| BUY on WEAKNESS | 19.850 | Michele Robitaille | One of the higher quality REITs. One of the largest retail REITs across the country. Very diversified portfolio, high quality tenants. Comfortable with their leverage ratio, strong balance sheet. Risks are mild. | 2008-10-02 | |
| BUY | 20.800 | Ben Cheng | (Market Call Minute.) Very well run. Just bumped up their distribution. | 2008-09-24 | |
| BUY | 21.180 | David Baskin | (Market Call Minute.) One of the best REITS there is and the yield is good and increasing. | 2008-09-02 | |
| Comment | 21.540 | Ross Healy | Good landlords however, his fair market value is $12 and is lower than the present stock price. You are kind of relying on the capital appreciation of the real estate portfolio to keep the trust up at in excess of 2X book value. Runs into some technical resistance at about $22.50 with support at about $18. Yield of 6.25%. | 2008-08-29 | |
| TOP PICK | 20.000 | Paul Gardner, CFA | Largest REIT in Canada and rate value creators. Sector is overdue for a bounce. Trades at 15%-20% discount to its NAV. Big caps have the advantage of being able to get funding and the ability to move in and out. | 2008-07-24 | |
| Comment | 19.380 | Peter Brieger | REITs are going to be exempted from the legislation. Doesn't own as REITs don't do well with rising interest rates, which he thinks will happen. | 2008-07-16 | |
| BUY | 19.100 | Neil Wickham | Prefers REITS to individual property stocks. Essentially shopping malls. Good price. | 2008-07-14 | |
| DON'T BUY | 21.170 | Dennis Mitchell, CFA | The flagship REIT in Canada. Continue to find ways to create value. Offers about 6.75% free cash flow yield and is pretty much fairly valued. | 2008-06-12 | |
| BUY | 21.160 | Bruce Campbell | Competition H&R Real Estate (HR.UN-T) did an issue at a discount and Riocan went down to match it. At under $21, good solid yield. With a 3% growth and a 6%/7% dividend you get a pretty stable 10% return. | 2008-05-26 | |
| HOLD | 21.650 | Paul Thornton | (Market Call Minute.) Really likes the REIT sector. A better alternative to bottom fishing in the banks. | 2008-05-07 | |
| BUY | 21.800 | Sandy McIntyre | (Market Call Minute.) Great value story. Great management team. | 2008-05-05 | |
| BUY on WEAKNESS | 21.380 | Robert Lauzon | (Market Call Minute.) Largest REIT in Canada. Given the depressed price over the last 6 months, Buy it on a down day and you’ll do OK. | 2008-04-28 | |
| BUY | 21.380 | John Zechner | Not a big fan of the financials generally right now but within the financials, one of the best acting groups in the US and Canada. are the REITs. Well diversified. At the current levels he thinks you'll do fine. | 2008-04-28 | |
| BUY | 21.690 | Andrew Guy, CFA | Very well managed company. Probably one of the 2 or 3 core REIT’s you can own. Did a new issue today, which should help them as they have some big commitments and this should help them finance them. | 2008-04-07 | |
| BUY | 20.090 | Dennis Mitchell, CFA | Largest REIT in Canada. Focused on the big 6 markets in Canada. Made a big push into intensification. Like’s at these levels, is trading at net asset value. Not a lot of upside short term, but long term you’ll be happy. | 2008-03-24 | |
| BUY on WEAKNESS | 20.520 | Dennis Mitchell, CFA | The bellwether flagship of REITs in the Canadian universe. Makes up about 25% of the index. Has power centres, unenclosed malls in the big 6 markets in Canada. About as rock solid as you can get. Trading at a slight premium above NAV. He would be a buyer under $20 and a seller over $21. | 2008-02-29 | |
| Comment | 20.830 | Charles Dillingham | He gathers that the retail is holding up quite well. Thinks they're shopping centre structures are fine. One of the most liquid and defensive trusts. | 2008-02-14 | |
| BUY | 21.600 | Andrew Guy, CFA | A very good name. The issue with them is that it is more exposed to the retail shopping centres. If the slowdown in the US extends into Canada, this is an area that could be hit. Trades below its NAV and has a very nice free cash flow yield. | 2008-02-06 | |
| TOP PICK | 21.250 | Paul Gardner, CFA | Largest landlord in Canada and anchored by large stable tenants. Cheap, relative to the last couple of years. Also have green development, which adds to their bottom line. Also, because they own so much space, anyone coming up from the US would be dealing with them. Lease rollovers in the next couple of years with increased rents. | 2008-02-05 | |
| TOP PICK | 22.190 | Gail Mifsud | High-quality retail properties in their portfolio. Has historically outperformed and sees no reason why it shouldn't continue to do so. | 2008-02-01 | |
| TOP PICK | 19.140 | Michael Simpson, CFA | Largest shopping centre REIT in Canada. Have properties in the 6 main large markets across Canada. Also have growth opportunities in some of their urban areas. Trades at a discount to NAV. | 2008-01-22 | |
| HOLD | 18.650 | Ben Cheng | This one has been a matter of concern. REITs in the US and Canada have been taken down quite severely. Undervalued. | 2008-01-21 | |
| BUY | 19.310 | Dennis Mitchell, CFA | Largest REIT in Canada. Trading at a discount to NAV. | 2008-01-14 | |
| BUY | 19.620 | Michael Sprung | For the long-term, a lot of the real estate trusts are beginning to look very attractive. Some of the fear is coming from a possible economic slowdown and what would happen to a lot of their commercial rentals. Property values here are fairly solid. 6.8% yield should be safe. | 2008-01-08 | |
| HOLD | 19.900 | Norman Levine | Retail stores. In an economic slowdown, there could be a pullback. This is a great company. Distributions have been great. | 2008-01-07 | |
| Comment | 20.850 | 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 | 22.150 | Dennis Mitchell, CFA | Defensive name. Very diversified portfolio with open-air retail centres spread across Canada. Hard to go wrong with this name. | 2007-12-07 | |
| HOLD | 22.150 | Dennis Mitchell, CFA | A bellwether REIT in Canada. Unenclosed power centres and dominant malls throughout all of Canada. Great management team. | 2007-12-07 | |
| TOP PICK | 21.600 | Kevin Hall BComm, CFA | Good quality core holding. Defensive. Retail focused. Good growth in 2008, probably 5%-6% through leases rolling over. Decent development pipeline. | 2007-12-04 | |
| BUY | 21.860 | Michele Robitaille | One of the premier quality REITs. Retail focused with high quality real estate. Has been hammered giving a great opportunity to buy. 6% plus yield. Outlook is fantastic. | 2007-11-28 | |
| BUY | 21.310 | Paul Gardner, CFA | Suffering from the sector weakness. He considers this Best in Class. Good creative management. Leases are coming due so they will have a healthy bump up of rents. | 2007-11-21 | |
| BUY | 21.400 | Michael Simpson, CFA | The largest shopping centre REIT. Across Canada. Good valuation at these levels. | 2007-11-08 | |
| BUY | 23.250 | Charles Dillingham | The biggest, most liquid REIT in Canada. Have only just dropped their distribution below 100%. It's a bit expensive because there are so few shareholders, the expectation of a takeover is built into the price.
Their debt is also very low. | 2007-10-29 | |
| TOP PICK | 25.400 | Paul Gardner, CFA | REIT market hasn't done anything. This one has grown into its valuation. Good valuation. Trades at a discount to its NAV. Trades at around 14X AFFO. Largest outdoor shopping mall centres giving them economies of scale. Going into lease rollovers, which will lift growth 5% to 6%. Have a great land bank. | 2007-10-03 | |
| HOLD | 25.400 | Michele Robitaille | REITs had quite a correction through the summer and have started to recover but are still reasonably valued. This one is getting a little expensive relative to some of the others. A great long-term holding. | 2007-10-03 | |
| TOP PICK | 22.970 | Charles Dillingham | Hasn't performed that well this year, but it is the biggest and most liquid. If the sector has been overdone and there is going to be any recovery, it should work out well. Have quite a bit of growth going forward. Low debt. | 2007-09-14 | |
| PARTIAL BUY | 23.640 | Dennis Mitchell, CFA | Probably one of your best bets for a long-term hold in this sector. Trades near its NAV and throws off free cash flow yield that gives a bit of a premium to the 10-year bond yield. Good core name. Could start building your position at this price. | 2007-09-04 | |
| HOLD | 22.980 | Norman Levine | REITs have been beaten up pretty badly in the last few months. Partly because of interest-rate worries and partly because they had a great run and got ahead of themselves. Good long-term hold. 5.76% yield. | 2007-08-29 | |
| TOP PICK | 23.200 | Michele Robitaille | Retail oriented. Strong management team. Looking for upside from some growth opportunities from lease renewals and their developing pipeline. Potential takeout candidate. | 2007-08-23 | |
| TOP PICK | 23.090 | Paul Gardner, CFA | 5.72% yield. Built a huge property management company over the last 10 years. Properties are about to be rolled over with rents that can be increased $6-$12 per square foot. Have a green development that they get an 8%-10% return. Expects US retail companies will be coming in looking for space to rent. | 2007-08-22 | |
| BUY | 21.750 | Dennis Mitchell, CFA | Feels the NAV is in the $24-$25 range. Have several initiatives that they continue to launch, the latest being the intensification fund, where they will increase the usage of their existing real estate portfolio for future acquisitions. Likes this. | 2007-08-16 | |
| BUY | 25.020 | Paul Gardner, CFA | The premier real estate company for big box developments. Most of the clients are department stores, grocery stores, etc. Management is fantastic. Biggest problem is size. They are so large that it is hard for them to grow. Have put on a program to do more green development giving them higher margins. | 2007-07-19 | |
| HOLD | 23.650 | Dennis Mitchell, CFA | Flag ship bell weather reit in Canada. Steady as she goes. | 2007-06-29 | |
| DON'T BUY | 24.150 | Brian Acker, CA | He uses risk controls which includes balance sheet solvency. All the REITs fail. | 2007-06-21 | |
| Comment | 26.100 | Paul Gardner, CFA | The largest outdoor shopping mall developer. They have economy of scale. The problem is, they're so big, it is hard to add value. They are now doing far more green development, which gives them higher cap rates. | 2007-05-17 | |
| TOP PICK | 26.750 | Charles Dillingham | Has under performed for quite awhile. Good earnings behind it. Takeout candidate. | 2007-05-07 | |
| HOLD | 26.000 | Dennis Mitchell, CFA | The flagship REIT in Canada, primarily focused on the big 6 population areas.
He thinks there is more growth in Calloway | 2007-05-05 | |
| Comment | 25.830 | Paul Gardner, CFA | Large real estate, shopping malls development. Stable, great company. | 2007-05-03 | |
| HOLD | 25.750 | Michael Sprung | The benchmark of real estate trusts in Canada. Have the better properties and good tenants, which is why they are priced at a premium to their peers. | 2007-04-27 | |
| TOP PICK | 25.080 | Charles Dillingham | (A Top Pick Jun 5/06. Up 18.3%.) Has shopping centres across the country and low debt. Multiples are a little bit high. Has under performed. | 2007-04-11 | |
| HOLD | 24.980 | Dennis Mitchell, CFA | Retail, focused on unenclosed power centres. Had a healthy run based on analysts’ feelings that it was going to be taken out. Significant internal growth. Fully valued. | 2007-04-03 | |
| BUY | 25.450 | Neil Wickham | Always looks like it is a little bit expensive, but their history says that you should go with it. Long-term play. | 2007-03-20 | |
| DON'T BUY | 25.360 | Paul Gardner, CFA | Best in class. Have all the open concept shopping centres. Biggest out there, so they have economies of scale, but very hard for them to be a creative and add value. Prefers a smaller one such as Artis REIT (AX.UN-T) or First Capital Realty (FCR-T). Not particularly cheap. | 2007-03-19 | |
| BUY | 25.950 | David Baskin | Not a bad one to own. Was not affected by the income trust tax change, because it is a REIT. Primary shopping centres. Very good operator. 5.1% yield. Largely tax protected outside an RRSP. | 2007-02-13 | |
| HOLD | 25.260 | Paul Gardner, CFA | One of the premier REITs. They are so large, that they have pricing power and can push price increases through on their tenants. Private equity firms are buying up REITs pushing the price up and reducing the yield. Expects a 6%-8% return. | 2007-02-05 | |
| BUY | 25.240 | Dennis Mitchell, CFA | A core position flagship REIT. | 2007-01-19 | |
| TOP PICK | 25.590 | Charles Dillingham | Has been hurting for a while. Had made an announcement they were going with a US group, but are now backing off that. Stock price dropped. | 2007-01-12 | |
| HOLD | 24.870 | Dennis Mitchell, CFA | The bellwether REIT for the entire Canadian REIT market. Retail focused. Unenclosed power centres. Recently announced a partnership, which will be their platform for growth. | 2006-12-22 | |
| BUY | 25.450 | Paul Gardner, CFA | Shopping mall REIT. Largest in Canada. Great management. Have increased their distributions nicely. Their problem is that they are so big it is hard for them to impact their portfolio. To overcome this they have gone into green development, i.e. go with a partner and develop malls rather than buying. Good defensive holding. | 2006-12-19 | |
| HOLD | 25.850 | Rob Callander | The REIT sector will not be affected by the government ruling on trusts. Once there is a clearer view on where the government is going, you'll have an indication as to whether to buy or not. | 2006-11-23 | |
| HOLD | 25.950 | Dennis Mitchell, CFA | Retail focused. Trading at 19 X free cash flow. A very stable name. Fully priced. | 2006-11-21 | |
| HOLD | 25.500 | John Stephenson | One of the pre-eminent shopping centre REITs. On a global basis Canadian REITs are relatively cheap, but the yield is relative low, | 2006-11-16 | |
| DON'T BUY | 25.800 | Michael Sprung | REITs was the one sector not affected by the income trust taxation ruling and a lot of money moved in to this area. The yield is just over 5% now. Not much better than a long bond. | 2006-11-14 | |
| BUY | 24.100 | Michael Simpson, CFA | The largest community shopping centre operator in Canada. Doesn't feel it will be impacted by the proposed legislation. | 2006-11-03 | |
| HOLD | 24.970 | Kevin Hall BComm, CFA | Largest REIT in Canada. High-quality name. Have had 12 years of consecutive distribution increases. REIT section is pretty fully valued at this time. Market is starting to revalue REITs for further consolidation. Not a lot of upside. | 2006-10-27 | |
| WEAK BUY | 24.480 | Rob Callander | Some of the REITs he likes includes Riocan (REI.UN-T) and Canadian Apartment (CAR.UN-T). The problem is, they are well recognized, and are mature part of the trust market so the yields are fairly low. A lot of the easy money has been made. | 2006-10-23 | |
| HOLD | 23.150 | Paul Gardner, CFA | Largest REIT in Canada and well diversified. Excellent management. Have economies of scale having management inside properties. The negative is that it is a huge, huge company and to add value is getting harder. Starting to pay a little over their payout ratios but their leverage is not that high. | 2006-09-05 | |
| HOLD | 22.140 | Paul Gardner, CFA | Largest REIT in Canada. Offers tremendous diversification. Management is solid. Problem is, it is hard for them to acquire and outgrow themselves, they are so big they are doing a lot more green fielding development. | 2006-08-08 | |
| BUY on WEAKNESS | 22.930 | Sandy McIntyre | Great company. Little expensive right now. He will periodically reduce when it is expensive and buy back when it gets cheaper. | 2006-07-28 | |
| BUY | 21.710 | Paul Gardner, CFA | Has come off 20%. Have tremendous synergies because of their size. Because they are so big, it is hard for them to grow their bottom line. Management fees have gone up which is a great margin creator. | 2006-07-07 | |
| WEAK BUY | 21.140 | Gail Mifsud | A premier owner and developer. The largest REIT. Very professional management team. A great long-term investment. Watching this one closely. | 2006-06-09 | |
| TOP PICK | 21.200 | Charles Dillingham | A very strongly structured REIT. Growing on a very conservative way. It will be a good platform for the future. If the market improves like he thinks it will, they will do quite well. | 2006-06-05 | |
| BUY | 21.220 | Robert Lauzon | Stable growth. Not exciting but a great company. | 2006-06-02 | |
| HOLD | 21.510 | Ravi Sood | A great name. Fabulously well managed. Not much upside or downside. Very stable but not much growth. | 2006-05-26 | |
| BUY | 20.970 | Ben Cheng | Has provided high double-digit rates of return over the last 10 years. Solid management team. Going forward, watch out for the potential retirement of the CEO. | 2006-05-19 | |
| BUY | 21.760 | Kevin Hall BComm, CFA | This should be a core holding in any REIT portfolio. Was getting a bit expensive and you are now seeing some consolidation. | 2006-05-05 | |
| DON'T BUY | 22.520 | Paul Gardner, CFA | Excellent management. The largest REIT and well seasoned. The only issue is their size. Can they be accretive with acquisitions? They are doing more speculative, green development products where they have some expertise. There has been a rally in the REIT market and not sure it can be sustained. | 2006-04-04 | |
| WEAK BUY | 22.860 | Leslie Lundquist | They like it very much and they own it. It is one of their larger REIT positions. It is not inexpensive and hardly any REiTs are inexpensive these days. Riocan has done well over the past few years and they feel there are opportunities ahead for them. It is not cheap assets. Real estate is expensive. | 2006-03-04 | |
| WEAK BUY | 21.870 | Ravi Sood | There has been a real sell-off in all the REITs. Triggered by the US REIT Index turning over which is probably triggered by interest-rate fears. This has created a good buying opportunity. Would prefer Calloway REIT (CWT.UN-T). | 2006-02-10 | |
| HOLD | 23.190 | Bruce Hartman | Continues to see the REIT sector is a good growth area. This one represents stable growth. (Management is targeting 5% a year.) Prefers Calloway (CWT.UN-T) which has about the same yield but represents a higher growth rate. | 2006-01-20 | |
| DON'T BUY | 23.140 | David Baskin | Looking at the spread between the yield and 10-year bonds, it is now around 2.1%, which is too thin to compensate you for the risks compared to government bonds. They are a wonderful operator with great real estate, but as interest rates go up the spread will get narrower. | 2006-01-19 | |
| BUY | 22.500 | Michele Robitaille | A high-quality real estate investment trust. Could be a core holding in a portfolio. Their biggest challenge is continuing their growth because of the size. Feels they are handling this challenge well. Stable operations. A name you can just tuck away. | 2006-01-06 | |
| WAIT | 22.630 | Paul Gardner, CFA | Largest REIT in Canada. Focuses on big box outlets. Well-run company. The only negative is, it is so big, how do they become accretive. Now putting their money into green spaces to open shopping malls and going into managing outlets fort better margins. Has more room to go. Fairly priced at this time. He owns their bonds. | 2005-12-29 | |
| BUY | 21.560 | Charles Dillingham | The biggest, most liquid REIT. Very well managed. Doing development deals with pension funds. | 2005-12-16 | |
| HOLD | 22.050 | Gail Mifsud | The goliath in the REIT market, being about 25% of the whole REIT sector. Has performed fantastically well over the last 10/12 years. Exceptionally well managed. Since they are a mature company, you can't expect double digit or high single digit operation growth. Safe. Has a market perform rating on it. | 2005-11-25 | |
| BUY | 20.650 | Paul Gardner, CFA | A premier REIT. The largest REIT in Canada. Their history has been incredible. They don't overdo their distributions and retain about 10% of them. The question is, they are getting so large can they continue their growth. | 2005-11-17 | |
| HOLD | 20.750 | Michael Smedley | Dropped off when income trusts got hit. A quality company, so don't panic. | 2005-11-10 | |
| TOP PICK | 20.200 | Charles Dillingham | Has been a very soft market, so you are going to get a very good move with good names when the market improves. Could drop a bit further. The biggest and most liquid. Yield of about 6.3%. | 2005-10-31 | |
| BUY on WEAKNESS | 20.010 | Robert Lauzon | Has grown through acquisition and internally. Has created a lot of growth in our economy. Would definetly purchase more on any pullback. He can't see the government hurting this sector. | 2005-09-23 | |
| TOP PICK | 21.750 | Leslie Lundquist | Not inexpensive these days, but really likes that it has an excellent track record of value creation in the past and feels this can be extended into the future. They are innovative in maximizing the values of their properties as well as developing properties through joint ventures with partners and generating fee income. A good core holding. | 2005-09-16 | |
| BUY | 20.680 | Charles Dillingham | Have been strained from the point of view that they can't expand. Have sold some properties. Working with other development funds to grow their revenues with fee income. A group that manages themselves fairly well. | 2005-08-08 | |
| BUY | 21.400 | Dean Orrico | A stalwart in the retail real estate industry. Quality track record. A history of increased distributions. Probably get a bit more growth in the near term out of Calloway (CWT.UN-T). | 2005-07-29 | |
| TOP PICK | 21.030 | Leslie Lundquist | (A Top Pick Jan 10/05. Up 17.5%.) A leader in their industry. Excellent track record and very strong management team. Even though they are very large there is an opportunity to create more value through partnerships with institutions where they will generate management fees or other partnerships buying distressed/underperforming properties and fixing them up. | 2005-07-22 | |
| BUY | 20.970 | Matt Baillie | Retail space is a pretty steady space. The difficulty here is how do they grow when they are so big. Have been impressive. Have only about 1% organic growth. Can also grow 1% through joint ventures they have as well as 1% by development and repositioning of property. | 2005-07-15 | |
| BUY | 20.600 | James Cole, BA, CFA | Has raised its distribution every year. Good acquirers of core shopping centres which are generally anchored by a food tenant. Low risk. Well managed. Long term prospects are good. Standard & Poor is going to include income trusts in the S&P/TSX composite index at the end of this year. This one will be a shoe-in. | 2005-07-06 | |
| DON'T BUY | 20.560 | Gail Mifsud | $20 target price. Neutral on the stock. Benefits from their size as it will be in everyone's portfolio. Growth prospects are slowing down. | 2005-07-05 | |
| DON'T BUY | 20.000 | Robert Lauzon | Q: Riocan (REI.UN-T) versus TSX Capped (XRE.UN-T). A: With Riocan you are taking company specific risks while the TSX Capped (XRE.UN-T) would be more diversified. | 2005-06-17 | |
| BUY | 19.600 | Dan Bastasic | The largest retail REIT in Canada. Very well managed. Going forward feels that they will realize a lot of growth through the joint ventures they recently entered into which consists of taking underdeveloped retail properties, fixing and remodelling them and increasing the leasing around them. | 2005-05-27 | |
| BUY | 19.200 | David Baskin | A wonderful stable stock. The yield is rock solid at about 300 basis points or more over the 5 year Canada's. Great product for a RRIF. | 2005-05-24 | |
| PAST TOP PICK | 18.450 | Michele Robitaille | (Was a Top Pick Mar 18/05. Down 1.8%.) A core holding. Strong management. This weakness is a good buying opportunity. | 2005-04-15 | |
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