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Stockchase Opinions

Charles DillinghamAlexis Nihon REITAN.UN.TOHOLDJan 12, 2007

Being acquired by Cominar REIT (CUF.UN-T), a very good Quebec-based REIT.
$18.22

Stock price when the opinion was issued

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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.
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
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.
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.
WAIT
Have managed to raise money. As far as he is concerned the jury is still out on this one.
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.
BUY
9 3/4 percent yield. Very good industrial property and around the Montréal Airport. Good management.
DON'T BUY
Has unoccupied space. Assets are good.