STOCKCHASE

Valuation is high. Trading at a pretty nice premium to the group. Great long-term investment though.

2012-01-25

TOP PICK

26.540

Laura Wallace

Best in class, record of increasing payout. Bring outlet malls to Canada. Lots of opportunities in the US. American retailers are discovering retailers. Target will be very beneficial to Reocan. Very attractive distribution.

2012-01-12

HOLD

26.310

Looks expensive at 20X multiple and their yield is still in the 5.5% range but have a very conservative portfolio of good quality shopping centers across Canada. The US holdings seem to be working. One of the best.

2012-01-06

PAST TOP PICK

26.340

(A Top Pick Jan 25/11. Up 19.78%.) Reits make up about 20% of his Income portfolio. On average they are 99% occupied. For the shopping center REITs, it's going to be a good year because you have a few US retailers coming to Canada. There will be some pricing power and rents will go up.

2012-01-05

BUY

26.330

Michael Decter

Does not own a lot of it. It carries a premium. Terrific manager. Very sold value sop you can’t go wrong. Tends to own a few others, though.

2012-01-04

Comment

26.150

Investing in their debt? Largest Canadian REIT and is focused on shopping centers. People are looking for yield and safety of principal and you get it with this company. If you are looking for a reliable, safe, predictable income stream where you can sleep at night, this is a good call.

2011-12-21

HOLD

25.340

It is not cheap. Closed two acquisitions this week. Largest REIT in Canada. He would not be adding aggressively at this level but is a core position in his portfolio.

2011-12-05

Comment

25.000

John O'Connell, CFA

Has been a great growth story. Expanding more into the US now, probably because they're such a dominant player in Canada. Be aware that REITs are very interest rate sensitive.

2011-11-02

DON'T BUY

24.970

One of the biggest retail REITs. Considered to be pretty expensive. Pretty low yield. Seems to have expanded into the US successfully. This is one of the names that Americans Buy first. Would Buy something else.

2011-10-18

BUY

25.200

Christine Poole

High quality REIT, around for a long time. Yield not one of the highest. Well run company. She likes it and was looking at REIT sector again.

2011-10-12

Comment

26.000

4th largest commercial REIT in North America. Have increasingly grown their foot print in the US. Strong management. Trades at a premium. Big beneficiary of Target (TGT-N) coming into Canada.

2011-09-26

HOLD

26.040

Sitting around 20X earnings. Very good name. If the Americans come in, this is one of the big names they buy. Very liquid.

2011-09-19

BUY

25.420

Douglas Kee

A good name. Well managed.

2011-08-29

BUY

24.990

Andy Nasr

Pretty good upside left. Retail locations. National tenants. Very good management team. Likes retain sector. Economy here is doing relatively well. Easiest to reach consumers in Canada with majority in 6 largest centers. They can increase cash flow over the next 5-10 years.

2011-08-23

PAST TOP PICK

24.130

(A Top Pick Aug 9/10. Up 26.85%.)

2011-08-18

PAST TOP PICK

25.250

Bruce Campbell

(A Top Pick Sept 2/10. Up 26.16%.) Strip shopping malls. Able to make cheap acquisitions in the US now. Good management.

2011-08-15

HOLD

25.200

Moved into the states. Not much room for growth in Canada. It’s expensive, but a very good name. Don’t sell because it is a bad entity. All the other ones are a bit cheaper.

2011-08-12

BUY

25.930

One of Canada’s largest retail mall operator. The industry has literally plummeted off the table in the US and they are buying property there at bargain basement prices. Good balance sheet.

2011-07-14

Comment

26.350

Ross Healy

One of best managed REITs and heavily into the commercial area. Stock has had a nice run, but from his point of view it is at the high end of his Fair Market Value range. Doesn't see a lot of upside for this.

2011-07-12

STRONG BUY

25.530

Outstanding. Big winner from the Target stores coming to Canada. Not necessarily their top pick, but a good pick. Have been opportunistic in the states, and will continue to be.

2011-06-21

Comment

25.450

Calloway (CWT.UN-T) or RioCan (REI.UN-T) regarding risk? Right now it would probably be Calloway. RioCan has moved up a lot and has gone into the US. Calloway has room for growth, it’s all in Canada and its multiple is lower.

2011-05-30

BUY on WEAKNESS

25.520

Largest REIT in Canada. Target just announced that they will be taking around 18 or 19 of their Zellers stores. Good balance sheet and lots of cash. US expansion strategy is working out very well for them. Will probably buy Cedar, a retail REIT in the US. Try to get in the $24’s.

2011-05-26

TOP PICK

25.560

RioCan is a bond that is a great way to get exposure to the real estate market in Canada.

2011-05-17

HOLD

24.990

One of the biggest real estate REITs in the country. Very strong franchise in the big-box stand alone REITs. High quality company. US retail companies coming into Canada is positive for REITS as there is not a lot of unspoken for space. She has been paring a little of her REIT exposure.

2011-04-08

BUY

24.850

Over 99% occupancy, which gives them pricing power and the ability to raise rents over time. They’ll continue to grow their square footage. Likely to win some of Target’s (TGT-N) business as they want to expand. Almost 6% yield.

2011-04-07

DON'T BUY

24.630

#1 retail operator in regards to lending to retailers. Getting the benefit of large retailers moving up from the US. Expanding into the US in order to get the payout under 100%. Still trades at about a 37% premium to NAV and 15%-16% to AFFO. He prefers owning their debt.

2011-04-05

DON'T BUY

23.540

Excellent managers. Expanding into the US. Good occupancy levels. Expensive at 16X price to AFFL and 25%-30% above NAV. Better value elsewhere. (He owns debt.)

2011-02-23

Comment

23.300

Had a lot of criticism for a long time because they kept their payout ratio too high. Payout ratio is still a little too high but they are very innovative. Moved in the US. Recently joined up with the Tanger REIT, which is very good. Not likely to move up from here. OK for a long-term position.

2011-02-04

BUY

23.350

Michael Decter

Skillful management. Starting to go into the US and also there are some big box US chains starting to come to Canada. Can see another leg up in a growing economy.

2011-02-03

TOP PICK

23.240

Canadian Retail space is at 99% capacity. With Target coming into Canada, they will need retail space. REITs borrow at 4% and invest at 7%

2011-01-25

BUY

23.030

Grand Daddy of Canadian REITs. It is the number one the Americans look at when they look to Canada. Have expanded in the US. Big beneficiary of Target move into Canada. A name that has always traded at a premium and deserved it.

2011-01-18

BUY

22.220

Stan Wong

A yield play that has done very well over the last few years. If interest rates start to move up, this might not look as attractive. With Target (TGT-N) acquiring Zellers, which are tenants of this company, it might be beneficial but that doesn’t happen until 2013.

2011-01-13

TOP PICK

22.080

Biggest name in TSX. Less than 5% in US and moving to 10-15%. Successful in the US.

2011-01-07

Comment

21.870

Brendan Caldwell

Real estate sector has done really well but it will be hard for them to go further. May not have the same performance as in the past.

2010-11-25

DON'T BUY

21.940

Acquisitions they did in the US were very accretive. Good quality core name. Wishes distribution was on side, but they are making acquisitions. 6.3% yield.

2010-11-17

HOLD

22.880

Premium valuation. Position of influence in Canada. The first name you come to if you are an American and wanting to invest in Canadian real estate. CEO says by end of year they will not be over paying distribution. You can buy it and rest well.

2010-11-05

Comment

22.110

Benj Gallander

Pays a nice distribution. Management is very seasoned. US properties can be picked up at very reasonable prices and they are quite adept at doing this.

2010-09-17

TOP PICK

21.010

Bruce Campbell

Largest and oldest REIT. Shopping centres. So big in Canada that they’re starting to dip their toe into Texas and Pennsylvania. These are accretive acquisitions. About 7% yield. Great place to hide in this environment.

2010-09-02

BUY

21.020

Calloway (CWT.UN-T) versus RioCan (REI.UN-T)? RioCan is feeling very challenged as it can't find any growth in Canada so are expanding into the US. Calloway has always had more sites than they were using and have the Wal-Mart relationship allowing them to expand. For immediate growth and a better economy in Canada, Calloway has the advantage. Very close to being the same.

2010-09-01

BUY

20.000

Looking long term, this is more diversified both in Canada and the US in the office area. If interest rates start to pick up, their progress could be impeded.

2010-08-12

TOP PICK

20.400

Canada's largest retail landlord with 98% occupancy. No one customer is worth more than 6%. Costs than 4% to get money and they can invest at 7%-8%. Expect Target could come into Canada and will need 200 locations.

2010-08-09

Comment

19.990

Westshore Terminals (WTE.UN-T) or RioCan Real Estate (REI.UN-T)? Strip malls and biggest public real estate firm. Prefers Westshore as it is not susceptible to volatility of coal and the payout ratio is very conservative. Payout ratio on this is about 110%.

2010-07-26

HOLD

19.610

Great management and great assets and very low leverage but they are over distributing. Doesn't think they will grow into their distribution this year or next but should be able get there in 2012. Making acquisitions in the US. Distribution is probably safe.

2010-07-15

DON'T BUY

19.350

One weakness is the payout ratio. Swear they will never cut the distribution. His guess is that they probably wont. They’ve under performed this year. Good centers, good managers. Callaway is a better choice in the same market. He trades in and out of it.

2010-06-18

BUY

19.230

In retail and are very good at everything they do. Payout ratio significantly exceeds what they are earning. It is almost certain they will keep their distributions at the current level.

2010-05-17

PAST TOP PICK

19.520

(A Top Pick May 28/09. Up 41%.) Has a nice yield.

2010-05-14

BUY

19.850

One of the closest proxies we have two the US real estate index. Have always had a very high payout ratio. Good management. Retail spending is increasing. Would like to see it at $18.

2010-05-12

TOP PICK

19.700

Steven Conville

Biggest REIT and will mitigate any near-term risks. Had a great run and has levelled off. Near-term it might have another $2 but he really likes 7% distribution and the diversity of their holdings.

2010-05-03

BUY

18.810

Good for a long investment horizon.

2010-04-28

BUY

19.420

Michael Decter

Great management. Expect REITs will retain some popularity, even as interest rates rise. Expect interest rates to rise gradually. Also, unlike a bond, REITs offer some growth possibility.

2010-04-22

WAIT

18.570

(A Top Pick Apr 29/09. Up 38.32%.) H & R Real Estate (HR.UN-T) or RioCan (REI.UN-T)? H & R has done very well while RioCan has under performed. Because H & R had to cut distributions (now 4.2% ) because of debt, they will likely raise distributions. In very good shape. RioCan overpays on distributions so are under a bit of a cloud. Both are okay and you are not wrong either way. Would wait for numbers to be reported.

2010-04-15

HOLD

18.480

Has had a good run up but it has a nice yield on it. Their move into the US is a small one but think they have researched it enough. Not earning enough to pay distributions but good management.

2010-03-31

PAST TOP PICK

19.320

(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

Norman Levine

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

Norman Levine

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

Michael Simpson, CFA

(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

Michael Sprung

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

(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

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

Norman Levine

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

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

Michael Sprung

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

Sandy McIntyre

(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

Michael Simpson, CFA

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

Sandy McIntyre

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

Michael Simpson, CFA

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