STOCKCHASE

Looking for 12% equity return. Worth about $15.25. Great tenant roster including Tim Horton's, banks, Loblaws, Sobeys, etc. with 96% occupancy.

2010-07-15

PAST TOP PICK

13.800

(Top Pick Jun 25/09, UP 42% including distributions) Shopping centers are in the middle of the community. Managers bring a very strong discipline. Aggressive in management. Likes them a lot. Split a little while ago. Did an issue. Were added to an index on the TSX, which put volume up.

2010-06-18

PAST TOP PICK

13.800

(Top Pick Jun 25/09, Up 42% including distributions) Shopping centers are in the middle of the community - grocery store, liquor store, bank. Managers bring a very strong discipline. Aggressive in management. Likes them a lot. They’ve been struggling – not enough liquidity. Split a little while ago. Did an issue. Were added to an index on the TSX, which put volume up.

2010-06-18

BUY

14.150

Really good management. Properties are recession resistant with a lot of Shoppers (SC-T) and grocery stores. Appropriate one to hold during either up cycles or down cycles.

2010-05-28

PAST TOP PICK

22.190

(A Top Pick June 9/09. Up 26.9% excluding distributions.) Shopping centres that are all well located. Still likes but looks like it could be getting a little tired. Conservative with their debts and pay out.

2010-05-17

TOP PICK

22.170

Shopping centres that don't have a lot of fashion. Low payout ratio. Always expanding.

2010-04-15

BUY

22.010

One of his favourites. Almost all of their centres are inside communities with banks, grocery stores and liquor stores. They buy properties and then expand within the properties so are always using some of their money for reinvesting. Low payout ratio. Good dividend of about 6%. Good long-term hold.

2010-03-19

PAST TOP PICK

22.100

(A Top Pick March 17/09. Up 44.07%.) 5.5% convertible debentures maturing 2017 and priced for an 11% yield.

2010-03-17

BUY

20.150

Prakash Hariharan

Is an excellent company. They carved out the US assets from the Canadian operations. Likes the management team. The upside is there. The TLF program has been supporting the CMBS markets like never before and it will be interesting to see how the CMBS market reacts once the TLF program is withdrawn. Then the credit spreads and cap rates for REITs will get impacted accordingly.

2009-12-01

BUY

19.530

(Market Call Minute) Great Management. Room for cash flow to grow.

2009-11-24

TOP PICK

18.720

Shopping centres across Canada. Totally focused management. 6.8% dividend yield. About 85% payout.

2009-09-03

PAST TOP PICK

17.300

(A Top Pick May 28/08. Up 8%.) 5.08% Bond due June 21/12.

2009-08-12

TOP PICK

17.540

(A Top Pick June 2/08. Down 20.89%.) One of the few that has a negative rate of return year-to-date but has some of the best management and structuring. 7.3% yield. Low payout ratio.

2009-08-10

BUY

16.900

Owns about 17% of a US REIT Equity One plus interests in a number of operating companies. Entities under this company that own these are going to be spun off to existing shareholders. Regarding this company, they are cleaning up the balance sheet to give a clean play on Canadian shopping centres.

2009-07-20

TOP PICK

16.520

(A Top Pick June 2/08. Down 24.91%.) Small shopping centres. Steady growth. Very good at acquiring properties. Very good management. US holdings have hurt them and they are working to get rid of it. 7.8% distribution is safe.

2009-06-25

TOP PICK

17.480

(A Top Pick June 2/08. Down 22.66%.) Very good management that has been disappointed on its performance. In spite of the economy, it should be a survivor. Conservative market and conservative management. Yield of about 7.6%. Payout ratio of about 85%.

2009-06-09

PARTIAL BUY

17.050

Dominant owner of neighbourhood convenience shopping centres. Very stable tenants such as banks, Shoppers Drugs, etc. Distribution is sustainable. Expect some downside volatility so he would pick away at it over the summer.

2009-06-03

BUY

16.000

Marc-Andre Robitaille

Likes it. Has very good management and delivering decent growth and has decent growth. He prefers dividend to distributions. Doesn’t see reasons why they would cut the dividend.

2009-04-15

TOP PICK

15.630

5.5% convertible debentures maturing 2017 and priced for an 11% yield to maturity. Can be converted to stock $27-$28 giving you 8 years for the stock to recover to that level. You can buy at an 8% cash yield, which they pay in 3% discounted shares.

2009-03-17

STRONG BUY

15.630

Grocery anchored neighbourhood community shopping centres. Biggest tenants are Sobey’s, Loblaws and banks. One of the best management teams in Canada. Would Buy at $15.50 or less Sell at the $17-$18 range. 97% occupied. (See Top Picks.)

2009-03-17

TOP PICK

17.150

Beth Hamilton-Keen

Owner, operator and developer in neighbourhood shopping malls and anchored by large grocery stores, drugstores and banks. Good management.

2009-01-09

PAST TOP PICK

21.250

(A Top Pick Dec 7/07. Down 15%.) Great name. Have grown cash flow. 6.1% yield is safe. Buy on weakness.

2008-11-03

TOP PICK

18.350

Bill MacLachlan

One of the largest owners of anchored regional shopping centres in fast growing metropolitan areas. 7% yield. Well-managed. Good long-term play.

2008-10-23

BUY

22.050

One of his favourites. Not cheap at these levels. Other names in a similar space can offer better free cash flow yield. This company offers better growth. Tend to buy value-add properties. Good quality core name. If a long-term investor, 3 to 5 years, this is a Buy.

2008-08-13

BUY

22.750

Gavin Graham

Shopping malls. 5.6% yield. Have a really good balance sheet. Very experienced management.

2008-07-07

PAST TOP PICK

24.250

(A Top Pick Aug 16/07. Up 1%.) Came out with a new equity issue that diluted the stock. Balance sheet is in perfect shape. Stable asset class.

2008-06-12

TOP PICK

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

23.270

(A Top Pick May 17/07. Up 2%.) First Capital Bond. (5.08% June 21/12.) Greatest value in the corporate bond world is real estate bonds. Getting 200 to 300 basis points over Government of Canada.

2008-05-28

TOP PICK

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

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

BUY

23.180

This one has been hit by the sector. They own outlet grocery store anchored malls. Excellent managers. He owns their bonds. Growing their bottom line with good acquisitions. They've tapped the unsecured debenture market, which allows them to get access to the funding market in the public space. We Buy on anything below this level, otherwise a Hold.

2008-02-05

BUY

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

24.760

A more defensive pick. Best management team in the business. Grocery and drug store anchored neighbourhood shopping centres. Trades at about 15% discount to NAV. About a 6% free cash flow yield. Have been tremendous in adding value, developing sites and controlling retail nodes. Management owns in excess of 50%.

2007-12-07

TOP PICK

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

BUY

25.820

Basically community based shopping centres. Has traded off in the last year. Trades at about 4% discount to its NAV. Wouldn't be surprised to see growth in their distributions.

2007-10-03

BUY

25.990

Has been his favourite name in this space. Grocery/drugstore anchored retail centres. Best management team in the business. Create a lot of value internally. Good value at this level.

2007-09-04

TOP PICK

24.950

Grocery and drug store anchored real estate. Best management team in the business. Significant internal growth. Significantly below NAV. Good free cash flow yield at about 5.8%. Buy and forget about it.

2007-08-16

TOP PICK

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

BUY

25.990

Has come off in the last 6 months because the interest rates have hurt the overall REIT market. Their properties are anchored by Shoppers Drug Mart, smaller supermarkets, etc. Have done a great job of growing.

2007-07-19

TOP PICK

28.100

First Capital Bond. (5.08% June 21/12.) Deal mainly in the communities of large cities. Anchored by supermarkets. From that capital structure, it is still pretty conservative. You can pick up 130 basis points above the Government of Canada and still have investment-grade bonds. Have the ability to earn around 5.5%.

2007-05-17

PAST TOP PICK

27.900

(A Top Pick Dec 8/06. Up 2.9%.) Excellent management. Diversified. Well-managed and well located.

2007-05-07

PAST TOP PICK

27.700

Fundamentals are fantastic. One of the few companies that issue unsecured bonds.

2007-05-03

TOP PICK

27.700

Shopping center based real estate outdoor malls. Focused on the bottom line. Debt to asset is 60%.

2007-05-03

BUY

27.150

Dividend of 4.5%. Good locations consisting of a grocery store, drugstore, bank, etc. Performance has been slow, but long-term they look good. Reducing their debt.

2007-04-11

PAST TOP PICK

27.370

(A Top Pick Dec 8/06. No change.) Very good and very steady. Good defensive play.

2007-01-12

BUY

26.820

Builder, developer and owner of community strip malls, usually anchored by super markets. Good management. Probably has more value.

2006-12-19

TOP PICK

27.110

Good yield at about 4.5%.

2006-12-08

TOP PICK

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

BUY

26.900

Robert Lauzon

Portfolio of retail assets, shopping malls, etc. There are 2 large controlling shareholders will own about 65%. Should continue to perform well as long as pension funds and private equities continue to put hard money into real estate.

2006-11-24

BUY on WEAKNESS

26.450

Real estate operating company. Retail oriented. Probably the best management team in the business.

2006-11-21

VAGUE

25.900

Peter Grandich

Formation Capital is one of his clients. It is the only pure cobalt mining company around. They are waiting for one last permit. The company has been around for a while and has a well managed team.

2006-09-22

BUY

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

HOLD

24.640

He likes First Capital Realty a lot. This was a previous pick. They have brought their debt down. They are great managers. Problems trading- more expensive. Yield is 5%. Not a trust so the dividend is taxed. Not considering selling it.

2006-03-11

PAST TOP PICK

24.300

First Capital Realty is run by the one of smartest real estate management teams in Canada. It was a top pick in August. They still own and are very happy with it. It pays a dividend so you get full dividend tax credit on it.

2006-03-05

BUY

23.650

Robert Lauzon

They own it in a couple of their funds. It pays 5% yield. They like it and continue to buy. In 2007 it may become a REIT.

2006-03-01

BUY

23.400

Development in mall areas. Well diversified with great anchors. Does not own on the equity side but owns on the bond side.

2006-02-23

BUY

23.500

A name he always likes. Took a bit off the table to balance his portfolio. Good product and good management. Pays 5% dividend.

2005-12-16

BUY

23.500

An extremely well run real estate company. It gives a very decent dividend yield, one of the best dividends on the TSX. You also get a very conservative balance sheet. Did a convertible debt issue a few weeks ago and are in a position to pursue some significant property transactions. Good management.

2005-12-16

BUY

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

TOP PICK

20.300

Very good management. Have improved their balance sheet and increased their cash flow. Manage their properties very intelligently, very aggressively. Dividend that's close to 6% which won't be hurt by whatever way the wind blows on trusts, dividends, etc.

2005-10-31

WATCH

21.000

Bruce Campbell

Has been a good holding with a nice yield, but not in trust form. You could probably see a little bit of further legs on this. Wonder if they are now looking at a trust format to squeeze out another 10/20% of valuation? Looks fairly fully valued.

2005-09-12

BUY

20.990

An excellent company. One of the best REIT positioners of grocery anchored malls. One of the better managed real estate companies in Canada.

2005-08-12

TOP PICK

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

TOP PICK

19.250

Markets are acting very nervous, so all his picks tonight are defensive and "real quality". Pays about 6%. Very conservatively managed. Medium size shopping centres. Have had very strong performance. Bringing their debt down. Expects it will come off a little bit in the next several months, so watch for an opportunity to Buy on dips.

2005-05-12

BUY

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

20.500