STOCKCHASE

(A Top Pick Jan 18/11. Up 52.2%.) 8th largest real estate entity with 18,000,000 ft.². Diversified into different asset classes. The independent appraised value is $140 a share. Still a Buy.

2011-12-21

HOLD

71.000

Bill Carrigan

This has been a beneficiary of a lot of money moving into utilities, REITs, etc. Chart shows a terrific uptrend. If you are long, stay long.

2011-09-30

TOP PICK

67.750

About 18 million square feet. Diversified with about 7000 apartments as well. Very small dividend. Independent appraisal values it at $137. They got all the Target (TGT-N) stores.

2011-09-26

BUY

70.000

Real estate/property holding company. If you take all the parts together and value it, the value is $100-$110 a share. Trading at a discount to its net asset value but doesn't think he will get this. Over time, cash flows will increase and real estate is a stable asset. Good multiple of about 7X funds from operations versus the average of 15X.

2011-09-14

BUY

68.840

Just released earnings, which were very good. Looks like they are going to have over $8 a share in funds from operations in 2011. Feels the stock is worth at least $100.

2011-08-11

DON'T BUY

74.990

A long-term holder of this company and it paid off. Doubts if he would buy at current price. Would wait for a pullback. Expects there is more value to go, but his concern with the whole real estate base is that interest rates will start to go up, which will be a negative.

2011-07-06

TOP PICK

71.200

(A Top Pick Jan 18/11. Up 47.77%.) Presently trading at 7X price to cash flow multiple versus the sector of 15X. Owns 45% of units of Morguard and will go REIT (MRT.UN-T). Significant player in the asset management side. Very undervalued.

2011-06-21

TOP PICK

58.500

Owned for a long time. A deep value play. Most analysts think the real value of the real estate is $100-$120 per share. Is illiquid - doesn’t trade much so institutional investors find it very difficult to dispose of a position in this. Thinks it will either be acquired or taken private. Are buying back shares little by little rather than making an offer to shareholders.

2011-03-22

PAST TOP PICK

55.900

(Top Pick Feb 22/10,Up 60.58) Accounting report showed net asset value of real estate was $100 / share. He identified the value but the market didn’t know it. Expects company to spin off its apartments as a real estate trust.

2011-03-01

TOP PICK

48.000

8’th largest real estate company in Canada. Largest unit holder in Morgard REIT. Trading at 45-55% of its net asset value – if you take out Morgard REIT, it is more like a 70% discount to net asset value. Deep value investment.

2011-01-18

PAST TOP PICK

43.760

(Top Pick Nov 10/09, Up 43.98%) Still buying. Way too cheap

2010-11-04

BUY

43.400

(Market Call Minute) Bought back a lot of shares. You should be buying too.

2010-10-05

Comment

42.860

Real estate holding company and is very cheap. Assets are worth at least $70-$80 a share but has very little volume action. Would like controlling group to take it private, which would give it a catalyst to release the value.

2010-09-28

PAST TOP PICK

41.500

(A Top Pick Nov 10/09. Up 36.74%.) Real estate holding company and real estate has done really well

2010-09-02

BUY

40.000

Really like this company. Not a REIT, but a regular holding company. 5-6x funds from operations / others are ~13x. Low liquidity and lower yield. Thinks net asset value is $70-$80 so buy it at half what it is worth.

2010-08-10

SPECULATIVE BUY

38.010

Trading at deep discount to NAV. Company realizes it is trading at a deep discount. They may spin out apartments as a REIT. At some point street will realize there is value there. You have to be patient. They could and should raise their dividend.

2010-07-20

PAST TOP PICK

41.990

(A Top Pick Nov 10/09. Up 41.57%.)

2010-06-14

PAST TOP PICK

41.010

(Top Pick Nov 10/09, Up 34%) It’s trading at a deep discount to other real estate companies. Not an active or well-followed company. They maintained their rents. Had good results in Q1. You will be well rewarded if you are a patient investor.

2010-05-25

BUY

44.690

Real estate. Has moved up but is still remarkably cheap and there is a lot more to go. NAV is $75-$80 a share.

2010-04-20

BUY

43.590

Real estate holding company. Assets should be worth $70-$80 a share. Very illiquid. Feels the company should be taken private. Closely controlled by its inside shareholders group.

2010-04-08

PAST TOP PICK

43.000

(A Top Pick Nov 10/09. Up 40.4% excluding dividends.) Real estate. Trades at 5X funds from operations while most trade at 8 to 12. Thinks it's going higher.

2010-03-24

TOP PICK

35.360

Very little press, under followed. Has a lot of industrial and commercial real estate. Trading at significant discount to every single real estate company in Canada. 40-50% discount to net asset value.

2010-02-22

PAST TOP PICK

32.650

(A Top Pick Nov 10/09. Up 11.2%.) Real estate with a 45% interest in Morguard REIT (MRT.UN-T), owns 10,000 apartment units, significant amount of commercial/industrial real estate. Valuation stock, trading at a deep discount to its NAV. Trades at 4X funds from operations and should be trading at 6-8.

2010-01-04

TOP PICK

30.690

Protects you in case of higher inflation. Real estate is a very good place to be. 10,000 apartment units as well as 7 million ft.² of office and industrial real estate. Recently raised its dividend 7%. Trading at 3.5X cash flow versus good ones of 12X.

2009-11-10

TOP PICK

46.700