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| HOLD | 20.850 | Jeffrey F. Olin | (Market Call Minute.) Likes the retail space. Have a bigger fashion concentration than other names. | 2011-12-21 | |
| STRONG BUY | 20.600 | Dennis Mitchell, CFA | Was considering as a top pick today. Trading around its net asset value. Has been puzzled over the last 6 months why it has not broken out. He is happy to continue to allocate capital to it. 14-15% total return. | 2011-12-05 | |
| DON'T BUY | 20.100 | Charles Dillingham | Basically closed in malls, which has a different mix than the outdoor malls. Have had a number of names that got in trouble with bankruptcy, etc. which has been hurting them. There is nothing in it right now to give it a catalyst to make it jump. | 2011-11-16 | |
| BUY | 20.250 | Dennis Mitchell, CFA | Regional malls, in generally secondary markets in Saskatoon, Regina, Toronto, Guelph. NAV is about $20.50, so one of the few Canadian REITs that you can buy at a discount. | 2011-10-21 | |
| WEAK BUY | 20.500 | Charles Dillingham | Changed its spots recently. Considered a little bit of a sleeper. Recently bought a large portfolio and got some very good product with it. Retail is not going to boom. Good management. Doesn’t put a heavy weighting on it. You have to buy and sell at the right time. | 2011-08-12 | |
| TOP PICK | 20.130 | Dennis Mitchell, CFA | Just reported and was in line with expectations. Lots of value creation historically and lots of value going forward. About 97% occupied. A lot of good things going on with this one. Selling at NAV, so it's cheap. | 2011-08-04 | |
| TOP PICK | 21.140 | Charles Dillingham | Enclosed shopping centres. Not very cheap. Recently acquired big shopping centers in Burlington and Oakville Ontario and have upgraded them quite a bit. Chart looks good. Have always had one of the best balance sheets around. | 2011-07-18 | |
| BUY | 20.950 | Bruce Campbell | Just bought Oakville place and also have Burlington Mall. He bought the convertible debenture. It’s attractive in that they financed it at a discount. There are 5 or so enclosed malls. Riocan is better if you are worried about the economy. | 2011-07-12 | |
| BUY | 20.640 | Jeffrey F. Olin | Going through a dynamic phase of positive change. In the Retail space, own shopping space, they were a big beneficiary of Target coming to Canada in the first round of announcements, solid management, have recently purchased. | 2011-06-21 | |
| TOP PICK | 20.730 | Dennis Mitchell, CFA | (A Top Pick April 28/10. Up 35.53%.) NAV is about $20.50 so you are buying for what the assets are worth and not pay for any upside or growth. Tons of upside. Lots of cash for accretive acquisitions. Great management. | 2011-05-26 | |
| PAST TOP PICK | 20.450 | Dennis Mitchell, CFA | (A Top Pick April 28/10. Up 31.04%.) | 2011-04-20 | |
| TOP PICK | 21.110 | David Burrows | Focused on indoor shopping centres and are highly occupied. A lot of its malls are anchored by Zellers, which will soon be Target (TGT-N) stores. Yield of about 6%. | 2011-04-07 | |
| PAST TOP PICK | 19.460 | Dennis Mitchell, CFA | (Top Pick Jan 19/10, Up 32.08%) | 2011-01-07 | |
| PAST TOP PICK | 19.310 | Dennis Mitchell, CFA | (Top Pick Jan 19/10, Up 27%) Core name, in closed malls around Canada. Payout ratio has come down decidedly. You could step into it at $19. | 2010-11-17 | |
| BUY | 19.460 | Michael Smedley | Good, solid, conservative, high-class strip malls. Good income. | 2010-10-29 | |
| BUY | 18.730 | Dennis Mitchell, CFA | Rumours of takeover are not correct. Great company. Purchased 3 assets recently and with their history they should do great things with them. | 2010-08-20 | |
| Comment | 19.120 | Charles Dillingham | Chart shows a very positive upswing. Relatively conservative with one of the best balance sheets in the business. Distribution is solid. Good quality shopping centres in smaller communities. Might be getting a little pricey. Recently sold his holdings. | 2010-08-03 | |
| TOP PICK | 16.380 | Dennis Mitchell, CFA | Assembled a land parcel on Yonge Street in Toronto where they can potentially do some redeveloping and create significant value. Have done this successfully in the past. | 2010-04-28 | |
| TOP PICK | 16.210 | Dennis Mitchell, CFA | Retail REIT. Discount to net asset value (6-7%). Great balance sheet, ton of cash, finally deployed some recently, adding about $1 to the stock. Still have good cash balance. His Top, Top Pick. | 2010-01-19 | |
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| HOLD | 14.020 | Michele Robitaille | Retail REIT that is more focused on malls rather than big-box stores. One of the strongest balance sheets in the REITs. Valuation is quite reasonable relative to the rest of the group. Little more economically sensitive as the stores are more fashion oriented but bankruptcies have been relatively low to date. | 2009-09-11 | |
| PARTIAL BUY | 12.430 | Dennis Mitchell, CFA | Retail REIT owning unenclosed power centres and enclosed malls primarily in secondary cities. Have done a lot of redevelopment of their assets that has generated a lot of free cash flow growth. Have $80 million in cash. Good portfolio. At these levels you could pick away at it. | 2009-06-03 | |
| WAIT | 10.480 | Charles Dillingham | Wonderful balance sheet - often under performs. Wait for it to come back down. High quality organization. | 2009-04-29 | |
| BUY | 8.850 | Dennis Mitchell, CFA | Primarily enclosed malls with a lot of exposure to high fashion and fashion tenants so could have some losses in tenants. Probably the most bulletproof REIT in Canada with $97 million in cash and no significant debt maturities for 2 years and only $3 million of CapX to fund over the next 2 years. Payout ratio in the low 90’s and the 14% distribution is safe. Do a partial sell whenever it goes over $11. | 2009-03-17 | |
| HOLD | 16.650 | Dennis Mitchell, CFA | Primarily an owner of enclosed malls in the secondary market. Also own some unenclosed centres. Good management team. | 2008-08-13 | |
| Comment | 17.700 | Peter Brieger | Looking at Riocan (REI.UN-T), Primaris (PMZ.UN-T), H&R (HR.UN-T) and Calloway (CWT.UN-T). Have been pretty well beaten up and the yields are looking very enticing. As an inflation hedge they look very attractive. | 2007-12-28 | |
| BUY | 17.190 | Dennis Mitchell, CFA | The only REIT in Canada that focuses on enclosed malls. Recently broadened their asset base to also include unenclosed power centres. Pretty cheap at these levels and represents very good value, probably 15% discount to NAV. | 2007-12-07 | |
| BUY | 18.850 | Paul Gardner, CFA | Fairly large REIT that focuses on the middle market such as closed shopping malls. Trades reasonably at about 14X 2008 AFFO cash flow. Management is Oxford Properties, a very seasoned, great management company. Organic growth has done really well. 6.3% yield. | 2007-10-03 | |
| HOLD | 18.400 | Dennis Mitchell, CFA | Was focused primarily on enclosed malls and centres in the secondary market but has expanded into unenclosed centres, but still in secondary markets. Seems to be delivering on everything they said. | 2007-09-04 | |
| BUY | 17.050 | Dennis Mitchell, CFA | At an interesting stage where they expanded from just and closed malls and secondary markets to include unenclosed power centres. They are firing on all cylinders. He is looking at this one. | 2007-08-16 | |
| Comment | 19.790 | Charles Dillingham | 6% yield. Largest shopping centres in a second dairy market. Very Conservative. Very little risk. | 2007-07-23 | |
| TOP PICK | 18.660 | Charles Dillingham | Has a lot of big closed in shopping centres. Best shopping centres in a secondary market. Stock price has dropped more than it should. 7.3% yield. | 2007-06-20 | |
| Comment | 19.180 | Charles Dillingham | Shopping centres in smaller markets. Goes through periods of performing very well and then under performs a bit. Generally good value. He buys when it is under priced and then sells again. | 2007-01-12 | |
| BUY | 18.700 | Dennis Mitchell, CFA | Primarily focused on enclosed shopping centres in secondary cities. Enclosed centres take more capital expenditure for upkeep. Recently bought some open shopping centres, indicating a strategic shift. Currently doing a lot of capital expenditure on 3 properties. Great quality management. Compelling yield. | 2006-12-22 | |
| TOP PICK | 16.150 | Gail Mifsud | Just announced the acquisition of a portfolio of closed/open neighbourhood malls, diversifying their asset base. Banking on a distribution increase. | 2006-06-09 | |
| WEAK BUY | 18.100 | Charles Dillingham | Primaris 's quality is excellent. They deal with secondary markets but these markets are the best in the retail. He has certain reservations that they are going to have cost problems. Appear to be well managed. It is a well run conservative portfolio, gradually expanding. It is a close consideration. | 2006-03-11 | |
| PAST TOP PICK | 16.140 | Sandy McIntyre | (A Top Pick Aug 12/05. Up 7%.) A decent asset base. | 2005-12-16 | |
| PAST TOP PICK | 16.690 | Gail Mifsud | (A Top Pick March 11/05. Was previously Borealis. Up 17%. Including distribution, you're up about .24%.) Continues to recommend this. | 2005-11-25 | |
| TOP PICK | 15.160 | Sandy McIntyre | (A Top Pick May 13/05. Up 6%.) An opportunity to reposition well located properties in urban areas with a very skilled management team. Has external management at this time. | 2005-08-12 | |
| TOP PICK | 14.890 | Dan Bastasic | (A Top Pick May 27/05. No change.) A very attractively valued trust. Excellent growth opportunities. Yield about 7.5%. Excellent management. Conservative payout ratios. | 2005-08-05 | |
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| TOP PICK | 14.840 | Dan Bastasic | Mid market retail REIT. Have a unique partnership with (?) Property which will give them some good growth opportunities going forward. Conservatively managed. Good balance sheet in terms of ability to acquire. | 2005-05-27 |
