| DON'T BUY | 4.420 | Dennis Mitchell, CFA | Recent transaction where Smart Centres sold them a number of assets at about a 9% cash flow yield. Improves the quality of their portfolio and provides an avenue of growth for them. Real Estate in this REIT is definitely not of the best quality. A lot of management turnover. | 2008-06-12 | |
| PAST TOP PICK | 3.760 | Ben Cheng | (A Top Pick Mar 2/07. Down “total return” 22.2%.) Had gone through the last year without following through on promises they made to investors, including a stock buyback program and better cash flow numbers. Trades at a significant discount to its net asset value. A “deep value” play at this point. | 2008-01-21 | |
| SELL | 3.970 | Dennis Mitchell, CFA | (Market Call Minute.) A broken REIT that is dying a slow and painful death. | 2008-01-14 | |
| DON'T BUY | 3.760 | Dennis Mitchell, CFA | A broken REIT. Their strategy was to buy mid-market retail property in secondary locations and B assets in A locations. Hasn't really worked. New management is rationalizing portfolio. | 2007-12-07 | |
| PAST TOP PICK | 5.370 | Ben Cheng | (A Top Pick March 2/07. Down 3%.) Yield of over 10%. Cheap relative to other REITs. Still likes. | 2007-09-05 | |
| DON'T BUY | 5.610 | Dennis Mitchell, CFA | Retail focused with a model being for B class assets in secondary markets. They were over levered, over distributing and the market they were looking at has slowly disappeared. Slowly disappearing as they shed assets. | 2007-04-03 | |
| DON'T BUY | 5.450 | Kevin Hall BComm, CFA | This is a REIT that has really struggled. Focused on the retail space in typically secondary markets. Better quality REITs available. | 2007-03-09 | |
| TOP PICK | 5.540 | Ben Cheng | Has not been a fan of this one in the past. Trading at or below its net asset value. 11% yield. Just cut their distribution and is now at a more sustainable level. New, experienced management team. | 2007-03-02 | |
| SELL | 5.960 | Dennis Mitchell, CFA | A disintegrating REIT and hopefully won't be around this time next year. | 2007-01-19 | |
| DON'T BUY | 5.220 | Sandy McIntyre | His key criteria when buying REITs is to see population and income growth. This one is in a secondary and tertiary market, many of which have negative population growth. | 2006-12-29 | |
| DON'T BUY | 5.120 | Charles Dillingham | Small centres all over the place. No focus. Mistakes in management structure. There are some credible people who have kept their money in it. | 2006-12-08 | |
| DON'T BUY | 5.770 | Dennis Mitchell, CFA | Retailed focused in secondary markets in western Canada. Internal cash flow no longer supports the distribution and the distribution has been cut a number of times. Turnover of management. | 2006-11-21 | |
| DON'T BUY | 6.520 | Charles Dillingham | Not very well accepted in the market place. Nobody covers them. Located in secondary markets and widely dispersed. Individual investors should be very careful as it is far from certain that this is a success. High risk. | 2005-12-16 | |
| HOLD | 6.880 | Charles Dillingham | Doubled its size by purchasing assets from RioCan (REI.UN-T). This one is a very soft entity. Wouldn't buy at this time. | 2005-10-31 | |
| DON'T BUY | 8.150 | Dean Orrico | Would put it at the lower end in the spectrum of quality REIT's. Seems to have lower quality properties. | 2005-07-29 | |
| DON'T BUY | 8.200 | Charles Dillingham | Has small centres all over the country. Has come down a long way. | 2005-05-12 | |
| DON'T BUY | 8.620 | Dean Orrico | Views it as an inferior REIT. In terms of asset quality the management team has not performed very well. Has not been strong in hitting their quarterly numbers. Payout ratio, they are paying out well above adjusted funds from operations. | 2005-04-22 | |
| DON'T BUY | 9.430 | Dean Orrico | Trailing other REIT's. The quality of their portfolio cannot be compared to some of the stalwarts in the industry. IPO'd about a year ago with a payout ratio of 100%. On the higher end of debt to capital assets. Prefers others. | 2005-02-25 | |
Experts that have talked about Retrocom Mid-Market REIT
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