

Trading at a deep discount to its net asset value. They are market creators. They look for beat up apartments, they go in and fix them up and re-tenant them. They re-finance them and they generate cash flow. They suffered from occupancy weakness a year ago. Believes their vacancy rate is still going lower.

2011-01-18

BUY

13.250

No chance of getting taken out. Did a substantial issuer bid, which was why he sold it. Great value creation chain. He loves this. Doesn’t see chance of a dividend.

2010-11-17

PAST TOP PICK

12.800

(Top Pick Jul 28/10, Up 18%) Apartment business in western Canada. They are true value creators. Started with 298 apartments in 1998 to over 6500 today. Is significantly undervalued.

2010-11-05

TOP PICK

10.850

Apartments. Grown from 300 units to 6500 units with a net equity contribution of $10 million. Focus on mid-market properties, above “Ma and Pa” but below institutions. Properties are beat up and need physical or operational improvements, which they do, and then take their equity out. NAV of $16-$18 and have $15 million of unencumbered properties. Sees it trading at 40% discount to its NAV.

2010-07-28

BUY

7.100

Apartment company based mainly in Calgary and moving into Saskatchewan. Take 3rd grade smaller apartments and upgrade them. All apartments in Alberta are being challenged. Smart management. Very illiquid.

2009-06-25

BUY

7.510

Focused on buying B & C assets in Calgary, Victoria and Saskatoon. Management owns 40% and has shown a knack for finding markets that are just about to boom. No distributions.

2009-06-03

PAST TOP PICK

13.240

(Top pick, February 16, 2007. Down 29%) Not much has changed with their story. Had weakness in terms of their occupancy numbers. They assure they will be back on track by the end of this year. Would add at these levels.

2008-03-24

PAST TOP PICK

15.410

(A Top Pick Feb 16/07. Down 13.4%.) The only risk factor with this is the shortage of skilled labour in Western Canada, which they need for renovations on acquired properties. NAV is in the $20 range. Still likes and is still a Buy.

2008-01-14

BUY

15.000

One of his favourite names. CEO owns about 40% of the company. They buy C & D multi-rent properties, primarily in Western Canada, and reposition them into B assets. Significant exposure in Edmonton. At $15, you are $4 or $5 below NAV. significant internal growth potential.

2007-08-16

PAST TOP PICK

18.420

Likes still. The CEO owns 40%.

2007-05-05

TOP PICK

18.370

Kyle McKay

A rapidly growing consolidator of mid-market apartments, primarily in Calgary and Edmonton. Increased their units from 300 in 1998 to over 5000.

2007-03-19

TOP PICK

17.790

Multi-residential play focused on Calgary, Edmonton, Surrey, Saskatoon and Toronto. Management, which owns 40% of the company, buys properties well below replacement costs, upgrades them and has increased rentals by 40%.

2007-02-16

TOP PICK

13.500