STOCKCHASE

Being acquired by a pension fund. Expects the vote later on will accept the offer.

2007-01-12

SELL

7.840

Robert Lauzon

Sold this trust at $10.00 many months ago. If you own recommends selling half of shares at around $8.00. It is best to take a little bit off the table just in case it goes down to $6.50-7.00. Believes that there are better REITS out there.

2006-09-29

SELL

8.060

David Baskin

Take the money and run.

2006-09-28

BUY on WEAKNESS

7.480

Paul Reichmann plans to join the bidding for this company. Feels there will be more bids. At anything below $7.50, the risk/reward is very good and you should be buying.

2006-07-21

DON'T BUY

7.690

Paul Gardner, CFA

Largest “retirement home” owner in Canada. Have had a real problem. They have two choices. 1) They get acquired or 2) cut or suspend distributions.

2006-07-07

DON'T BUY

7.520

Dean Orrico

Has been forced into putting itself up for sale. They have been notorious over payers. If a buyer does not materialise, there will probably be a distribution cut.

2006-06-23

BUY

7.960

Has an outperform rating on it. Purely speculative play and not for the risk adverse or dividend seeking investor. She is banking on a takeout.

2006-06-09

Comment

8.250

Been a complete mess lately. Up for sale and a potential bidder, Chartwell, dropped out. That took the stock down. Thinks it will get sold for a higher price than what it is trading at, maybe $9.50.

2006-05-26

DON'T BUY

9.230

Payout ratio, based on Adjusted Funds From Operations, is well in excess of 100%. Have put themselves up for sale. Chartwell (CSH.UN-T) are dropping out of the bidding process. Concerned about their continuing distribution.

2006-05-12

DON'T BUY

9.990

Robert Lauzon

Three main retirement REITs that he owns are Sunrise Senior Living (SZR.UN-T), Chartwell Seniors Housing (CSH.UN-T) and Retirement Residences (RRR.UN-T). Chartwell would be his top pick. This one is going through a takeover process. Has underperformed.

2006-04-07

Comment

9.870

Paul Gardner, CFA

Basically nursing and retirement homes. They have an occupancy rate of about 82% in Ontario. Their debt to asset ratio is around 75% which is getting problematic.

2006-04-04

DON'T BUY

9.500

Michael Simpson, CFA

Long term nursing care. They are basically putting themselves up for sale. There are some capital expansion issues.

2006-03-31

PAST TOP PICK

9.440

(A Top Pick Dec 7/05. Up 5%.) Actually hit more than $10 and then pulled back. Still likes it and their properties and feels their distribution is sustainable.

2006-03-23

BUY

9.570

Retirement Residence REIT earnings have not been great. The whole market is pricey. RRR is gradually improving and they are buying other assets. They have capital. They are developing some new retirement homes. Buyer beware again but believes they will do well and are showing lots of life. Buying in the 8's.

2006-03-11

HOLD

9.800

Possible takeover target. Feels the value is about $10.50 a share. At the high end, it may be $10.75. If it gets near $10.50, sell it.

2006-02-10

HOLD

9.900

Bruce Hartman

One of the difficulties is that somewhere years ago, the Ontario government put in some incentives which added about 20,000 new beds to retirement homes which caused a huge oversupply. This is gradually being absorbed. They have a number of properties that are going to have to be upgraded which will cost them a fair bit of money. Could be a takeover.

2006-01-20

DON'T BUY

8.930

Has continued to languish. Feels their operating challenges are going to continue. They face 3 main issues. 1) competitive landscape in Ontario 2) lives of some key management people and 3) their physical product is quite inferior.

2006-01-06

WEAK BUY

8.050

Has a higher than normal yield for a REIT, but this is not truly a REIT, but is an operating business that happens to be on top of real estate. Showed marked improvement in Q3 and thinks their distribution is safe, but your margin of error is relatively thin. A higher risk name.

2005-12-16

DON'T BUY

8.940

Has performed extremely well recently. A huge demographic play. Have come out of their recent problems and there are rumours of M&A activity.

2005-12-09

TOP PICK

9.000

The largest provider of retirement homes in Canada. The high 8’s in yield. A safe buy at this price.

2005-12-07

BUY

8.660

Basically has a portfolio, largely in Ontario, of long-term care homes, nursing homes and retirement residences. When Ontario added more than 20,000 long-term care beds, it had a devastating impact on them. Operations will take a while to turn around. She has an out perform rating on the stock. Have a wall of debt, facing them. Not for the faint of heart.

2005-11-25

SELL

8.700

David Baskin

If it's held outside an RRSP and you have a tax loss deductible, maybe it's time to bite the bullet. Not a fan of the REIT sector in general.

2005-11-24

HOLD

7.330

There has been an inclination to give the management the benefit of the doubt. They do have an older product. The stock is acting as if they are going to have to make another cut in distributions. Nursing home situation seems to be improving over all.

2005-10-31

DON'T BUY

7.750

Was a poorly managed company, but is better now. Will have to do an equity issue or reduce their distributions which will cause the price to drop. If you see it $0.50/1.00 cheaper, it will probably be a good entry point.

2005-10-14

DON'T BUY

7.750

Senior housing industry which she is quite favourable on. Stock is trading at a discount to its net asset value. Facing some operating challenges as the Ontario government has been introducing a lot of new beds into the market. This is coming to an end and the price should firm up a little. Also getting some other competition.

2005-10-14

WAIT

8.450

Michael Simpson, CFA

Doesn't currently own, but is doing a lot of due diligence on it. Has an analyst visiting some of their sites. Starting to get attractive because it's believed that it's a REIT that's trading at it net asset value. Waiting for Q3 results to come out. May look at it if it gets cheaper.

2005-10-07

TOP PICK

9.500

Doesn't think anything is cheap, so his Top Picks are names that have underperformed and can be looked at. The market is acting as though this trust will do alright. Had way overpaid their distributions for a long time. Have changed management. Very good chance that it's going to grow itself out of its problems.

2005-08-08

DON'T BUY

9.300

Likes the senior housing sector. This is probably the weakest player. Have faced significant operating problems. Oversupply in Ontario should work itself out. Sector has become a lot more competitive, so they'll have to adapt. Lost some senior personnel. New CEO has limited exposure to senior housing but is taking a good approach. Properties are lower quality than others.

2005-07-15

BUY

9.350

Has been on hard times. Cut its distribution last year. New management has cleaned house. Large addition of long term care beds cut into their business. Fundamentals will improve over time. 9% yield which should be safe.

2005-07-05

WEAK BUY

9.080

Likes the outlook for retirement residences. Have the demographics going for them. From a structural point of view prefers Chartwell (CSH.UN-T).

2005-06-24

BUY

9.140

Gavin Graham

Had been over distributing and with a change in management brought the distributions back to a more reasonable level. Ultimately the residences will get filled up over time and this will become very profitable.

2005-06-08

HOLD

9.030

Neil Wickham

An oversupply of residences which will take a couple of years to use up. A practical kind of a business that uses most of their net free cash flow. Feels that the level they are at now is sustainable until the surplus of residences is used.

2005-05-30

DON'T BUY

9.120

Dan Bastasic

In long term care facilities. Demographics show that age 70 plus are growing at 2 X the general population. Since 2001, they have had steady declines in occupancy rates. Payout ratio is very aggressive. A lot of risk in this name.

2005-05-27

DON'T BUY

9.350

Bruce Hartman

Earnings have dropped and had to cut distributions. Was the victim of Ontario government changes which encouraged a lot more building of retirement residences resulting in too many retirement homes for the older population. The situation will probably clarify itself over the next 3/4 years.

2005-05-20

DON'T BUY

9.110

The enemy of real estate is excess development. In the Ontario market, the government created a 10 year requirement for beds in a 2 year period, so margins are being squeezed by overcapacity. Have cut their distributions once and it will be a challenging environment going forward.

2005-05-13

HOLD

9.250

Kevin Hall BComm, CFA

Getting pretty cheap at $9. Payout is $0.84 which should be secure for '05. Payout ratio is under 100%. New management identified some problems with older homes and corrected. Ontario government introduced about 20,000 new nursing home beds in the last couple of years which really affected occupancy rates. As we get through '05, most of that wll be gone. Business should improve in '06.

2005-05-06

VAGUE

9.060

What has hurt is the perception of a higher degree of leverage and what would happen if interest rates go up.

2005-04-28

HOLD

9.310

Likes the demographics in the senior housing sector. Facing some operational issues with 1) the competitive landscape in Ontario 2) changes in some of their senior managent 3) relatively inferior physical product. Distribution should not be at risk in the near term. Trading at a bit of a discount to net asset value. Sell into strength.

2005-04-15

BUY

10.010

4th quarter results weaker then she expected, but has it rated as outperform.

2005-03-11

HOLD

10.130

Bill Shaw

Earnings were disappointing. Outlook for retirement homes, on a demographic basis is positive. Preferred the debentures rather than the actual stock. Wouldn't sell at this point, but would wait and see what management does.

2005-02-22

HOLD

10.080

Garth Jestley

There are 3 plays in the "Seniors' Living" sector, this, Chartwell (CSH.UN-T) and Sunrise (SZR.UN-T). This one (more in nursing homes) has been hurt by Ontario government competition. Somw of their residences are getting old and refurbishing will be required. "Retirement' trusts have a place in portfolios and they own all 3.

2005-02-18

BUY

10.300

John Priestman

Retirement home business is very fragmented so it's an area where there is the opportunity to make accretive acquisitions. Likes all 3 of the plays in this space including Chartwell and Sunrise Senior. Had surplus capacity and a high yield, so cut its distribution, so it's a good turnaround story.

2004-12-31

BUY

10.180

Gavin Graham

Has recently lowered their payout. Had been over-distributing. Because of the demographics, feels this is a very gool long term growth story.

2004-12-13

BUY

10.020

Have upgraded this REIT following its recent pullback. Cut back their distribution significantly to a sustainable amount. Balance sheet is very solid.

2004-12-10

VAGUE

9.750

Leslie Lundquist

This sector is going to be very competitive. Did the right thing by cutting their distribution.

2004-11-17

WAIT

9.700

Ben Cheng

Cut its distribution. Have been concerned with this company. Were paying out more in cash than what they had been earning. Recent management change. New level of distributions is very sustainable. Would wait to see if there are any more suprises.

2004-11-12

WAIT

10.120

Blair Wilson

Has just cut its distribution down to $0.84 per unit per year. Expect price will drop on this news.

2004-11-10

HOLD

9.850

Price has dropped becauase they have just appointed a new CEO and anticipation that they will cut the distribution. Pay out (140%) is well in excess of what they are earning. Room on the balance sheet to make acquisitions and grow out of this problem.

2004-10-22

DON'T BUY

10.480

Has been very soft while the rest of the sector has been doing well. They're far away from earning their distribution. In competition with Ontario government's nursing homes. Say they will maintain their distribution, but that's the risk.

2004-10-15

DON'T BUY

10.740

Greg Guichon

There are concerns on them being able to maintain their distributions. Payout ratio is higher than 100%. Have strong competition.

2004-10-08

DON'T BUY

10.750

Leslie Lundquist

Paying out more than they earn. Can't see them growing into their distribution.

2004-10-07

WEAK BUY

10.640

Blair Wilson

Has a neutral recommendation on it. Doesn't believe its covering its distributions from adjusted funds from operations.

2004-10-01

HOLD

11.250

There is a significant oversupply of nursing/retirement homes because of provincial activity. A lot of competition. Income is not meeting distributions by quite a wide gap. Market has underperformed but is now coming back very strongly.

2004-08-20

DON'T BUY

10.290

Ben Cheng

Good quality management team. A very smart investor who is a major holder, has sold all his units. Continuing to run an aggressive payout strategy which is stressful to the Company.

2004-07-15

DON'T BUY

10.440

Suffering from a lot of competitive advertising. Costs of maintaining retirement residences are going up.

2004-07-05

SELL

10.600

Bill Shaw

Wouldnt buy at current price. A name i would sell

2004-06-11

VAGUE

10.200

David Baskin

If interest rates go up, real estate investments become less attractive. There are some real regulatory concerns in this industry.

2004-05-14

DON'T BUY

12.690

Dean Orrico

Paying out more than 100% which makes him nervous.

2004-04-05

BUY

13.280

One of their favorite REIT's. Their costs have gone up due to energy but, a good long-term hold. Likes "retirement living" sector.

2004-03-16

BUY

13.200

Garth Jestley

Doesn't expect any change in the distributions. Have been through a major capital expenditure program so haven't earned their distributions. Doesn't expect much upside, but has a 9% yield.

2004-01-21

BUY

11.400

Temporarily, there has been some excess capacity and they have had cost increases across the board. They have teamed up with the Ontario Teachers Pension fund, which is a good partner to have.

2003-10-08

WEAK BUY

11.330

Had some problems in the US with legislation. Ontario government has expanded nursing facilities, which has created a glut in the market. Will have to get their occupancy up. Probably fine for a long-term.

2003-09-26

BUY

11.490

Fears of overcapacity and price competition have knocked the stock down.Oversold.

2003-08-27

WEAK BUY

11.500

The payout ratio on the distribution is too high.New properties have come on stream giving them excess capacity.The not compelling value, but not overpriced either.

2003-08-25

WEAK BUY

11.040

Has been hurt by expansion of Ontario government retirement homes and some problems in the US on reimbursement of drugs.Distributions may have been too high.Have made a good purchase from great West life, which should help distributions.

2003-08-01

PAST TOP PICK

11.550

John Priestman

(Was a top pick on June 25/03. Up 9.9%.) Bought for a quick trade. Wouldn't buy now.

2003-07-30

WEAK BUY

11.070

Has been disappointing. Has competition. Have a deal with CPP to have a series of houses.

2003-07-18

TOP PICK

10.390

Garth Jestley

Near tern facing some challengessuch as cutbacks in aid by US and Ontario government competition. A good long term hold.

2003-06-25

DON'T BUY

10.590

Has had a few negative surprises. Yields about 10%. Has competition. Also US government payments that were expected didn't happen. Questions if they can keep distributions up.

2003-06-13

BUY

10.090

Gavin Graham

Expanding quite a lot. Likes for the demographics.

2003-05-22

HOLD

10.090