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| DON'T BUY | 4.820 | Jeffrey F. Olin | He has been Short this stock for some time. They had a big concentration of tenancy to Prism, which has had financial troubles and they are disclaiming leases and has some short-term capital issues there. Very high risk and he does not believe the yield is sustainable. | 2011-12-21 | |
| DON'T BUY | 4.760 | Ben Cheng | The last time he looked at this, it looked like the payout ratio versus what they are earning was very close at about 100%. Sustainability is in question. Also, having a single tenant brings out some of the riskiness in the business itself. | 2011-12-20 | |
| WEAK BUY | 6.400 | Charles Dillingham | Some shopping centers but also a lot of sites for convenience stores including KFC, etc. Parent of KFC has gone bankrupt. Although properties are still good, there have been some issues because of this. Improving and have managed to buy some things. Doesn't know if it is worth the risk as he hasn't looked at it closely enough. Yield of 13.2%, which could indicate a cut at some point. (Owns some convertible debentures.) | 2011-10-18 | |
| SPECULATIVE BUY | 7.180 | Charles Dillingham | Had a big debt maturity coming up. They have handled a big part of that debt problem in the last couple of days. Illiquid and higher risk. It has been handling its problems. | 2011-03-10 | |
| DON'T BUY | 7.090 | Charles Dillingham | Their parent company, which owns about 50% of the tenants, is in serious financial trouble. He has held off buying although he does own some of their convertible debentures. | 2010-09-01 | |
| DON'T BUY | 7.090 | Charles Dillingham | Their parent Prism is in serious trouble, which could have an effect because of the overlapping ownership. They also have a big chunk of debt coming due. | 2010-08-03 | |
| Comment | 7.070 | Charles Dillingham | Owns some of the convertibles but hasn't followed it. Thinks it may have a debt issue that may have to be cleared up before too long but numbers are reasonably good. 12% distribution. | 2010-05-17 | |
| Comment | 7.300 | Charles Dillingham | Illiquid. Challenged at times. He owns some of their convertible debt. Proving to be survivors. Still have a big debt hurdle coming up that puts a cloud on them for a little while. Probably okay. 11.6% yield. | 2010-03-19 | |
| DON'T BUY | 8.190 | Dennis Mitchell, CFA | Quick service restaurants such as KFC. Moving into small strip malls. It’s a wait and see. | 2010-01-19 | |
| BUY | 7.050 | Prakash Hariharan | (Market Call Minute) Mid-cap REIT. A Leveraged play on spreads | 2009-12-01 | |
| Comment | 5.720 | Charles Dillingham | Debt is a serious challenge. They have improved. He owns some of the convertibles but hasn't owned the stock for a long time. Numbers are better and reasonable management. | 2009-08-10 | |
| DON'T BUY | 5.860 | Dennis Mitchell, CFA | Primarily owns standalone KFC’s, Taco Bell, Pizza Hut etc. Beginning to diversify by buying single-purpose or triple net lease properties. Have $65 million debt maturing that they will have to replace. Better quality names with better quality real estate available. | 2009-07-20 | |
| Comment | 5.700 | Charles Dillingham | (Market Call Minute.) Has moved up a lot. Still has some debt to cover off next year. If you made some money consider taking some profit now. | 2009-06-25 | |
| BUY | 5.250 | Charles Dillingham | Strip retail and stand-alone retail. Numbers surprised the market. Fairly stable business. In a year or so they have a big debt that matures but they should work your way through this. 16.2% yield. (He owns some of their convertible.) | 2009-06-09 | |
| BUY | 9.000 | Dennis Mitchell, CFA | Triple net leases of strip retail and standalone retail. Good entry point if you are in for the yield, as the chance of a distribution cut is very slim. Relatively good tenant base. Don't buy for capital appreciation. Trading around NAV. | 2007-08-16 | |
| HOLD | 10.580 | Charles Dillingham | Has the Kentucky Fried Chicken as its base giving it a steady income. Trying to expand and get into a broader mix. | 2007-05-07 | |
| DON'T BUY | 10.430 | Dennis Mitchell, CFA | Focused on stand alone KFC’s and Taco Bells. Diversifying into anchored strip centres, smaller retail platforms. This is a small cap REIT and he would expect faster and more accretive growth. A “ wait and see” REIT. | 2007-04-03 | |
| Comment | 10.260 | Charles Dillingham | Disappointed investors a little bit. Haven't performed that well. Illiquid. | 2007-01-12 | |
| DON'T BUY | 10.200 | Dennis Mitchell, CFA | A retail focused REIT. An external acquisition story that has yet to deliver. Excellent yield and sustainable distributions. Long-term leases. Sees better upside in other names. | 2006-11-21 |
