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| PAST TOP PICK | 11.610 | Barry Schwartz | (A Top Pick Dec 7/10. Up 9.65%.) Great company and focuses on medical facilities. Still thinks there is upside. REITs are trading at all-time highs. What is keeping them up is the spread between 10 year Canada bonds and the cap rates. | 2012-01-16 | |
| BUY on WEAKNESS | 11.750 | Charles Dillingham | Has had a wonderful correction and is in an interesting area, one that he has never trusted totally because they've had some vacancy problems. Wouldn't buy at this level but would watch for another opportunity. | 2012-01-06 | |
| Comment | 11.190 | Jeffrey F. Olin | Medical office buildings. Outstanding management and quite acquisitive. Has been some pressure on their unit price recently because of some overhang from expectation that they are going to do an equity issue but management has stated there is nothing imminent in this regard. They were overpaying but will cover the distribution next year. | 2011-12-21 | |
| PAST TOP PICK | 11.150 | Barry Schwartz | (A Top Pick Dec 7/10. Up 4.7%.) | 2011-12-12 | |
| BUY | 11.200 | Dennis Mitchell, CFA | Probably worth $12-$12.50. 12% total return. Management has done a better job than he expected and will consider owning this one. | 2011-12-05 | |
| Comment | 11.400 | Dennis Mitchell, CFA | Hasn’t owned this one but is looking to meet with management. Has done pretty well since its IPO. Would like to own it in the low $11’s or high $10’s at the most. | 2011-10-21 | |
| WEAK BUY | 11.670 | Charles Dillingham | Health area is definitely a good field. Some of their numbers lately have been a bit disappointing. Wouldn’t expect spectacular performance. | 2011-09-19 | |
| HOLD | 12.160 | Jeffrey F. Olin | Focused in medical office buildings exclusively. Strong management, yield of 6 ½ % Somewhat defensive. Likes the space and the sector. | 2011-06-21 | |
| PAST TOP PICK | 11.850 | Paul Gardner, CFA | (A Top Pick Apr 1/10. Up 20.73%.) | 2011-04-05 | |
| BUY | 12.110 | Charles Dillingham | Medical offices around hospitals. In a category that should do well. Good management team. Relatively new so will take a while to see if all their expectations are going to work. | 2011-02-04 | |
| HOLD | 12.100 | Jeffrey F. Olin | Focused on medical office buildings. It is a unique asset class amongst Canadian REITS. He likes the space. It has had a nice run. A solid long-term hold but he calls it a hold right now since an acquisition of a building that many have some problems. | 2011-01-18 | |
| PAST TOP PICK | 26.930 | Charles Dillingham | (Northern Property (NPR.UN-T) was his Top Pick March 19/09 but he talked about this one instead. My records show this was NEVER a Top Pick of his. Not an easy guy to follow. Bill.) Has flattened out recently. Sold his holdings as he was a little skeptical on medical hospital holdings. | 2010-12-10 | |
| TOP PICK | 11.400 | Barry Schwartz | REIT. A play on Canada’s aging population. Focusing on fragmented health care facilities. Nice payout yield and can go higher in the next couple of years. 7% dividend. They take over groups of health care offices and convert to pay-for parking, change leases, etc. | 2010-12-07 | |
| BUY on WEAKNESS | 11.430 | Dennis Mitchell, CFA | Medical office buildings in GTA. Didn't get in on IPO because of concerns of underwriting, cash flow and occupancy. In 2 quarters following IPO the concerns occurred but not to any great extent and were ignored by the market. Currently re-evaluating. Too rich so try to buy in the $10 area. | 2010-08-20 | |
| Comment | 11.170 | Paul Gardner, CFA | Focused on medical buildings, which are boring, defensive properties but are rented out to about 75% of government services. Recently did an IPO and the risk is management might have underestimated their “General and administrative” costs. 7.1% yield. Just recently sold his holdings in order to move money to another story. | 2010-07-26 | |
| WAIT | 10.960 | Charles Dillingham | New REIT, playing on the aging population. Doctor’s offices, etc. Been well accepted. Market is off its peak. | 2010-06-18 | |
| Comment | 10.670 | Charles Dillingham | Medical offices and are taking advantage of the need for good offices besides hospitals. New issue that was very broadly accepted. 7.3% distribution should be fine. | 2010-05-17 | |
| Comment | 11.050 | Dennis Mitchell, CFA | Medical office buildings. Generally suburban and lowrise that have either been retrofitted or built specifically to house doctors’ offices that require more power for lighting, etc. He had concerns on valuations and what was included in cash flow. Has potential to be an out performer over 5-10 years but he couldn't gauge the risk of the cash flow. | 2010-04-28 | |
| TOP PICK | 10.470 | Paul Gardner, CFA | New issue. Focuses on medical buildings. About 70% of revenue comes from government sources. Buying mom-and-pop buildings at about 9% cap rate and funding at around 6%. Should do well over the next year or two. | 2010-04-01 |
