| TOP PICK | | Dundee REIT | D.UN-T | 33.980 | (A Top Pick July 23/07. Down 21%.) GE acquired their eastern assets. Any risk would be the Alberta market. Buildings are quite close to city centres. Very good management. | 2008-06-02 | |
| TOP PICK | | First Capital Realty | FCR-T | 24.140 | (A Top Pick July 23/07. Down 3%.) Properties are across the country. Located on corners and include a grocery store, drugstore, bank, et cetera. Low payout ratio. Fairly high yield and moderate debt. Earnings are sustainable. | 2008-06-02 | |
| TOP PICK | | Crombie Real Estate Investment Trust | CRR.UN-T | 11.350 | Mostly in Atlantic Canada. Have Sobey’s as anchor stores. High yield and well managed. | 2008-06-02 | |
| PAST TOP PICK | | Brookfield Properties | BPO-T | 19.990 | (A Top Pick July 23/07. Down 21%.) Concerned that the financial market will be hurt. Wouldn't buy at this time. | 2008-06-02 | |
| Comment | | Holloway Lodging REIT | HLR.UN-T | 3.990 | 60% of hotels in Alberta. 20% in gas areas. Got hurt badly with the implosion of drilling. Drilling has picked up but is volume anywhere close to what it was? Gas locations may remain slow because of a lack of rigs. The rest of their areas are doing well. | 2008-06-02 | |
| Comment | | Lakeview Hotel REIT | LHR.UN-X | 3.850 | Have about 11 or 12 hotels with 5 being in natural gas locations. Do your own research on drill rigs and activity. Very volatile because it is based on gas. | 2008-06-02 | |
| HOLD | | InStorage REIT | IS.UN-T | 4.780 | Bought a lot of expensive property. Top financial guy has left. There will be more competition in the storage area. Probably won't cut their distribution but are at risk. | 2008-06-02 | |
| Comment | | Temple REIT | TR.UN-X | 9.240 | Fort McMurray area so is in the right area. If there is any break in the oil game, it could be a problem, but wouldn’t worry about it. Will probably continue to do well for a while. Consider taking some profits if you own. Not a bad payout ratio at 66%. | 2008-06-02 | |
| HOLD | | Holloway Lodging REIT | HLR.UN-T | 3.990 | A group of 4 or 5 investors own over 50% so there is a chance it gets taken out. | 2008-06-02 | |
| BUY | | Extendicare REIT (DB) | EXE.DB-T | 90.000 | Convertible debenture-5 years-7.25%. Probably a good yield for a conservative investor. | 2008-06-02 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | REIT Market: Is now the time to Buy? A: Pick your spots and don’t buy everything. Have been through one of the major breaks in the system and one can never know. His feeling is that we are very much at the high end of the quality range and you should be OK with the better names. | 2008-06-02 | |
| HOLD | | BTB Real Estate Investment Trust | BTB.UN-X | 1.200 | Retail market in small town Quebec. Started with a 13% yield but it became apparent that they weren’t going to make their distribution. Have brought it down enough, but they still have deals to do and he doesn’t know if they will be able to raise their money. Basically likes them. | 2008-06-02 | |
| DON'T BUY | | Extendicare REIT | EXE.UN-T | 9.800 | Sector should be wonderful but hardly anybody makes any money. Have a lot of business in the US so he is not touching it here. Some question on what the welfare fees will be. Margins are very small. | 2008-06-02 | |
| HOLD | | Chartwell Seniors housing | CSH.UN-T | 10.170 | People have not made money in this area. Have made a number of acquisitions and are creating a portfolio that someone will want. Almost always surprise on the negative in their reports. Have bought their convertibles, but not the stock. | 2008-06-02 | |
| HOLD | | Killam Properties Inc | KMP-T | 8.090 | 6.9% dividend yield, which is very attractive for tax purposes. Fairly solid portfolio in the Maritimes. Don’t look for growth. | 2008-06-02 | |
| Comment | | H&R Real Estate Inv Trust | HR.UN-T | 19.830 | Had a bit of a cloud over it. External management with a lot of fees. A lot of speculation on the Encana building that is being built in Calgary regarding troubles finding a partner and on financing. So the stock has been soft. High quality management. Have a portfolio of very safe long-term leases. Reasonable payout ratio. | 2008-04-04 | |
| BUY | | Killam Properties Inc | KMP-T | 8.000 | Maritime apartments. Pretty straight business. Likes them a lot. Has a very high dividend of about 7%, which he feels is safe. Top-quality apartments in good locations. | 2008-04-04 | |
| DON'T BUY | | Charter REIT | CRH.UN-X | 2.100 | Small shopping centres. Doesn't think it has anything positive about it. Better places to put your money. | 2008-04-04 | |
| WEAK BUY | | Homburg Invest Inc. | HII.A-T | 3.600 | An entrepreneur with heavy debt and a heavy payout. Has done some interesting things in the US. Good portfolio in Europe. You'll get a very high yield on it at the moment so if you have some risk money it could be worthwhile. | 2008-04-04 | |
| WEAK BUY | | Temple REIT | TR.UN-X | 7.110 | Have a very strong, dominant position in Fort McMurray. The risk would be when the pace slows down up there. High yield. Probably worth some money but be cautious. | 2008-04-04 | |
| DON'T BUY | | Calloway REIT | CWT.UN-T | 21.010 | Just sold his last position. They have Wal-Mart, but whenever they bring a new centre in, the REIT’s buys it from smart centres (?) and they pay a high price and then it has to be developed. They are largely in Ontario and he is concerned about the Ontario/Quebec economy. | 2008-04-04 | |
| TOP PICK | | Brookfield Properties | BPO-T | 19.880 | Has been hurt very badly. There was a lot of concern that Merrill Lynch was going to move out of their New York offices, but it looks like that is not going to happen now. Have the best office position in Alberta. Strong management. Relatively low yield but has a low payout ratio. Long-term leases. | 2008-04-04 | |
| TOP PICK | | First Capital Realty | FCR-T | 22.320 | About 25% of their properties are in the process of being upgraded. Properties are all intercity and are all on corners. Low payout ratio. | 2008-04-04 | |
| TOP PICK | | Boardwalk REIT | BEI.UN-T | 39.430 | Has been knocked down but is not quite sure why. Possibly rent decreases in Alberta. Very good quality and diversified. Yield is about 4.6%. | 2008-04-04 | |
| TOP PICK | | Killam Properties Inc | KMP-T | 7.740 | (A Top Pick Jan 18/07. Down 10.2% not including yields.) Apartments and they are earning their money. Debt is not too bad. Important to get guys that don't have to borrow money and have steady earnings in an industry that will survive tough times. | 2008-02-14 | |
| TOP PICK | | Boardwalk REIT | BEI.UN-T | 36.000 | Announced numbers today and the market is not terribly happy with it. They are quality, so tend to be overpriced. One of the top apartment operators. Big in Montreal and in the West. Yield of about 5%. Payout ratio of about 80%. Relatively low debt. | 2008-02-14 | |
| TOP PICK | | First Capital Realty | FCR-T | 22.220 | Yield of 5.7%. Low debt. One of the best management you'll get anywhere. Very well structured. Good value. | 2008-02-14 | |
| PAST TOP PICK | | H&R Real Estate Inv Trust | HR.UN-T | 19.900 | (A Top Pick Jan 18/07. Up 13.5% not including yields.) Was oversold, so just bought more in the $19 range. The one concern is the construction of the building in Calgary for Encana (ECA-T). | 2008-02-14 | |
| PAST TOP PICK | | Canadian Real Estate Investment | REF.UN-T | 27.260 | (A Top Pick Jan 18/07. Up .06 % not including yields.) Very low payout ratio and one of the best quality REITs. Still likes. | 2008-02-14 | |
| HOLD | | Canadian Apartment Properties | CAR.UN-T | 15.210 | Apartments, condos, etc. in Ontario. This one has had more diversity of opinions by people who know the business well. He thinks they're okay. They have been buying back stock. Apartments are long-term big winners overall. 7% yield. | 2008-02-14 | |
| BUY | | Dundee REIT | D.UN-T | 33.000 | One of the more dynamic groups. Have restructured and has become a western REIT. Sold off almost all their eastern stuff. Have rents that are well below the market and have about 12% coming up for renewal. Rolling them over at quite a high rate. Recently bought some of their stock. Have outside management, which some people don't like but the group is dynamic. | 2008-02-14 | |
| Comment | | RioCan Real Estate Investment | REI.UN-T | 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 | |
| DON'T BUY | | Chartwell Seniors housing | CSH.UN-T | 10.400 | Payout ratio is way too high and is almost certainly going to have to cut its distribution. 10% is a very high yield. If the price ever came down to around $9, it would certainly be a good buy. | 2008-02-14 | |
| DON'T BUY | | iShares Dow Jones Real Estate E.T.F. | IYR-N | 63.910 | This is the only ETF on real estate that he would look at. Basically represents the REIT market. He would be more inclined to pick out 4 or 5 of the best REITs. | 2008-02-14 | |
| DON'T BUY | | Lanesborough REIT | LRT.UN-T | 4.750 | One of the problems is a lot of debt and a high payout ratio. A huge portion of their assets is in Alberta and in the oil sands area. He would be careful on this one. | 2008-02-14 | |
| BUY on WEAKNESS | | Brookfield Properties | BPO-T | 19.050 | Some of the sharpest management anywhere. Just announced wonderful numbers. Very low vacancy rate. Big in New York and Los Angeles and brought their debt up a little bit and everybody's worried. Thinks the stock should come down another $1 or so and at that point Buy. | 2008-02-14 | |
| DON'T BUY | | Temple REIT | TR.UN-X | 6.250 | Have outperformed very well. Big in the oil sands area. Obviously bought some assets at great prices. Has moved a lot and is not likely to move a lot more. | 2008-02-14 | |
| HOLD | | Aecon Group Inc | ARE-T | 15.910 | These guys are good. Thinks there might be better opportunities in some of the other REITs. Expect it to move up in the short-term. A lot of speculation on when Highway 417 is going to be sold. Have a large amount of institutional business. Thinks the current price is safe. | 2008-02-14 | |
| HOLD | | Allied Properties REIT | AP.UN-T | 18.740 | Post-and beam older buildings with offices. If the market is going to get very bad, it will have some softness. Have done a very interesting media centre in Montreal. Very well managed and very responsible with their debt and leverage. | 2008-01-18 | |
| HOLD | | InStorage REIT | IS.UN-T | 0.770 | Storage. Was one of the worst performers last year but thinks it's as low as it gets now. They have the capital to keep their 10% yield. He is holding for the long term. | 2008-01-18 | |
| Comment | | Calloway REIT | CWT.UN-T | 20.950 | Very highly thought of by everybody. They work with smart centres that rent to Wal-Mart. They locate land and sell it. Just did a fairly big acquisition that will require about $200 million to build it out. Largely in Eastern Canada where the economy is a bit slower. Cost of capital is higher. He questions if they will get the growth out of this. | 2008-01-18 | |
| BUY | | BCE Inc. | BCE-T | 36.370 | His guess is that even if the deal did not go through, someone else would pick it up for a similar price. If you can afford a little bit of stall, he would be tempted to buy it. | 2008-01-18 | |
| TOP PICK | | H&R Real Estate Inv Trust | HR.UN-T | 17.700 | This has always been the closest to a bond with their long-term contracts. Negative has been their external management and outside fees. The Encana building in Calgary has been stalled. Just announced they are going to sell 5 buildings in Ontario. Market is a little bit in doubt on them. Core of their portfolio is very stable. Have been very much oversold. Caveat emptor. | 2008-01-18 | |
| DON'T BUY | | Chartwell Seniors housing | CSH.UN-T | 9.990 | Seniors residences. Ha more activity than most. Has expanded a lot. Been a huge disappointment at times because of numbers. Because they don't fit the REIT criteria they will have to restructure. Have set themselves up to be taken over. An area that very few companies have made any money at. Given the yield on it, it is Buyer Beware. | 2008-01-18 | |
| TOP PICK | | Killam Properties Inc | KMP-T | 8.500 | Apartments in Atlantic Canada and some manufactured homes in Ontario and Western Canada. Dividend income that competes with the interest equivalent of all the other REITs etc., which are not tax-deductible. They are steady. Have held their value fairly well in recent times. | 2008-01-18 | |
| TOP PICK | | Canadian Real Estate Investment | REF.UN-T | 25.980 | Really well managed. Diversified. A mixture of industrial, office and retail. Montreal and Toronto. Good price. | 2008-01-18 | |
| BUY | | Extendicare REIT | EXE.UN-T | 11.110 | Nursing home area. Good safe, long-term hold. Fairly high yield. Good managers. Expect they will continue to pay their income. | 2008-01-18 | |
| TOP PICK | | Brookfield Properties | BPO-T | 23.250 | Top asset and management group. Have underperformed specifically because there is a major concern that they will be moving their office. They've been discounted too much.
A very well run company. | 2007-10-29 | |
| TOP PICK | | First Capital Realty | FCR-T | 25.600 | It's got a good distribution. A very disciplined cookie cutter formula. Very conservative on their balance sheets. The thing that's hurt them is the US dollar. They own 17% to 18% of Equity One (a real estate company in the states). So that's hurt them. | 2007-10-29 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | A softening in the whole Real Estate market. US has really weakened. Credit spreads have widened.
He emphasises REITs that have very little debt. They get hurt when the whole market goes down, but they are also the first to recover. | 2007-10-29 | |
| BUY | | Killam Properties Inc | KMP-T | 8.750 | They have made a few mistakes, but he likes them. They've got a very good dividend which is a tax advantage. He believes it is sustainable. Not spectacular, but stable. You are buying for the yield, plus a bit of growth. | 2007-10-29 | |
| HOLD | | Chartwell Seniors housing | CSH.UN-T | 12.220 | Not been fans of these guys, because they keep on expanding and expanding but they are disappointing on their numbers.
They need to reorganize because they are no longer considered a REIT. Their payout is more then 100%.
Your chances of losing here are limited. | 2007-10-29 | |
| PAST TOP PICK | | Cominar Real Estate Inv Tr | CUF.UN-T | 21.350 | Then $22.58
Very good steady. Based almost 100% in Quebec. Almost no growth in Quebec.
| 2007-10-29 | |
| PAST TOP PICK | | Calloway REIT | CWT.UN-T | 25.170 | One that the street always seems to like. Has good shopping centers all across the east. Has smart centres where they team up with Walmart.
They are watching them now. | 2007-10-29 | |
| WEAK BUY | | Allied Properties REIT | AP.UN-T | 20.900 | Extremely well managed. Goes into older building and fix them up into offices. They did do a deal in Montreal, in the Media Centre where they will make a lot of money on that. (Explains the pop).
Only concern is if you think the Canadian economy is in trouble. | 2007-10-29 | |
| BUY | | RioCan Real Estate Investment | REI.UN-T | 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 | |
| HOLD | | Canadian Real Estate Investment | REF.UN-T | 29.600 | They hold and hold and hold. Diversified very well managed company. | 2007-10-29 | |
| BUY | | H&R Real Estate Inv Trust | HR.UN-T | 22.020 | Has wonderful assets, long term leases. Very little growth. As secure as anyone.
| 2007-10-29 | |
| HOLD | | InStorage REIT | IS.UN-T | 1.000 | Believes it has a good manager. They've bought a lot of their assets and the units have gone down.
He is betting that their concept will work. | 2007-10-29 | |
| VAGUE | | Lanesborough REIT | LRT.UN-T | 5.250 | Higher risk then most. | 2007-10-29 | |
| WATCH | | Holloway Lodging REIT | HLR.UN-T | 3.800 | Good group, good management. Probably going to improve, but watch for a bit of a turn at the bottom before you look at it.
| 2007-10-29 | |
| WATCH | | Hungtingdon REIT | HNT.UN-T | 2.200 | Now become more and more a Winnipeg fund. Some risks but it's improving. | 2007-10-29 | |
| TOP PICK | | Calloway REIT | CWT.UN-T | 25.170 | One that the street always seems to like. Has good shopping centers all across the east. Has smart centres where they team up with Walmart.
They are watching them now. | 2007-10-29 | |
| WEAK BUY | | Chartwell Seniors housing | CSH.UN-T | 13.200 | Has constantly disappointed people with its earnings. Have been for sale for a long time. Retirement category is supposed to be wonderful but hardly anyone makes money at it. On extreme weakness like today, he buys. Paying out more than its earnings. 8% yield could be cut back. | 2007-09-14 | |
| WEAK BUY | | Cominar Real Estate Inv Tr | CUF.UN-T | 21.770 | Has been disappointing in its performance for a while. Part of it is taking over Alexus Nehon and part of it has been management changes. Probably pretty good value here. | 2007-09-14 | |
| BUY | | Allied Properties REIT | AP.UN-T | 21.200 | Post-and beam type buildings downtown Toronto, Montreal, etc.. Very good management. A slowdown in the economy could hurt them, but so far they are fine. 6% yield. | 2007-09-14 | |
| Comment | | Holloway Lodging REIT | HLR.UN-T | 4.720 | Hotels have had a very tough time lately. If you are worried about the economy, hotels are not popular during recessions. Also, fewer US visitors. With its current weakness, you could try to buy at the bottom, as it is a good group. | 2007-09-14 | |
| TOP PICK | | Dundee REIT | D.UN-T | 37.050 | 5.93% yield. Recently shed more than 2/3 of its assets and virtually all of the assets now are out west and are 85%-90% office. | 2007-09-14 | |
| TOP PICK | | Brookfield Properties | BPO-T | 23.200 | Has weakened off because of uncertainty as to what will happen to their Merrill Lynch lease in New York City. The reason for optimism is that management has always been sharp and have always made things work. | 2007-09-14 | |
| TOP PICK | | RioCan Real Estate Investment | REI.UN-T | 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 | |
| BUY | | Artis Real Estate Investment Trust | AX.UN-T | 17.600 | Stock price has held up very well. There is expectation that someone, including Dundee (D.UN-T) will take them over. Have a lot of Alberta properties. | 2007-09-14 | |
| TOP PICK | | First Capital Realty | FCR-T | 25.980 | (A Top Pick Dec 8/06. Down 4%.) Very well run. Have brought their debt down. Safe. Long-term growth. | 2007-07-23 | |
| TOP PICK | | Dundee REIT | D.UN-T | 44.910 | Have been focusing more and more on office and out West. GE (GE-N) has offered to take all of their eastern operations so they will become a western REIT. | 2007-07-23 | |
| TOP PICK | | Brookfield Properties | BPO-T | 24.550 | Was oversold. Have US and Alberto properties. | 2007-07-23 | |
| Comment | | Killam Properties Inc | KMP-T | 8.970 | A very good portfolio of apartments in the Maritimes. Have mobile homes in Ontario and west. Been a disappointment, primarily because of financing. Should have issued stock a few years ago, but borrowed expensively. Then issued stock and market was unhappy with it. Dividend yield of close to 6%. Okay long-term. | 2007-07-23 | |
| BUY | | Northern Property REIT | NPR.UN-T | 23.030 | Has dropped a lot and is probably good value here. 5.9% yield. Very good products in the North. Trying to expand into other markets. | 2007-07-23 | |
| HOLD | | H&R Real Estate Inv Trust | HR.UN-T | 23.190 | Across the country. Mix of properties, but largely offices. They have long-term leases, so there won't be a lot of growth. 5.9% yield. | 2007-07-23 | |
| PAST TOP PICK | | Cominar Real Estate Inv Tr | CUF.UN-T | 21.350 | (A Top Pick Dec 8/06. Down 5.4%.) Was hurt by the Alexis-Homburg deal. Has a bit of a growth. Still likes. | 2007-07-23 | |
| PAST TOP PICK | | Calloway REIT | CWT.UN-T | 25.600 | (A Top Pick Dec 8/06. Down 10.6%.) Apartment REIT across the country. Has been a disappointment. Volatile. | 2007-07-23 | |
| WEAK BUY | | Canadian Apartment Properties | CAR.UN-T | 18.950 | One of the bigger apartment complexes in REITs. Basically in Toronto with some holdings in Montreal. Very hard for Ontario apartments to keep their spreads. This one has held up its yield. Long-term, it's a good place to be. Concerned about Ontario economy. | 2007-07-23 | |
| DON'T BUY | | Chartwell Seniors housing | CSH.UN-T | 15.500 | Got caught very big with the income trust changes and not qualifying as a REIT. Would like to sell off income assets in order to qualify. There have been no takers. Have a big tendency to disappoint on earnings. | 2007-07-23 | |
| Comment | | Primaris Retail REIT | PMZ.UN-T | 19.790 | 6% yield. Largest shopping centres in a second dairy market. Very Conservative. Very little risk. | 2007-07-23 | |
| WAIT | | Extendicare REIT | EXE.UN-T | 15.550 | Primarily retirement/nursing homes. Got out when the market started looking very vulnerable. Probably pretty good value at these levels. 7.1% yield. Would wait until their next earnings report comes out on Aug 2nd. | 2007-07-23 | |
| PARTIAL BUY | | BTB Real Estate Investment Trust | BTB.UN-X | 2.750 | Fairly new, so when they start out they have to have a big pay out and heavy debt. If the wrong wind comes along, this is the risk you have. They seemed to have done what they said they would. | 2007-07-23 | |
| BUY on WEAKNESS | | Canadian Real Estate Investment | REF.UN-T | 28.660 | One of the best managed. If there is ever a takeout, this would be the best candidate. Very good mix of property, both by product and geography. 4.6% yield. | 2007-07-23 | |
| BUY | | Holloway Lodging REIT | HLR.UN-T | 5.280 | Good management. Extended out west. Yield of 10.2%. | 2007-07-23 | |
| BUY | | iUnits REIT's | XRE-T | 16.120 | This is a package of some of the bigger REITs. Still fairly strongly positive. A good way to participate in the REIT market. | 2007-07-23 | |
| WAIT | | IPC US Income Commercial REIT | IUR.UN-T | 10.840 | A Canadian REIT with all its assets in the US. Has been very weak. They are having trouble finding buyers. Good management and good properties. Wait for the next announcement. | 2007-07-23 | |
| DON'T BUY | | InStorage REIT | IS.UN-T | 1.300 | Wouldn't consider it a bargain right now. Almost all of their assets are new. A good team, but their portfolio is unproven. A good organization. Probably won't make you much money for a while. Has to prove itself and mature. | 2007-06-20 | |
| TOP PICK | | Allied Properties REIT | AP.UN-T | 22.600 | The whole sector has been under pressure. Post and beam downtown office Toronto and Montreal. The market is tight and there is good demand for all their office space. Good portfolio. Payout ratio of about 89%. Growing and well managed. | 2007-06-20 | |
| DON'T BUY | | H&R Real Estate Inv Trust | HR.UN-T | 23.880 | This is closest to a bond of any REIT around. It has slow growth with long-term leases and very high-quality portfolio. They have not insulated their debt and there is concern that the cost of money is going up. | 2007-06-20 | |
| HOLD | | Killam Properties Inc | KMP-T | 9.980 | Think they will be OK on the taxes because they are an apartment company. Very good portfolio. Good dividend. Probably won't make a lot of money on this. Long term it will be positive. | 2007-06-20 | |
| TOP PICK | | Primaris Retail REIT | PMZ.UN-T | 18.660 | Has a lot of big closed in shopping centres. Best shopping centres in a secondary market. Stock price has dropped more than it should. 7.3% yield. | 2007-06-20 | |
| BUY on WEAKNESS | | Brookfield Properties | BPO-T | 26.700 | This whole sector in the US has declined a lot. Very high-quality portfolio. Long-term leases. | 2007-06-20 | |
| TOP PICK | | IPC US Income Commercial REIT | IUR.UN-T | 12.050 | Price has dropped a lot. Structured as a REIT in Canada but it's all US assets. Has been oversold. | 2007-06-20 | |
| HOLD | | Artis Real Estate Investment Trust | AX.UN-T | 17.100 | Huge Alberta play with secondary quality product. Depends on the economy stained really strong. Recently made a series of acquisitions of higher-quality properties. | 2007-06-20 | |
| BUY | | Genesis Land Development Corp. | GDC-T | 7.840 | Feels they have no interest in turning themselves into a REIT. Land portfolio is good. The way housing is going in Calgary, it will probably be very good. | 2007-06-20 | |
| HOLD | | Dundee REIT | D.UN-T | 45.350 | GE has bought their eastern assets, plus they are buying significantly into the remainder. It will remain as an Alberta function with relatively low debt. If you own Hold as you will probably be able to sell it at $47.50. | 2007-06-20 | |
| TOP PICK | | RioCan Real Estate Investment | REI.UN-T | 26.750 | Has under performed for quite awhile. Good earnings behind it. Takeout candidate. | 2007-05-07 | |
| TOP PICK | | H&R Real Estate Inv Trust | HR.UN-T | 25.190 | Trading under book value. At a value that is worth while buying. | 2007-05-07 | |
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