| BUY | | Dundee REIT | D.UN-T | 32.300 | Will complete the sale of their Eastern portfolio to GE Real Estate in August. What they are left with is about 6 million square feet of Western Canadian assets. The sale gives them low leverage allowing them to continue acquiring assets. | 2008-02-01 | |
| HOLD | | Chartwell Seniors housing | CSH.UN-T | 10.480 | Was under a strategic review process for much of 2007. This does not fit the criteria of REITs for tax purposes. Expect that this will eventually become privatized. Not sure if the distribution is safe. | 2008-02-01 | |
| STRONG BUY | | Brookfield Properties | BPO-T | 21.100 | Has been swept up in the re-pricing of the US REIT market so the price has dropped in half. First class, high quality real estate company. Own 117 million square feet of AAA office space in key markets. Trading at 11X forward FFO multiples, which is well below the historic 13.5. | 2008-02-01 | |
| HOLD | | Canadian Apartment Properties | CAR.UN-T | 15.580 | Their concentration in Ontario has not served them well with the flight of Congo/apartment dwellers to home ownership. | 2008-02-01 | |
| BUY | | Boardwalk REIT | BEI.UN-T | 40.000 | The largest apartment landlord in Canada. 53% of their rental units are in Alberta. Rent increases will amount to about $63 million. Management has begun to buy back units. | 2008-02-01 | |
| SPECULATIVE BUY | | BTB Real Estate Investment Trust | BTB.UN-X | 2.000 | Diversified commercial real estate company and in the secondary market in Quebec. Management has a lot of contacts within the Quebec marketplace. Buying acquisitions on an accretive basis, which will help close the gap on what they are distributing with what they are earning. | 2008-02-01 | |
| BUY | | First Capital Realty | FCR-T | 23.490 | Focused on grocery-anchored shopping malls. Have about 19 million square feet of peaceable area. About 50% square-footage is in Ontario with the balance in Quebec, Alberta and B.C. Have managed to increase the portfolio size and decrease the leverage on the balance sheet. | 2008-02-01 | |
| TOP PICK | | Cominar Real Estate Inv Tr | CUF.UN-T | 18.510 | Quebec-based. Trading at a discount to its NAV. acquired office and industrial assets from Alexis Nihon (AN.UN-T), which doubled the size of the portfolio giving them about 17 million square feet. This has provided them with above average funds from operation growth. Management owns about 20% of the trust units. | 2008-02-01 | |
| TOP PICK | | H&R Real Estate Inv Trust | HR.UN-T | 20.160 | Unfairly beaten up over the past several weeks. Trading at an implied yield of close to 8%. Concerns on the $1.1 billion Bow project in Calgary are unmerited. | 2008-02-01 | |
| TOP PICK | | RioCan Real Estate Investment | REI.UN-T | 22.190 | High-quality retail properties in their portfolio. Has historically outperformed and sees no reason why it shouldn't continue to do so. | 2008-02-01 | |
| TOP PICK | | Cominar Real Estate Inv Tr | CUF.UN-T | 22.580 | Has a “Strong Buy” rating. Merging with Alexis Nihon (AN.UN-T). Quebec based with 11 million sq ft including 1/3 industrial, 1/3 retail and 1/3 office. Strong management. | 2006-12-08 | |
| TOP PICK | | First Capital Realty | FCR-T | 27.110 | Neighbourhood, grocery anchored mall focused. Substantial dividend. Their specialty is the acquisition and development of grocery anchored malls. Principles own about 50% of the outstanding shares. | 2006-12-08 | |
| TOP PICK | | IPC US Income Commercial REIT | IUR.UN-T | 12.130 | Focused on 100% ownership of US office assets. A value story through and through. “Outperform” rating. Trades at a discount to underlying value. | 2006-12-08 | |
| DON'T BUY | | Canadian Apartment Properties | CAR.UN-T | 18.580 | Has a “Market Perform” on it. Have had to deal with a strong housing market that pulled people to home ownership. Has hurt occupancy rates. Year to date performance was better than she expected, however, she is expecting a decline in cash flow. Payout ratio is over 100%. | 2006-12-08 | |
| DON'T BUY | | H&R Real Estate Inv Trust | HR.UN-T | 25.090 | Has it as a “Market Perform”. Growth rate on their property portfolio is contracting. | 2006-12-08 | |
| Comment | | Chartwell Seniors housing | CSH.UN-T | 13.170 | Announced a number of major acquisitions following the 2nd quarter. Stock price down because market expected it would be funded through a new issue. Past couple of quarters were weaker than expected. Takes a while to integrate the acquisitions. Doesn’t qualify on the REIT tax exemption. | 2006-12-08 | |
| BUY | | Morguard Real Estate Inv Trust | MRT.UN-T | 13.870 | Just announced a major acquisition of an office portfolio that’s well leased with a major pension fund. The type of transaction that will move them in the right direction. Refinanced debt at better rates. Trading at a discount to its peers. | 2006-12-08 | |
| STRONG BUY | | Boardwalk REIT | BEI.UN-T | 43.160 | Focused on multi-family rental apartment market. Own 34,000 units, half of which are located in Alberta. Continues to be a growth story with strong earnings in coming months. | 2006-12-08 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Over the past 3 years, in the 1st quarter, there has been a 10%-20% decline in REITs, so expects volatility in early 2007, so be cautious | 2006-12-08 | |
| WEAK BUY | | RioCan Real Estate Investment | REI.UN-T | 21.140 | A premier owner and developer. The largest REIT. Very professional management team. A great long-term investment. Watching this one closely. | 2006-06-09 | |
| DON'T BUY | | Morguard Real Estate Inv Trust | MRT.UN-T | 10.340 | Has an underperform rating on this one. They have a higher than average debt leverage. Have been experiencing some operational difficulties. | 2006-06-09 | |
| BUY | | First Capital Realty | FCR-T | 24.030 | Has a strong buy rating on this. A premier owner of grocery anchored retail centres. Good management team. Payout ratio is below that of the REIT sector. A great name to own. | 2006-06-09 | |
| BUY | | Retirement Residences REIT | RRR.UN-T | 7.960 | Has an outperform rating on it. Purely speculative play and not for the risk adverse or dividend seeking investor. She is banking on a takeout. | 2006-06-09 | |
| TOP PICK | | Chartwell Seniors housing | CSH.UN-T | 13.680 | Recently upgraded it to an outperform rating. Have had tremendous asset growth with increased book value by 3.5 times. Very active on the acquisition front. On track for a very stellar year. | 2006-06-09 | |
| TOP PICK | | Canadian Real Estate Investment | REF.UN-T | 22.990 | (A Top Pick Nov 25/05. Up 3.5%.) A core real estate investment trust holding. Very strong management team. Conservative balance sheets. High quality assets. Good strategic acquisition growth as well. | 2006-06-09 | |
| PAST TOP PICK | | H&R Real Estate Inv Trust | HR.UN-T | 20.590 | (A Top Pick Nov 25/05. Up 3%, 6% if distributions are factored in..) Good long-term holding. | 2006-06-09 | |
| PAST TOP PICK | | Boardwalk REIT | BEI.UN-T | 25.690 | (A Top Pick Nov 25/05. Up 23% plus distribution.) Still likes. | 2006-06-09 | |
| DON'T BUY | | Dundee REIT | D.UN-T | 28.100 | Has a market perform rating on this. Despite very significant acquisition growth, this has not trickled to the bottom line yet. Currently fully valued. Doing some good things, but remains neutral on this. | 2006-06-09 | |
| DON'T BUY | | Summit Real Estate Investment | SMU.UN-T | 24.300 | Focused on ownership of industrial space. Have managed to really grow the portfolio and shareholders have been rewarded. Has an under perform rating on this as she believes the industrial market will be hard pressed to outperform given the strong Cdn$. | 2006-06-09 | |
| BUY | | Brookfield Properties | BPO-T | 34.340 | Has an outperform rating. Performance and management team are very strong. A premier real estate company. Focused on really high quality assets that are leased with long-term contracts. | 2006-06-09 | |
| BUY | | Royal LePage Franchise Service | RSF.UN-T | 13.640 | This is a business trust that is focused on the residential market. They have a network of real estate brokers. Low debt leverage and a low payout ratio. | 2006-06-09 | |
| TOP PICK | | Primaris Retail REIT | PMZ.UN-T | 16.150 | Just announced the acquisition of a portfolio of closed/open neighbourhood malls, diversifying their asset base. Banking on a distribution increase. | 2006-06-09 | |
| BUY | | First Capital Realty | FCR-T | 22.050 | A fantastic name. Not a REIT. They have tax losses and don't pay tax. Similar to a REIT and trades on similar valuation multiples because they effectively pay out 80% of their funds from operations. She has an outperform rating with a $22 target price. Good yield of about 5.2%. Good growth potential. | 2005-11-25 | |
| HOLD | | RioCan Real Estate Investment | REI.UN-T | 22.050 | The goliath in the REIT market, being about 25% of the whole REIT sector. Has performed fantastically well over the last 10/12 years. Exceptionally well managed. Since they are a mature company, you can't expect double digit or high single digit operation growth. Safe. Has a market perform rating on it. | 2005-11-25 | |
| HOLD | | Chartwell Seniors housing | CSH.UN-T | 15.230 | Has had a 50% effective return since its IPO in Nov/03. Has a market perform rating on it. It has effectively tripled the size of its portfolios but hasn't seen this growth filter down to its bottom line in terms of funds from operation growth. It remains a good growth name and will continue to see accretive aquisitions. | 2005-11-25 | |
| PAST TOP PICK | | Legacy Hotels | LGY.UN-T | 7.400 | (A Top Pick March 11/05. Up 2%. If you add in the distribution, you’re up about 7%.) Was selected in anticipation of renewed travelling during the summer months. It didn't happen. | 2005-11-25 | |
| PAST TOP PICK | | Primaris Retail REIT | PMZ.UN-T | 16.690 | (A Top Pick March 11/05. Was previously Borealis. Up 17%. Including distribution, you're up about .24%.) Continues to recommend this. | 2005-11-25 | |
| PAST TOP PICK | | IPC US Income Commercial REIT | IUR.UN-T | 11.380 | (A Top Pick March 11/05. No change. Up about 7%, including distribution.) This is the only trust, she is allowed to own as an analyst. | 2005-11-25 | |
| HOLD | | Morguard Real Estate Inv Trust | MRT.UN-T | 11.040 | Has a market perform rating on this. Essentially they own, a portfolio of retail that has performed pretty well. Has been pretty neutral on this stock. Trading, from a valuation prospective, at net asset value. Have had operating issues. Their debt is higher than their peer group. | 2005-11-25 | |
| HOLD | | Dundee REIT | D.UN-T | 25.190 | Market perform. Since conversion to a trust, their results have been lacklustre. | 2005-11-25 | |
| HOLD | | Canadian Hotel Income Properties | HOT.UN-T | 11.530 | About 40% of their hotels are located in Alberta which is the only area that seems to be showing any growth. Neutral on this stock as she would like to see the management team be more aggressive on the acquisition front. | 2005-11-25 | |
| BUY | | Retirement Residences REIT | RRR.UN-T | 8.660 | Basically has a portfolio, largely in Ontario, of long-term care homes, nursing homes and retirement residences. When Ontario added more than 20,000 long-term care beds, it had a devastating impact on them. Operations will take a while to turn around. She has an out perform rating on the stock. Have a wall of debt, facing them. Not for the faint of heart. | 2005-11-25 | |
| TOP PICK | | H&R Real Estate Inv Trust | HR.UN-T | 19.850 | 99% occupancy rate. 12 year average lease term. Have on average mortgage term on their debt. Very solid company. Limited operating or financing risk. | 2005-11-25 | |
| TOP PICK | | Canadian Real Estate Investment | REF.UN-T | 21.920 | Diversified REIT, both geographically and by product type. Excellent conservative management team. Made some strategic acquisitions. A core holding. | 2005-11-25 | |
| TOP PICK | | Boardwalk REIT | BEI.UN-T | 20.390 | Owns more than 32000 rental apartments. The largest rental apartment landlord in Canada. Half of their portfolio is in Alberta, 20% in Quebec. Trading at net asset value. | 2005-11-25 | |
| VAGUE | | Dundee REIT | D.UN-T | 26.650 | Has a market perform. Target price of $26.50, and looking for 7% return for the year. Has improved the quality of the asset base which she likes. A solid stable name. Neutral on the stock. | 2005-07-05 | |
| TOP PICK | | First Capital Realty | FCR-T | 20.400 | Focused on grocery and retail shopping centres. Pays 5.88% yield. Very strong management team with ability to improve property value. | 2005-07-05 | |
| BUY | | Retirement Residences REIT | RRR.UN-T | 9.350 | Has been on hard times. Cut its distribution last year. New management has cleaned house. Large addition of long term care beds cut into their business. Fundamentals will improve over time. 9% yield which should be safe. | 2005-07-05 | |
| WEAK BUY | | Legacy Hotels | LGY.UN-T | 7.300 | Has an outperform rating on this. Basically trading at book value. Have a very high calibre portfolio. Hotel business has had 3 very tough years. Will have to be patient. | 2005-07-05 | |
| TOP PICK | | Chartwell Seniors housing | CSH.UN-T | 14.800 | Pays 7.2%. Has an outperform with a $14.50 target price. A good consolidator within the senior housing market. The spread of acquisitions is very accretive for them. | 2005-07-05 | |
| DON'T BUY | | RioCan Real Estate Investment | REI.UN-T | 20.560 | $20 target price. Neutral on the stock. Benefits from their size as it will be in everyone's portfolio. Growth prospects are slowing down. | 2005-07-05 | |
| TOP PICK | | IPC US Income Commercial REIT | IUR.UN-T | 10.980 | Own a collection of very high quality US office assets. A growth stock. Increased distributions 5 times. | 2005-07-05 | |
| BUY | | InnVest Reit | INN.UN-T | 12.310 | Accretive which is good. | 2005-07-05 | |
| BUY | | O&Y REIT | OYR.UN-T | 15.850 | Have outperform rating rating. | 2005-03-11 | |
| BUY | | First Capital Realty | FCR-T | 21.130 | Has downgraded from outperform to perform (originally rated at $17 is now around $21 so has reached her target.) Longterm very favourable view on company. Good management. Good assets. | 2005-03-11 | |
| BUY | | Retirement Residences REIT | RRR.UN-T | 10.010 | 4th quarter results weaker then she expected, but has it rated as outperform. | 2005-03-11 | |
| VAGUE | | Summit Real Estate Investment | SMU.UN-T | 18.570 | Owns lots of industrial property. Also some retail. Has underperform rating. | 2005-03-11 | |
| DON'T BUY | | RioCan Real Estate Investment | REI.UN-T | 18.520 | Underperform rating. | 2005-03-11 | |
| HOLD | | H&R Real Estate Inv Trust | HR.UN-T | 19.100 | Market perform. 6% total return expectation. Execellent managment team, long track record of stable steady growth. | 2005-03-11 | |
| HOLD | | Canadian Real Estate Investment | REF.UN-T | 19.170 | Market perform rating. Diversified Real estate investment trust. Slow growth company. Don't buy, but hold em if you got em. | 2005-03-11 | |
| HOLD | | Morguard Real Estate Inv Trust | MRT.UN-T | 10.610 | Has just recently upgraded from a sell to market perform. Operationally things are looking better, however it has alot of dept. Expect modest growth. | 2005-03-11 | |
| HOLD | | Dundee REIT | D.UN-T | 26.560 | Market perform rating. Recently upgraded from underperform. They have doubled their portfolio since they has changed from an operating company into a realestate company. They will be doing some major acquisitions over the next year. 2004 was reletivly weak, but expect it to improve this year. | 2005-03-11 | |
| BUY | | Boardwalk REIT | BEI.UN-T | 19.000 | weak 4th quarter, but a very solid stable company. Buy for the long haul. | 2005-03-11 | |
| TOP PICK | | Legacy Hotels | LGY.UN-T | 7.200 | In looking at the assests it is currently trading at a discount. looking at double digit growth over the next couple of years, high single digit growth this year. | 2005-03-11 | |
| TOP PICK | | IPC US Income Commercial REIT | IUR.UN-T | 11.250 | Excellent management team. Expect further growth, further increases to their upside. | 2005-03-11 | |
| HOLD | | Canadian Hotel Income Properties | HOT.UN-T | 10.550 | Travel industry took a beating over the last couple of years and today, the strong Cdn$ is deterring foreign visitors. However, the worst should be over. Net asset value is around $9, but going forward, earnings should be in recovery mode. Have paid a constant $0.90 per unit through cash flow and balances, and have little cash balance left. | 2005-01-21 | |
| BUY | | Canadian Apartment Properties | CAR.UN-T | 14.900 | Relatively undervalued versus the commercial REIT's. | 2005-01-21 | |
| BUY | | Boardwalk REIT | BEI.UN-T | 18.950 | Relatively undervalued versus the commercial REIT's. Just acquired 1,300 units and a portfolio across Calgary, Vancouver and into Quebec. | 2005-01-21 | |
| BUY | | RioCan Real Estate Investment | REI.UN-T | 18.350 | Good long term hold. The largest real estate trust in Canada. Huge portfolio of retail shopping space. 40% of their portfolio is in the new format power centre which is the growth area. Because of its size, growth will be slow. Very stable. | 2005-01-21 | |
| BUY | | Calloway REIT | CWT.UN-T | 18.480 | Good long term hold. Focused on power centre shopping centres. | 2005-01-21 | |
| BUY on WEAKNESS | | Dundee REIT | D.UN-T | 26.090 | A diversified REIT. Over the past year, have been aggressively buying assets. Distribution is safe. A little expensive here. | 2005-01-21 | |
| BUY | | O&Y REIT | OYR.UN-T | 14.120 | An office REIT with a litle more leverage that she likes. | 2005-01-21 | |
| BUY | | IPC US Income Commercial REIT | IUR.UN-T | 11.210 | An office REIT with a litle more leverage that she likes. | 2005-01-21 | |
| STRONG BUY | | Chartwell Seniors housing | CSH.UN-T | 14.290 | Has it as an outperform rating. We are in a huge demographic trend. We're all getting older. By 2040, more than half the population will be in the senior segment, over 65. A huge consolidator and acquirerer of assets. Have more than doubled their assets since their IPO a year ago. Expects double digit growth next year. | 2005-01-21 | |
| BUY | | Canadian Real Estate Investment | REF.UN-T | 18.300 | Has a market perform rating. Have had a solid consistant 10 years plus of delivering. Very stable and very well managed. Diversified assets. | 2005-01-21 | |
| VAGUE | | Summit Real Estate Investment | SMU.UN-T | 18.490 | Largest industrial REIT across Canada. Strng Cdn$ could impact the Canadian economy. Seeing speculative development in the industrial sector. | 2005-01-21 | |
| DON'T BUY | | Legacy Hotels | LGY.UN-T | 7.160 | Owns a very high quality portfolio of assets. From a net asset value basis, the stock is cheap, however the Cdn$ is a factor. | 2005-01-21 | |
| DON'T BUY | | InnVest Reit | INN.UN-T | 11.150 | Nightly tenancy can be a problem when there are major events. Currently experiencing the high Cdn$. The RevPar growth (revenue per available room) is highly correlated to GDP growth. Although in a recovery stage, doesn't expect their performance to outpace GDP. | 2004-12-10 | |
| WAIT | | Legacy Hotels | LGY.UN-T | 6.650 | Probably the best hotel portfolio in the country. Nightly tenancy can be a problem when there are major events. Currently experiencing the high Cdn$. The RevPar growth (revenue per available room) is highly correlated to GDP growth. Although in a recovery stage, doesn't expect their performance to outpace GDP. Good price. Wait for a better recovery. | 2004-12-10 | |
| DON'T BUY | | RioCan Real Estate Investment | REI.UN-T | 17.500 | A very well run company. Is concerned with the price it is trading at. | 2004-12-10 | |
| DON'T BUY | | Summit Real Estate Investment | SMU.UN-T | 18.000 | Despite significant asset growth, there hasn't been any real growth in their bottom line earnings. Payout ratio has been typically higher than the peer group but hasn't grown which reflects the fact that they've paid out too much. | 2004-12-10 | |
| BUY | | Dundee REIT | D.UN-T | 25.100 | Very solid management team. Have been in the real estate business for a long time. A stable, steady as she goes type. Concerned with their relatively short term leases to maturity, but they've always had this and have managed it quite well. | 2004-12-10 | |
| TOP PICK | | IPC US Income Commercial REIT | IUR.UN-T | 10.670 | Have a US portfolio of high quality office assets. Can be bought in Cdn or US$'s (IUR.U-T). All income is generated in US$'s. Pays an attractive dividend. Well managed. Doing a number of acquisitions and growing their portfolio. | 2004-12-10 | |
| HOLD | | Canadian Real Estate Investment | REF.UN-T | 17.690 | Likes this REIT. A stable, steady growth company. May see a modest price erosion as we head into a higher interest rate environment, but a good long term hold. | 2004-12-10 | |
| WEAK BUY | | iUnits REIT's | XRE-T | 11.500 | If you don't have a lot of time to invest, or an unsophisticated investor, this may be a good way to own REIT's. Would consider getting into a fund instead. | 2004-12-10 | |
| BUY | | Retirement Residences REIT | RRR.UN-T | 10.020 | Have upgraded this REIT following its recent pullback. Cut back their distribution significantly to a sustainable amount. Balance sheet is very solid. | 2004-12-10 | |
| HOLD | | H&R Real Estate Inv Trust | HR.UN-T | 18.100 | Has to be one of the best REIT's. Very solid long term player. Have less than 8% of their portfolio rolling over. Expensive. Good long term hold. | 2004-12-10 | |
| DON'T BUY | | Morguard Real Estate Inv Trust | MRT.UN-T | 9.960 | Was heavily weighted to retail assets, owning a couple of very attractive regional malls. Now skewing their portfolio to more industrial and have being trying to sell some of their underperforming assets. Have taken on more debt. Payout ratio is higher than its peers which is a higher risk. | 2004-12-10 | |
| DON'T BUY | | RioCan Real Estate Investment | REI.UN-T | 16.870 | The best in the class with rtegards to REIT's. Very stable operator. Trading at significant premium to the underlying net asset value. | 2004-10-22 | |
| HOLD | | Retirement Residences REIT | RRR.UN-T | 9.850 | Price has dropped becauase they have just appointed a new CEO and anticipation that they will cut the distribution. Pay out (140%) is well in excess of what they are earning. Room on the balance sheet to make acquisitions and grow out of this problem. | 2004-10-22 | |
| DON'T BUY | | RioCan Real Estate Investment | REI.UN-T | 16.870 | The best in the class with rtegards to REIT's. Very stable operator. Trading at significant premium to the underlying net asset value. | 2004-10-22 | |
| BUY | | IPC US Income Commercial REIT | IUR.UN-T | 10.030 | A very solid name. Very strong management team. Good strategy of buying high quality assets, lease them with high credit worthy tenants, long term leases and match them up with long term debt. | 2004-10-22 | |
| HOLD | | Morguard Real Estate Inv Trust | MRT.UN-T | 9.500 | Management is moving from a retail to more of a diversified, industrial biased portfolio. A solid investment and distribution is safe. Debt ratio is a little high. | 2004-10-22 | |
| VAGUE | | Boardwalk REIT | BEI.UN-T | 17.550 | Ontario is introducing rent controls, but this company only has 15% of their assets in Ontario. | 2004-10-22 | |
| DON'T BUY | | H&R Real Estate Inv Trust | HR.UN-T | 17.540 | A very solid REIT. A "Best in the Class". Trading at a significant premium to its underlying value. | 2004-10-22 | |
| VAGUE | | InnVest Reit | INN.UN-T | 11.020 | Hotel REIT's are the highest risks because of nightly tenant leases rather than long term leases. Feels distribution is safe. | 2004-10-22 | |
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