STOCKCHASE

(A Top Pick Apr 29/09. Up 33.6% excluding yield.) Has been criticized a lot on their payout ratio, which they never seem to quite do. And under performer to its peers.

2010-03-19

TOP PICK

19.470

Payout ratio soared in Q4 and they have to do a lot of acquisitions to back fill their distributions.

2010-03-17

Comment

18.950

Believes that it will be allowed to have a percentage of its assets outside Canada and still be allowed.

2010-03-09

DON'T BUY

19.050

John Zechner

There is a worry about commercial property in general. The REITs in general had a fantastic move off the bottom, so there is not much room for growth here.

2010-03-01

BUY

18.830

David Baskin

Largest shopping center owner in Canada. Have been affected by retail centers. Distribution is not in doubt. Great thing to own in a riff.

2010-02-25

DON'T BUY

18.890

Largest real estate company in the space. They are now going into the US, which he has a problem with. You have to make sure their execution is perfect. They are still over distributing (~110%). They are vulnerable. They probably wont cut the distribution, but they wont grow it.

2010-02-24

BUY

19.080

David Baskin

Has the best portfolio of shopping centre properties in Canada. Good yields.

2010-02-08

BUY

19.800

Historically they have made up for their 125% payout ratio through the sale of assets. They went on record that they expect to cover their distribution by the end of the year. They are one of the best teams on the street.

2010-01-19

Comment

19.040

Basically big box retail centres. Great management. Retail sales have been poor and the prognosis is mediocre and they are not earning their pay out but plan to continue the payout until times get better. If you are a long-term investor, this is a good time to buy.

2009-12-23

BUY

18.540

Sold it a month ago. He likes it but had other uses for the money. Distribution is safe, inflation would be positive for it.

2009-12-14

PAST TOP PICK

18.290

(A Top Pick Nov 20/08. Up 59.03%.) Had a nice run up but would be more cautious about adding at these levels.

2009-12-03

BUY

18.290

Prakash Hariharan

It’s a play on management. They made a jump to buying properties out of the US. So you are getting US exposure. At the end of the day, they have not cut distributions. It’s a good income trust to buy below $17.50. Sell above 20. He would prefer AX.UN-T because of the payout ratio.

2009-12-01

HOLD

18.450

(Market Call Minute.) A little bit ahead of itself. Would buy around the $17 level. Solid management team and high-quality real estate. 7.5% yield.

2009-11-25

BUY

18.050

Paul Harris, CFA

Well run company. Big anchor tenants. One of the best companies in the Real Estate Sector, but they pay out more than they earn. Hopefully this will change as they expand. You have to keep an eye on this. REITs will stay after 2011 so you don’t have to worry about that.

2009-11-03

Comment

17.910

Just recently sold his holdings, as it was getting a little pricey. First class company.

2009-11-02

BUY

17.730

Mike S. Newton, CIM FCSI

Might be fully valued but you are getting that yield.

2009-10-27

Comment

18.400

Stocks are already beginning to price in the conversion factor on changing from trusts. There could be 30%-40% drop in payouts but as a REIT, it may not fall in this category. Commercial real estate is starting to be affected by perceived problems. (REITs are supposed to continue qualifying as Trusts so please check with your own advisor regarding this. Editor.)

2009-10-14

Comment

17.670

Largest REIT and excellent operators. Growth and distributions based on very vibrant new developments but doesn't think this is part of the distribution growth right now so doesn't know how they're going to increase distributions, which are safe. Very good balance sheet. (He holds debt, not the equity.)

2009-10-06

WAIT

17.360

Prakash Hariharan

Have not cut distributions – kept their word. It’s a good time to buy on a pull-back. Look for below $17

2009-09-29

HOLD

17.070

Basically retail shopping REIT. The worries have been that if retailers start going out of business and can't pay the rent they'll be in trouble. Thinks we are through the worst of it now.

2009-09-10

HOLD

17.000

Rick Stuchberry

(Market Call Minute.)

2009-08-27

HOLD

16.520

(Market Call Minute.) Distribution is too much against their Adjusted Funds From Operations. Can't see any real growth development.

2009-08-12

BUY

16.250

Mike S. Newton, CIM FCSI

(Market Call Minute.) Excellently run. Everybody is starting to say the other shoe may not drop.

2009-08-11

HOLD

14.980

Very high quality REIT. In the retail side, which is a little bit more defensive in this environment because they have large big box retailers. Payout is a little high but she thinks they can grow into it.

2009-07-17

BUY

14.180

Rick Stuchberry

Likes this one here. The risk is a general slowdown in the economy. Has good management and is very diversified. Biggest REIT in Canada. 9.7% yield. Has gone through the corrective phase and is now expecting improvement in the REIT group.

2009-07-10

PAST TOP PICK

14.420

(A Top Pick July 24/08. Down 20.84%.) Sold his holdings at about $12. REITs are doing deals at 8% on the credit side but getting income at about 7.5%. Fairly valued but doesn't see going up anymore.

2009-07-08

Comment

14.850

Has under performed a lot recently. Haven't put themselves in position to take advantage of things. Have a high distribution.

2009-06-25

Comment

15.000

Everything about this firm is really good except that they don't earn their distributions. Doesn't expect particularly good performance. Low debt and great shopping centres with very good management. Under performed significantly in the last month or so. If the economy does not pick up they will have troubles but on the other hand they have good tenants.

2009-06-09

BUY

15.030

One of the biggest, if not the biggest public shopping centre companies. Almost pure retail but with some office structures. Not doing as well because retail is down. Just did a financing to shore up their balance sheets. Thinks distribution is secure. Not a bad place for decent income. 9% yield.

2009-06-08

BUY

14.890

Largest REIT in the country primarily focused on unenclosed power centres in large cities. Approaching fair value at these levels but there is some upside. Over 9.3% yield.

2009-06-03

TOP PICK

14.800

Rick Stuchberry

Largest REIT in Canada with retail, office and industrial. 9.4% yield and history has been to increase. Because of the government’s treatment of income trusts people are yield deprived and this is a good yield play.

2009-05-28

Comment

14.480

One of the worries with commercial REITs is the extent of the economic slowdown and the risk to their tenants. This is probably one of the premier REITs and will survive. Expect there will be some choppy waters over the next year or so. Company states they will not touch the distributions.

2009-05-27

BUY

13.750

(Market Call Minute.) One of the top 3 real estate companies in Canada. Great tenants and great assets.

2009-05-14

TOP PICK

14.440

Reasonable quality. Sustainable 10% yield. Payout ratio is above 100%. Not too much debt and they will refinance buildings to meet payout ratio above 100%. This is ok with them, specifically. They have lots of room to raise money.

2009-04-29

BUY

14.550

One of largest operators of Canadian REITs. Should be bouncing off a bottom here. Potentially worried about distribution, depending on increasing vacancy rates. Not worried short term.

2009-04-27

BUY

12.570

One of the largest shopping centre REITs in Canada. Their anchor tenants are all doing very well.

2009-03-25

BUY on WEAKNESS

12.650

Premier REIT in Canada. Distribution has always been troublesome. About 110% payout ratio with about 75%-80% covered by core cash flow and the rest by gains on the sale of assets. Have been very busy making acquisitions, which has all been very accretive. Would Buy around $11 and Sell at around $13.

2009-03-17

PAST TOP PICK

12.690

Kevin Hall BComm, CFA

(A Top Pick Dec 4/07. Down 37%.) The largest REIT in Canada and very well diversified. Unfortunately, REITs are getting tainted with the same brush as financial services. Has been oversold.

2009-02-27

BUY on WEAKNESS

12.140

Good-quality balance sheet and properties. This is one that he periodically adds to on the dips. Payout looks solid.

2009-02-24

SELL

13.240

If he were going to buy any REITs, it would be Calloway (CWT.UN-T) or H&R Real Estate (HR.UN-T). Suggests that you switch to Calloway.

2009-01-20

SELL

13.980

(Market Call Minute.) Doesn't think they will be able to grow their distributions high enough.

2009-01-13

Comment

13.720

Largest real estate owner in outlet malls. A lot of staples in their property. Funding costs are getting lower. Doesn't expect distributions will grow as much as they expected. This will create some pressure on the stock.

2008-12-17

TOP PICK

13.900

Largest REIT in Canada, and is retail based. There are concerns with their payout ratio, because they distribute gains. He feels comfortable 2008/2009 they can distribute their gains. 2010/2011 they could have 100% payout ratio just in their core distribution. Overall he feels that it is a core name and feels distribution is sustainable. Buy at $11 to $12, and sell at $15 to $16.

2008-12-16

BUY

14.010

Shouldn't do too badly owning this one. Canada's largest publicly traded retail operator. During these tougher times, this is the type of REIT you want to go to.

2008-12-08

BUY

13.430

One of the highest quality shopping centre real estate investment trusts. Strong management team. Well positioned. Tremendous value.

2008-12-05

TOP PICK

12.750

Very low debt to book value. Trading at decades low in terms of price to cash flow and other severe discount to its price to net asset value. Very stable cash flow. Well-managed.

2008-11-20

TOP PICK

17.050

Biggest, largest most liquid REIT in Canada. Retail exposure was a good tenant base of conservative retailers. About 30% of their distribution is subsidized by gains. Moving away from this. Over 8% yield. Good management and good assets.

2008-11-03

Comment

16.800

Believes the distribution coverage is good. Currently very well tenanted. Very high quality asset base with relatively modest leverage on it. Concentrated in the 5 major Canadian cities.

2008-10-24

BUY on WEAKNESS

19.850

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

(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

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

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

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

(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

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

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

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

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

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

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

Largest REIT in Canada. Trading at a discount to NAV.

2008-01-14

BUY

19.620

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

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

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

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

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

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

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

The largest shopping centre REIT. Across Canada. Good valuation at these levels.

2007-11-08

BUY

23.250

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

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

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

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

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

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

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

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

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

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

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

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

Has under performed for quite awhile. Good earnings behind it. Takeout candidate.

2007-05-07

HOLD

26.000

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

Large real estate, shopping malls development. Stable, great company.

2007-05-03

HOLD

25.750

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

(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