Stockchase Opinions

Michele Robitaille Alexis Nihon REIT AN.UN-T HOLD Dec 15, 2006

Subject to a takeover bid by Cominar (CUF.UN-T), which is very positive for them. Good geographic fit. Unlikely another bid will come in. If you own, take the stock.
$16.940

Stock price when the opinion was issued

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DON'T BUY
Has unoccupied space. Assets are good.
BUY
9 3/4 percent yield. Very good industrial property and around the Montréal Airport. Good management.
BUY
Real estate in Montreal has really taken off. Expect that in the next six to nine months, they will be making acquisitions, so you should see another leg up.
WAIT
Have managed to raise money. As far as he is concerned the jury is still out on this one.
SELL
Montréal based. Has quite a mix of properties, commercial and office. They have had problems with occupancy as well as renovation expenses. More attractive trusts out there.
COMMENT
Possibly being acquired by Cominar Real Estate (CUF.UN-T). Not comfortable with the leverage levels and that they were over distributing from fee cash flows. Also has some assets that really need to be worked out because of higher than usual vacancies. Doesn’t expect a competitive bid.
HOLD
Being acquired by Cominar REIT (CUF.UN-T), a very good Quebec-based REIT.
DON'T BUY
Possibly being acquired by Cominar Real Estate (CUF.UN-T) and offered $17 a unit. Doubts if this will be increased. Not sure if there's much more upside here.