STOCKCHASE

(Top Pick Jun 23/09, Up 36%) Very well run. Largely Ottawa, little bit of Quebec. As part of diversification they own quite a bit of industrial and that hurt them.

2010-06-18

TOP PICK

19.180

Rick Stuchberry

This is a yield stock but you also get a bit of growth. Largest REIT in Quebec running from Ottawa to the Maritimes. Good yield of 7.5%. Occupancy rates should start to rise over the next quarter or two.

2010-05-14

TOP PICK

18.920

(A Top Pick June 3/09. Up 22.9% excluding distributions.) Have some excellent opportunities going forward. Just purchased Overland Realty, which exposes them to Atlantic Canada. Also have a very accretive development pipeline.

2010-04-28

TOP PICK

18.800

Quebec-based and have just expanded into the Maritimes. Well disciplined. They almost certainly have to come for an equity issue so wait around for that first.

2010-03-19

BUY

19.750

Not in his top 10 on valuation. Today, bought Overland Reality Corp. in Nova Scotia with small portfolio of offices, industrial, retail and multi-family. In the past they bought asset from a Quebec REIT and did a tremendous job of leasing the assets and he would expect no less from this transaction. Distribution is sustainable, but they have a number of convertible debentures issues outstanding. As you grow free cash flow and unit price goes up, you trigger these converts and you issue a lot of equity.

2010-01-19

TOP PICK

17.680

Yielding about 8%. Quebec economy is a lot more stabler that many others, particularly Quebec city. Very good, conservative management.

2009-09-03

TOP PICK

17.010

Conservatively managed and very disciplined in everything they do. Have marginally grown their income every period. 8.5% yield.

2009-08-10

TOP PICK

15.220

Recent issue was totally oversubscribed. 9.4% yield. Good management. Good price.

2009-06-25

TOP PICK

15.400

Commercially diversified. Have some very accretive acquisition opportunities and some excellent development yields. Recently made some land purchases. Low leverage. Sustainable payout.

2009-06-03

BUY

12.650

Michele Robitaille

Good value. High-quality company. Quebec focused. Great place to be long-term.

2009-04-02

BUY

12.400

(Market Call Minute.) Just reported and probably a Buy.

2009-03-17

BUY on WEAKNESS

21.750

Just reported another tremendous quarter. Great management team and very conservative. Fairly valued. Try to buy at $20. Yield of 6.6%.

2008-08-13

PAST TOP PICK

20.650

(A Top Pick July 11/07. Up 2%.) A good diversified REIT. Have done a good job in turning acquired assets from Montreal around. Management owns 25%.

2008-05-06

TOP PICK

18.510

Gail Mifsud

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

PAST TOP PICK

20.960

(A Past Top Pick Oct 27/06. Up 1%.) A dominant landlord in Quebec city. Acquired a number of under performing assets in the Montreal area and was able to increase occupancy. Superior management team owns 20% to 25% of the REIT.

2007-12-04

PAST TOP PICK

21.350

Then $22.58 Very good steady. Based almost 100% in Quebec. Almost no growth in Quebec.

2007-10-29

WEAK BUY

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

TOP PICK

21.130

Leslie Lundquist

Properties are almost entirely in Quebec city and Montreal. Reasonable levels of debt. Diversified portfolio of properties. Yield is about 6%.

2007-07-25

PAST TOP PICK

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

TOP PICK

21.330

Relatively cheap. Made a recent acquisition from Alexis Nehon which diversified them away from Quebec city and into Montreal and Ottawa. Management owns about 20%.

2007-07-11

PAST TOP PICK

23.820

(A Top Pick Dec 8/06. Up 5.5%.) Has under performed. Had to do quite a bit of financing. Would consider them a Buy.

2007-05-07

PAST TOP PICK

25.730

(A Top Pick Oct 27/06. Up 23.8%.) Tried to acquire Alexis Nihon (AN.UN-T) and will get 60%, which is better than nothing.

2007-03-09

PAST TOP PICK

23.890

(A Top Pick Dec 8/06. Up 5.8%.) In the process of acquiring Alexis Nihon (AN.UN-T), of which ING owns 19%.

2007-01-12

BUY

22.550

Well run commercialized REIT, including office, industrial and retail. Primarily Quebec City and Montreal. Will possibly be moving into the Atlantic provinces. Made a bid for Alexis Nihon (AN.UN-T) and thinks they will be able to do that on very accretive terms.

2006-12-22

TOP PICK

22.580

Have always liked management. Merging with Alexis Nihon (AN.UN-T). A little concerned on how much they paid given some of the office problems, but there should be a good savings.

2006-12-08

TOP PICK

22.580

Gail Mifsud

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

20.840

20% of the Company is held by management. Very conservatively run. Probably the best balance sheet in the REIT sector. Rock solid distribution. Very reasonable valuation.

2006-10-27

PAST TOP PICK

19.930

Michele Robitaille

Cominar Real Estate is up 4%. They continue to own and like. One of their core holdings in the REIT portfolio. Very high quality name and strong track record in development.

2006-03-17

TOP PICK

19.110

Michele Robitaille

A diversified REIT with about 125 properties focused in Quebec and Montréal. Has a long track record of consistent growth and cash distributions. Conservative management team. Focused on development rather than acquisitions which is good.

2006-01-06

BUY

14.700

John Priestman

A favorite holding. Extremely well-managed. Good balance sheet. Would be a prime target in any merger/acquisition activity.

2004-05-26

TOP PICK

13.710