STOCKCHASE

Cominar Real Estate Inv Tr

17.880

Primarily in New York, Boston and Los Angeles. Have a big issue in New York where they have Merrill Lynch down by the trade center. Likes the name and the management but not sure so he has recently lightened up a little. He likes it at around $14. Yield of about 3.1%.

2012-02-10

TOP PICK

CUF.UN-T

22.700

Always been a Québec-based high quality name. Last year started talking about moving to Ontario. Just acquired Canmarc REIT (CMQ.UN-T) which has given them national exposure. Will have a little bit too much debt but will save about $5 million annually by merging the 2 head offices. Well managed. Yield of about 6 .6%.

2012-02-10

TOP PICK

23.150

Low multiple of 15 or 16. Payout ratio of only 75%. Very good quality. Long-term hold.

2012-02-10

PAST TOP PICK

Northern Property REIT

NPR.UN-T

32.090

(A Top Pick Feb 4/11. Up 21.8%.)

2012-02-10

Comment

Retrocom Mid-Market REIT

RMM.UN-T

5.600

Involved with Smart Centers and share some management with Calloway (CWT.UN-T). There are always questions on this and their very high payout ratio. This is still a caveat emptor. Feels it is a survivor but is high risk.

2012-02-10

Comment

0.020

REITs. This sector is expensive and it is hard to see how it can go a lot higher except you have takeovers and enough of them have payout ratios that are low enough that you could start to see some increases in distribution. It always has a rest and sometime between now and next 2 weeks, you'll start to get a correction but by late May-June you should be fully invested again.

2012-02-10

Comment

Crombie Real Estate Investment Trust

0.020

Any Saskatchewan-based residential REIT? Mainstreet Equity (MEQ-T), which has no dividend but has been a very strong grower out west and have moved in there in a very big way. There is no one there which is totally domiciled there.

2012-02-10

Comment

CRR.UN-T

14.350

Has had a heck of a move. Have a relationship with Empire Company (EMP.A-T) that he views as extremely positive. Sobeys grocers have also been doing very well. Considers them as one of the better defensive names.

2012-02-10

PAST TOP PICK

31.090

(A Top Pick Feb 4/11. Down 2.44%.)

2012-02-10

Comment

Extendicare REIT

EXE.UN-T

8.830

Had warned they might do something about the government payout ratios and then cut it by 15% or so. Very hard to be comfortable with the US pricing. His guess is that they will sustain the yield.

2012-02-10

Comment

Temple REIT

TR.UN-X

5.500

Has been one of the best performing entities in the REITs. Just did an issue today. Seems to almost have a lock on Fort McMurray. Recently brought their occupancy up from 50% to over 70% and their room rents from $90-$111. Has always had a lot of debt. Nobody covers it. Looks like it is a survivor but is caveat emptor.

2012-02-10

BUY

Edleun Group Inc

EDU-X

0.790

Recently announced they will site some of their childcare centers in apartment complexes owned by CAP REIT (CAR.UN-T). Apartment/Shopping centres want them. Not sure how it would help an apartment as much as it would a shopping center. Very positive. Expecting it will gradually keep growing. No yield at this time.

2012-02-10

TOP PICK

11.920

(A Top Pick Feb 4/11. Up 17.53%.) Apartments. Low multiple of 15. Have had some bad publicity about infrastructure stuff. Reasonably high yield.

2012-02-10

TOP PICK

33.560

Raised too much money at times so the market got a bit fed up with them but now looks like it wants to break out. Higher yield of about 6.5%. Payout ratio is now below 100. Debt is okay at about 52%.

2012-01-06

BUY

Canadian Real Estate Investment

4.440

Higher risk, but a good one to invest in. It will depend on staying where it is and getting better. Had to cut distributions. Have gradually been improving their situation. Still has a problem as to whether they are going to be a REIT or not.

2012-01-06

PAST TOP PICK

Northern Property REIT

NPR.UN-T

29.600

(A Top Pick Oct 18/11. Up 5.36%.)

2012-01-06

TOP PICK

REF.UN-T

36.270

In the best part of the market, they were liquidating assets and they put themselves at high quality. Yield is very low. Market was slow to recognize the quality. Very low payout ratio and low debt.

2012-01-06

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

TOP PICK

8.650

Haven't been too great for a long time but they've got their focus. Have about 30% in the US. Have an affiliation with a manager who is going to manage a lot of their properties. They are negotiating for a portfolio owned by European group worth about $1 billion. Will probably be a big opportunity but could also be a challenge.

2012-01-06

HOLD

Retrocom Mid-Market REIT

RMM.UN-T

5.610

Has been evolving for quite a while. Came from a period where it was phenomenally unpopular but it always had one significant feature, important investors. Unique feature of smaller shopping centers. Very high yield.

2012-01-06

Comment

Crombie Real Estate Investment Trust

0.020

REITs. Virtually all of these in Canada have good earnings, have a good base of business, payout ratios are down to very acceptable levels and they're still earning a lot more than you can earn elsewhere. US REITs are vulnerable. They've moved up a lot and they don't have the interest rate protection that we have in Canada.

2012-01-06

Comment

CRR.UN-T

13.980

Very responsible retail, which is tied into the Empire group (EMP.A-T). Yield of about 6.5%. Conservative and have a lot of their own money tied into this. Very steady.

2012-01-06

PAST TOP PICK

BTB Real Estate Investment Trust

28.420

(A Top Pick Feb 4/11. Down 12.48%.) Very broad international platform. Good long-term hold.

2012-01-06

PARTIAL SELL

Mainstreet Equity Corp

MEQ-T

23.770

Has moved up a lot. Looks like it wants to top right here for a bit. If you own, you might to consider selling a little bit because you have done so well. On the other hand, it has a very entrepreneurial owner and there is still a chance you get dividends declared.

2012-01-06

Comment

BTB.UN-X

0.910

This one comes under the category of caveat emptor. Interesting group and have a fairly high yield. Into all sorts of things in the province of Québec, usually in secondary markets. As far as he is concerned they are survivors. If things get tough, they have more trouble financing. A bit more yield and if you are happy with Québec, it's fine.

2012-01-06

HOLD

Northwest Healthcare Property REIT

14.450

Nothing wrong with these guys. They are about 66% office in about 70% in the 4 western provinces. Payout ratio is okay but maybe should come down a little bit more.

2012-01-06

BUY

Partners REIT

PAR.UN-X

1.930

Have done very well and have very serious management. Have a record of running private money so they have a discipline.

2012-01-06

BUY on WEAKNESS

NWH.UN-T

11.750

Has had a wonderful correction and is in an interesting area, one that he has never trusted totally because they've had some vacancy problems. Wouldn't buy at this level but would watch for another opportunity.

2012-01-06

PAST TOP PICK

11.900

(A Top Pick Oct 18/11. Up 7.79%.)

2012-01-06

PAST TOP PICK

Canadian Apartment Properties

15.910

(A Top Pick Oct 7/10. Down 2.66%.) This is one that he is in and out of periodically. It's a first-class company. Have some fairly significant vacancies in Boston and New York where tenants left so have been hurt a bit. Still one of the best names around.

2011-11-16

BUY

CAR.UN-T

20.570

Apartments, mainly in Ontario. Just produced some pretty good numbers recently. One of the problems in Ontario, particularly Toronto, is rent control. Pretty good management.

2011-11-16

BUY

16.610

Recently bought Hazelton Lanes in Toronto. This one has been a favourite of his for a long time. Very well run and long-term focused. Very good, consistent management.

2011-11-16

Comment

Home Capital Group

HCG-T

48.980

Basically in all kinds of loans and mortgages. Generally has been a good company and are very well thought of.

2011-11-16

BUY

22.210

Excellent company. This one is closest to a bond in the business. Tend to have long-term leases. Just did a major stock issue. Very low payout ratio. 5% yield.

2011-11-16

PAST TOP PICK

4.480

(A Top Pick Oct 7/10. Down 29.21%.) Lodging. Aeak economy plus they’ve been hurt when they did not meet the REIT structure laws where they couldn't earn more than a certain percentage of revenue from other than real estate. Have restructured and he is still buying.

2011-11-16

TOP PICK

7.650

Very hard to make money on seniors housing but this is a group that is finally putting it together. 25% of their holdings is in the US, which came out with much better numbers than expected. Selling off a lot of units in the US and concentrating in 4 states. High yield.

2011-11-16

HOLD

Retrocom Mid-Market REIT

RMM.UN-T

4.840

The problem is that the payout ratio is extremely high. The owners are such that they are probably going to let that happen and just gradually try to make it work. Good management. Constantly improving.

2011-11-16

DON'T BUY

Primaris Retail REIT

PMZ.UN-T

20.100

Basically closed in malls, which has a different mix than the outdoor malls. Have had a number of names that got in trouble with bankruptcy, etc. which has been hurting them. There is nothing in it right now to give it a catalyst to make it jump.

2011-11-16

Comment

Hungtingdon Capital

HNT-T

7.910

Recently came out with a debenture. Very expensive money. Stock has come up because of this. This REIT has had a lot of trouble. Prime owner has committed a huge amount of his own money to it. Caveat emptor, but it is probably out of the woods.

2011-11-16

TOP PICK

BTB Real Estate Investment Trust

28.630

Classified as real estate, but it has lots of stuff including major hydro, water facilities. In Brazil and Australia also. Got a major shareholder because of a deal they did in the US. Buy this for a long-term hold.

2011-11-16

Comment

Extendicare REIT

EXE.UN-T

7.500

It is very hard to find out what is going on. Generally a good operation, but it has been up and down. Took a big hit in the US.

2011-11-16

DON'T BUY

BTB.UN-X

0.880

Name is all right but they've had a little bit of leakage because of a lower rate in their contract with Hydro-Québec. You'll be okay but he doesn't expect strong growth.

2011-11-16

BUY

Pure Industrial Real Estatetrust Trust

13.560

Very fragmented. They are planning on internalizing management. Management is okay. They have a mixture and are diversified. They aren't among the best. High yield.

2011-11-16

HOLD

InterRent REIT

IIP.UN-T

3.150

Was a cloudy picture when management bought them out. They have upgraded their portfolio. Have quite a bit in Ottawa. Gaining significantly incredibility. There is a suggestion that they will need to come out with a new issue at some point, which will increase their liquidity.

2011-11-16

BUY

Partners REIT

PAR.UN-X

1.710

Has high respect for management. Partners have exchanged stocks with treasury stocks and the net result is about $38 million in cash.

2011-11-16

BUY

AAR.UN-X

4.150

94% payout ratio. Ireated by a very entrepreneurial group out of Vancouver. They typically by very good long-term leases. Generally high-quality properties. 7.23% yield.

2011-11-16

TOP PICK

Leisureworld Senior Care Corp

LW-T

10.640

Low payout ratio and almost 8% dividend yield. Quite secure. If the market drops, it just stays where it is.

2011-11-16

Comment

American Capital Agency

AGNC-Q

28.120

Recently came out with the new issue, which went quite well. Well respected agency REITs. Huge yield of nearly 20%. Backed by the US government. Hasn't done enough work to give further comment.

2011-11-16

PAST TOP PICK

11.300

(A Top Pick Oct 7/10. Up 15.2%.) Apartments in Toronto and Eastern Canada. Has a higher yield than most.

2011-11-16

BUY

MI Developments

MIM-T

33.350

A legacy of Magna (MG-T) and was basically a vehicle to hold all of their warehouses, etc. Now looks like it is well structured. For the moment, too much of it is one tenant.

2011-11-16

PAST TOP PICK

Canadian Apartment Properties

14.820

(A Top Pick Oct 7/10. Down 10.89%.) High-quality. Most of it is in the US where there are some office vacancies. Still an excellent company with wonderful assets.

2011-10-18

BUY

CAR.UN-T

20.150

Apartment REIT. Excellent. Yield of 5.3%. Very good sector.

2011-10-18

Comment

Cominar Real Estate Inv Tr

CUF.UN-T

21.410

Very well managed. Concentrated largely in Quebec but made an interesting acquisition in Halifax. Have a fair amount of industrial in Quebec, which has been badly hurt with about 10% vacancy. Good but not a huge winner.

2011-10-18

Comment

Calloway REIT

CWT.UN-T

25.750

One of the biggest retail REITs. Very good growth prospects in Canada. Doesn’t look like a bargain though. Safe to hold for the long term.

2011-10-18

TOP PICK

31.990

Payout ratio of about 98% and a high yield of 6.9%. Have a lot of growth. About 50% in Toronto and big in Calgary.

2011-10-18

BUY

16.250

Inside cities with essential shopping stores. Management has a very significant interest in this. Constantly spending a third of their money for growth. Thinks very highly of them. Long-term growth.

2011-10-18

DON'T BUY

20.410

Still have to finance their Calgary Bow building at some point. That will be an issue hanging over them until they figure out what to do. Brought the distribution way down but are gradually bringing it up. Good long term leases. Income level is at its lowest right now, so not terribly exciting. 5% yield.

2011-10-18

PAST TOP PICK

4.120

(A Top Pick Oct 7/10. Down 38%.) Got caught in the law that said if you had real estate, you couldn’t be in other businesses. Will probably have to change to a Corporation and until it does, it is in a cloud. Still a reasonable bet.

2011-10-18

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

7.100

Everyone thinks retirement/nursing homes are wonderful because of demographics but it is a hard business. Margins are tight. His guess is that with risk, (don’t put too much in) it should do well over time.

2011-10-18

Comment

0.020

REITs. Obviously, we don't know where the world is going from here but right now, they are a perfect investment. Relatively high yield and very safe returns in most cases. The earnings you are getting are safer than they were getting 4-5 years ago, because they have been able to bring their payout ratios down and have been able to extend the term of their debt.

2011-10-18

Comment

Whiterock REIT

WRK.UN-T

12.570

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

TOP PICK

27.240

Very dynamic process. Very diversified but have been putting all their sectors into proper boxes. Diversified globally. Great long term holding. Good price.

2011-10-18

WEAK BUY

Scott's REIT

SRQ.UN-T

6.400

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

BUY

Pure Industrial Real Estatetrust Trust

12.890

Are now across the country with a little bit in the US whereas they were too much in Calgary at one point. Payout ratio is a little bit above 100. Higher yield of 8.3%. Wouldn’t put all your money into this.

2011-10-18

Comment

InterRent REIT

IIP.UN-T

2.460

Apartments. Very small market cap but a very credible group. Wouldn't count on them increasing distributions as they are in the growing phase and getting up to a substantial size. Caveat emptor.

2011-10-18

Comment

AAR.UN-X

3.850

A mixed performer this year. Interesting because industrial market has been soft in a lot of parts of the country but doesn’t affect them because they have very high quality deals. Income is very safe. Would watch for signs of it flattening out because it is illiquid and it looks like someone is selling a lot of stock.

2011-10-18

BUY

Leisureworld Senior Care Corp

LW-T

10.550

Basically nursing homes. Small margin business almost all paid by the government. Ontario government is requiring them to replace a lot of their beds. There is funding for this, but critics feel it is not enough to justify. Feels dividend is safe but doesn't see much growth. Very appropriate for individuals. Yield of a little under 8%. Payout ratio of about 80%.

2011-10-18

Comment

Edleun Group Inc

EDU-X

0.880

New effort and well sponsored and seems to be catching on a lot. Finally starting to get cash flow. Very, very illiquid. If you like the concept, you take a long term position. Expects it will succeed.

2011-10-18

TOP PICK

Dundee International REIT

11.270

(A Top Pick Oct 7/10. Up 14.17%.) Apartments are very good investments. High yield and payout ratio of below 100%. 6.7% yield.

2011-10-18

BUY

Amica Mature Lifestyles

ACC-T

6.980

2011-10-18

Comment

DI.UN-T

9.700

Assets are post office buildings, all in Germany. Claim they have currency hedges. A problem is that the post office market is shrinking. Has enough cushion that it will be able to hold its position. A bet on Germany.

2011-10-18

Comment

Gazit America Inc

GAA-T

4.890

A spinoff from First Capital (FCR-T). A big part of this is Equity One holding in the US, which is very good. They also have doctors’ offices type buildings. Very early on and very illiquid. You or someone who likes to get in early and not look at it for a while, the chance of them doing well is good.

2011-10-18

PAST TOP PICK

15.890

(A Top Pick Sept 1/10. Up 2.96%.)

2011-09-19

TOP PICK

31.920

(A. Top Pick Sept 1/09. Up 33.57%.) Borrowed a lot and have restructured. Very sharp on their finance work. Have bought a whole lot of mid-quality office in Toronto. Market hasn't fully digested what they are doing. Almost 7% yield. Payout ratio is almost 100%. Multiple is only 14.4%.

2011-09-19

BUY

17.050

Tend to be a lower risk in the shopping center area. Very good locations. Have been hurt in the past by spending quite a bit of money buying older buildings and putting them into the shopping centers. Slow growth, long-term.

2011-09-19

HOLD

Northern Property REIT

NPR.UN-T

29.700

Very illiquid and going through some changes. Core of their business is excellent. Problem is that most of it is in the Arctic and has residential in the mining areas. Debt is very reasonable. Trying to get rid of their nursing homes/apartments. Nothing is major but it has put a bit of cloud on them. You won't get any growth for quite a while.

2011-09-19

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

PAST TOP PICK

Killam Properties Inc

KMP-T

10.310

(A Top Pick Sept 1/10. Up 19.72%.)

2011-09-19

TOP PICK

BTB Real Estate Investment Trust

7.180

Retirement homes in Ontario. Have done a lot of work, which the market has not accepted. 25% of their businesses in the US where they have turned the management over to a high-quality service. Concentrating on 4 states and selling the rest. 7.5% yield.

2011-09-19

Comment

Whiterock REIT

WRK.UN-T

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

WEAK BUY

BTB.UN-X

0.800

Very much caveat emptor. Located in Quebec. Have bought some nice properties but they are very small. A bit too much debt and payout ratio is a bit. Has added some credible people to staff. He has a very tiny position.

2011-09-19

Comment

Northwest Healthcare Property REIT

13.090

8% yield but high payout ratio. Made extensive use of available credit and expanded in many areas. Over a longer period, the assets they bought are solid. Long-term hold.

2011-09-19

DON'T BUY

Temple REIT

TR.UN-X

4.560

Did terribly, but has come back very strongly. Based apartments in the tar sands. Too small for him. Very high-risk level.

2011-09-19

WEAK BUY

NWH.UN-T

11.670

Health area is definitely a good field. Some of their numbers lately have been a bit disappointing. Wouldn’t expect spectacular performance.

2011-09-19

PARTIAL BUY

CANMARC REIT

CMQ.UN-T

11.950

Had several things happen. Parent company went bankrupt and had leases with them and there is a question what is going to happen to this portion. Have expanded and taken on a lot of good product in Alberta along with existing good product in Quebec. Good yield. Take your time buying as it is illiquid.

2011-09-19

TOP PICK

11.130

Privately bought a lot of apartments in Eastern Canada and gradually put them into the market. They're now finished. Multiple is only about 13%.

2011-09-19

PAST TOP PICK

16.910

(Top Pick Aug 3/10, Up 17.39%) Not a REIT. Has not performed well for him. But there is nothing wrong with it. Everything is fine. There have been some changes within it during the last year. It’s a buy compared to some of the New York ones.

2011-08-12

BUY

Calloway REIT

CWT.UN-T

25.280

REITs can raise money very, very easily. Amounts of overpayment are insignificant. They are just below 100% right now. Have a lot of Walmart sites. Good name 6% yield.

2011-08-12

PAST TOP PICK

31.300

(Top Pick Aug 3/10, Up 31.35%) Have now diversified across the country. A very good company, high yield, aggressive management. Low debt.

2011-08-12

TOP PICK

31.300

High yield. Rapid growth. Took advantage of cheap debt. Diversified. Largely office, and no retail. Should be bringing their yield down with depreciation.

2011-08-12

PAST TOP PICK

16.390

(Top Pick Aug 3/10, Up 22.69%) Shopping centers with the essentials, not as much fashion. Coast to Coast, but most in the East.

2011-08-12

BUY

21.800

Payout ratio is extremely low and they are low on debt. In the past, they were the closest to being a bond because of very long-term leases with an edging up of the rents. Will be increasing their distributions for a while.

2011-08-12

Comment

Canadian Real Estate Investment

5.000

Only Hotel REIT in Canada that has survived at all. Are going to have to go back and change structure to remain a REIT. Feels like a safe yield. Will probably return to being a corporation.

2011-08-12

TOP PICK

REF.UN-T

32.700

We had a reprieve over the last few days but we are in very uncertain times. This one is absolute top quality. They retain higher quality items in their portfolio, rather than expanding it, in softer economies. Very low debt. 69% payout ratio. Acquired shopping centers in Mississauga and around Toronto. Low yield, 85% taxable.

2011-08-12

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

DON'T BUY

Royal Host Inc

RYL-T

1.210

Apartments, badly messed up. He doesn’t look at it any more. Badly focused. None of the brokers cover it.

2011-08-12

BUY

Killam Properties Inc

KMP-T

10.590

Always liked this name. Apartments in the Maritimes and now coming into Ontario. Also manufacturing homes. Use oil for heating so costs have gone up with the price of oil. Have a very good portfolio. 5% yield.

2011-08-12

WEAK BUY