Stockchase Opinions

Charles Dillingham CANMARC REIT CMQ.UN-T TOP PICK May 30, 2011

Bought some good properties at reasonable prices. Stable income.
$12.730

Stock price when the opinion was issued

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DON'T BUY
He is out of this name right now.
BUY
They took the conservative parts and put it into a new REIT. It has done very well. Just bought some new properties. Good yield. A good conservative REIT.
TOP PICK
A good one. Got some attention today because of management change. They have a conservative portfolio. Distribution is 8%. Steady stuff, fairly well leveraged. Yield is safe.
COMMENT
Bought on the IPO because of the heavy discount. There was a big overhang because of management. Sold out in the $11 range. Did a slightly better job of acquiring assets than was expected. Doesn’t expect any danger of the 7.7% distribution being cut any time soon.
SELL
Not a fan of this based on management and major shareholders. Prefers REITs with better alignment.
TOP PICK
Quebec. Basic kind of group. Very good payout close to 8%. Ratio is very good.
PARTIAL BUY
Had several things happen. Parent company went bankrupt and had leases with them and there is a question what is going to happen to this portion. Have expanded and taken on a lot of good product in Alberta along with existing good product in Quebec. Good yield. Take your time buying as it is illiquid.
SELL
Old Homberg REIT. Subject of a hostile bid. He would tender or sell now. Doesn’t expect a higher bid. Don’t step in at this point.
PAST TOP PICK

(A Top Pick Aug 12/11. Up 42.91%.) Acquired by Cominar (CUF.UN-T).