STOCKCHASE

High yield of around 9%. Had been doing a lot of growth. Not much institutional support. Has been significant concern that the CEO has been taking very good care of himself on the financing. They claim they're going to be improving that. Looks safe right now but the market will be watching very carefully.

2011-10-18

SELL

12.040

Jeffrey F. Olin

Doesn't like this REIT at all, basically because of management. Suspects that some of the net operating income from some of their recent acquisitions won't stand up over the test of time.

2011-09-26

Comment

12.820

CEO’s contract is like no other. He takes fees both coming in and going out. Has pushed some good product and has done a lot of stuff well. Hasn't looked at this one closely although he has a little bit.

2011-09-19

Comment

11.650

Recently sold a large part of his holdings. Bothers him that CEO’s compensation is based on growth rather than profitability. Also making more acquisitions outside of Canada and hopes they can transition these into accretive acquisitions. Doesn't expect much growth.

2011-08-10

DON'T BUY

11.450

Has a fundamental difference with management on how the REIT should be managed. Assets are very good but the leverage is way too high and the distribution is not sustainable. Income is not as secure as in other REITs.

2011-08-04

BUY on WEAKNESS

13.840

Company has had a chequered career and have now developed a reasonable and diversified portfolio. Yield of over 8%. Some questions on CEO’s compensation. If interest rates rise, there could be problems.

2011-05-30

SELL

19.210

Jeffrey F. Olin

Over-paying distribution and have done so for a long time. Not a big fan of senior management. They are more financial engineers. Cautious of this name.

2010-11-05

WEAK BUY

17.400

Have done a significant job of diversifying. Brought their payout ratio down from about 130% to 117%. A definite Caveat Emptor so don't invest too much.

2010-10-07

BUY

15.410

Focuses out west on office, retail and industrial. Over distributes on incoming income so the question is can they grow big enough to offset this. I've made some accretive acquisitions over the last several months. Relatively inexpensive.

2010-09-01

DON'T BUY

14.750

Have done some fancy financing that he was not comfortable with. Caveat emptor.

2010-08-03

Comment

14.090

Over distribute over their AFFO (Adjusted Funds from Operations). Leverage is higher than industry standard. Good properties. Management is on target and appropriately aggressive. Will have to issue more equity or buy more properties to get the 12% distribution on side.

2010-05-28

HOLD

14.450

(Market Call Minute.) Likely to be challenged in the future. Still have some financing issues.

2010-05-17

DON'T BUY

15.210

Just acquired a number of properties on the Hwy 427 corridor in the Toronto area. Don't own the entire asset, which enables them to boost returns by charging asset/management property fees. He would like to see a couple of quarters of them operating. Too much over distributing and over leveraging for him.

2010-04-28

DON'T BUY

15.010

Core of their business is government offices in Regina and Quebec city. Many questions about how good their finances are and if there is another shoe to drop. Very high payout ratio so there is a real risk they may have to cut distributions.

2010-04-15

Comment

14.890

Has had a lot of discussion over the years but is gradually gaining credibility. Detractors still suggest financing is not what it should be. Started with a core of government offices in Ottawa and Regina. Still challenged on debt.

2010-03-19

DON'T BUY

15.640

Sold this position. Bearish about this name. He sold at half this price. He continues not to like it because of the excessive leverage. Juicy yield (over distributing).

2010-01-19

Comment

17.210

A REIT that focuses on property mainly out West. Office properties and B buildings. Were hurt when the Alberta economy slowed down. Also had too much debt. Over distribution of payouts. Down so much that the value is intriguing. Thinks 19.5% distribution is safe but questions if they can grow it.

2009-08-12

DON'T BUY

16.300

You have to dig through financial statements and reporting to understand what is really going on. If you look at cash in/cash out they are over distributing. However, their statement of changes and financial position and cash flow statement, there is about $500,000 shortfall. Yield of about 20%.

2009-07-20

DON'T BUY

17.490

Illiquid. CEO wanted to get out of the business and gave himself some options. Tried to sell the company but not able to. Now comments that he always wanted to be here. Core government related business in Regina and Quebec city. Did a good job on an office building in Toronto. 125% payout ratio. Highly likely they will cut the distribution.

2009-06-25

HOLD

15.090

Payout of about 125%. Yield of 22% and even if it cuts distribution; you still end up with 15%. Has a very stable base. A lot of government buildings in Quebec and Regina.

2009-06-09

DON'T BUY

14.800

You invest in 22% with 10 million when you have refinancing coming up and they cut you back 10 Million. They have a core of very good government-related buildings. Doesn’t know if they can pay the 22% on the loan. Doesn’t know how they are earning the income.

2009-04-29

DON'T BUY

15.100

(Market Call Minute.) Undervalued but there are better opportunities elsewhere.

2009-03-17

Comment

14.800

Mid-cap commercial diversified with exposure in Toronto and Quebec city. He has been concerned with some of the reporting seeing and some of the numbers that are being generated. Good portfolio and well-financed but doesn't know that it should trade at a premium. You would be better off in the larger cap REITs that are more stable.

2009-02-12

DON'T BUY

10.000

Retail, office and industrial. Biggest exposure is Regina and Quebec city. Over distributing but have made a good effort to backfill. A “wait and see” story.

2008-08-13

HOLD

10.520

Put themselves up for sale, which created a lot of confusion. At the end of the day this is a quality portfolio of commercial diversified assets. Good exposure to the Saskatchewan economy as well as Quebec City. Need a couple of quarters to see what it’s going to look like going forward.

2008-06-12

WEAK BUY

9.600

An attractive name, the portfolio is over distributing. The quality of the real estate is exceptionally good. Structured very well.

2008-03-24

DON'T BUY

10.080

Focused on office, industrial and retail. Major concentrations are in Quebec and Regina. Management lost the confidence of Bay Street. Will have to work very hard to recapture that and it will be an uphill battle. Over distributing. Would prefer Cominar (CUF.UN-T), Artis Real Estate (AX.UN-T) or H&R (HR.UN-T).

2007-12-07

DON'T BUY

13.600

Was up for sale and the price took a big jump. Has dragged on for a long time. He sold his holdings. Provides a fairly good yield. Better places to be.

2007-05-07

SELL

14.100

Was supposed to be up for sale, but there is no news or rumours that he has heard of. He sold his holdings around $14.

2007-04-11

HOLD

14.150

Commercial diversified. Heavily focused in office particularly in Quebec and Regina. Put itself up for sale in January. Waiting to see how things pan out.

2007-04-03

Comment

14.620

A small-cap diversified REIT, office, industrial and retail. Strategy is to buy good-quality real estate in secondary markets and, generally with provincial government tenants. Over distributing. Thinks it will get sold shortly. 3 properties just got sold.

2007-02-16

WATCH

13.950

Looking for a buyer or partner. There is significant value in this one.

2007-01-19

Comment

13.900

Fairly new and still has to prove itself. There are mixed opinions on this one. Fairly good yield. Is pretty sure it is not earning its distributions. Have a lot of government buildings. Owns some but isn't buying any more.

2007-01-12

BUY

13.500

Small micro cap REIT. Commercial, industrial and retail. Good discount at these levels, Over distributing, but thinks they will hit 100% in Q1 or Q2 of 07.

2006-12-22

DON'T BUY

12.300

Some debate as to how much more they are distributing than they are earning. Still a story to be proven. Big in Quebec and Regina as well as having some places in the Maritimes and Toronto. Heavily leveraged. 9% yield.

2006-12-08

BUY

12.150

A commercial diversified REIT. Primarily office with a little bit of retail and industrial. Have aggressively cut their payout ratio to about 120%. Anticipate getting to 100% by Q1 or Q2 in 07. Trading below net asset value. High leverage in the 70% area.

2006-11-21

BUY

12.400

Bruce Campbell

Solely and Alberta based REIT. 9% yield.

2006-08-25

BUY

3.300