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| DON'T BUY | 16.480 | Dennis Mitchell, CFA | Historically has traded at a slight discount. Had a great run recently and is probably fully valued. | 2012-02-14 | |
| HOLD | 16.070 | Dennis Mitchell, CFA | Commercial diversified name. Is at full and fair value. | 2011-12-05 | |
| BUY | 14.700 | Dennis Mitchell, CFA | Are earnings likely to catch up to the distribution? Likely never. In the case of REITs there is very poor earnings quality. Cash flow generated is very different from cash flow generated. Ignore earnings and focus on distributable cash flow. This company’s distribution is sustainable. Good quality name with good quality assets, but there is nothing overly special about them. At these levels you are probably going to get a 12%-13% total return. Commercial/diversified. | 2011-04-20 | |
| BUY | 14.490 | Jeffrey F. Olin | Diversified commercial REIT. Relative to other names in the same space, it is reasonable value. Can continue buying properties at higher values because financing rates have come down. Came out with decent results and shot up over last 4 or 5 sessions. | 2010-11-05 | |
| BUY | 14.490 | Jeffrey F. Olin | Diversified commercial REIT. Relative to other names in the same space, it is reasonable value. Can continue buying properties at higher values because financing rates have come down. Came out with decent results and shot up over last 4 or 5 sessions. | 2010-11-05 | |
| BUY on WEAKNESS | 9.640 | Dennis Mitchell, CFA | Excellent liquidity situation. Payout ratio is sustainable. Was a discount for management that was probably warranted but is now overdone. Have done very well over the last couple of years. Would like to buy it in the $8 range. 7.5% distribution is very safe. | 2009-07-20 | |
| HOLD | 8.850 | Kevin Hall BComm, CFA | (Market Call Minute.) Very good balance sheet and good liquidity but fundamentally you want to look for another name once things turn. | 2009-02-27 | |
| BUY | 15.740 | Dennis Mitchell, CFA | Commercial diversified. Management is heavily invested. Doing all the right things. Good quality. | 2007-04-03 | |
| BUY | 15.080 | Dennis Mitchell, CFA | Commercial diversified with offices, industrial and retail. Suffered earlier from losing Wal-Mart as a tenant in a couple of its properties. There was an issue with the high leverage on its balance sheet. Management has done a fantastic job of repositioning. | 2007-02-16 | |
| BUY | 14.150 | Dennis Mitchell, CFA | Commercial diversified. Recently sold a large portfolio of industrials and replaced it with office in the Ottawa market. Some improving fundamentals in retirement of debt. Things look good. | 2007-01-19 | |
| Comment | 13.940 | Charles Dillingham | Selling off 65% of their industrial portfolio and putting this into office. Management is making changes for the long-term future. | 2007-01-12 | |
| Comment | 13.790 | Dennis Mitchell, CFA | Office, industrial and retail. Good exposure to western Canada. Runs at a slightly higher and unfavourable leverage. Have been some vacancy issues. Recently bought some good quality office in Ottawa. May lease out their industrial property. Have paid down some of their debt. Some positive momentum. | 2006-12-22 | |
| BUY | 13.870 | Gail Mifsud | Just announced a major acquisition of an office portfolio that’s well leased with a major pension fund. The type of transaction that will move them in the right direction. Refinanced debt at better rates. Trading at a discount to its peers. | 2006-12-08 | |
| Comment | 12.880 | Robert Lauzon | Payout ratio is higher than he likes. All real estate assets are in favour right now, so down the road it could be taken over. Prefers IPC US Income Commercial (IUR.UN). (See Top Picks.) | 2006-11-24 | |
| DON'T BUY | 10.340 | Gail Mifsud | Has an underperform rating on this one. They have a higher than average debt leverage. Have been experiencing some operational difficulties. | 2006-06-09 | |
| HOLD | 11.040 | Gail Mifsud | Has a market perform rating on this. Essentially they own, a portfolio of retail that has performed pretty well. Has been pretty neutral on this stock. Trading, from a valuation prospective, at net asset value. Have had operating issues. Their debt is higher than their peer group. | 2005-11-25 | |
| HOLD | 10.610 | Gail Mifsud | Has just recently upgraded from a sell to market perform. Operationally things are looking better, however it has alot of dept. Expect modest growth. | 2005-03-11 | |
| DON'T BUY | 9.960 | Gail Mifsud | Was heavily weighted to retail assets, owning a couple of very attractive regional malls. Now skewing their portfolio to more industrial and have being trying to sell some of their underperforming assets. Have taken on more debt. Payout ratio is higher than its peers which is a higher risk. | 2004-12-10 | |
| HOLD | 9.500 | Gail Mifsud | Management is moving from a retail to more of a diversified, industrial biased portfolio. A solid investment and distribution is safe. Debt ratio is a little high. | 2004-10-22 | |
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| DON'T BUY | 8.660 | Dean Orrico | Have never liked this REIT. Has done a very poor job of servicing any kind of value for unitholders. Poor management, balance sheet. | 2004-05-26 | |
| DON'T BUY | 8.750 | John Priestman | Using 100% of their cash flow with only a 10% low yield. | 2003-07-30 | |
| WEAK BUY | 8.900 | Garth Jestley | Diversified assets. Paying out almost 100% of its cash flow which gives some concern. | 2003-06-25 | |
| DON'T BUY | 8.950 | Sandy McIntyre | Has some issues re: vacancies. If owned, don't sell until you see how the vacancies resolve. | 2002-05-03 | |
| DON'T BUY | 8.800 | Ben Cheng | Economy could be a problem. Sound mngmnt. | 2001-08-27 | |
| PAST TOP PICK | 8.590 | Bill Shaw | (Was a top pick on May 23/00 up 2%) Still a strong buy. Good long term. | 2001-06-26 | |
| BUY | 8.580 | Sandy McIntyre | Undervalued. Mngmnt has room to move. | 2001-06-19 | |
| TOP PICK | 8.400 | Bill Shaw | Well managed. 11% yield | 2001-05-23 |
