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Dennis Mitchell, CFA Alexis Nihon REIT AN.UN-T DON'T BUY Jan 19, 2007

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.

Dennis Mitchell, CFA

Owned

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$18.750

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.

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.

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.

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Dennis Mitchell, CFA Alexis Nihon REIT AN.UN-T DON'T BUY Jan 19, 2007

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