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Dennis Mitchell, CFA InStorage REIT IS.UN-T PAST TOP PICK Jun 12, 2008

(A Top Pick Aug 16/07. Down 45%.) The only REIT consolidator of self-storage properties in Canada. Some operational management issues. Value is there, assets are great and the cash flow will materialize. It will just take a little longer. Still a Buy.

Dennis Mitchell, CFA

Owned

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$4.170

Stock price when the opinion was issued

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DON'T BUY

Falls under the small cap REITs space, which is having a really tough time. Contemporaries in the US have had valuations dropped from 16X AFFO down to 13X. During this volatility, he would stay away from the small caps because of funding issues. Because of distribution stability he would rather up his portfolio to large-cap REITs.

BUY

Likes this from a fundamental standpoint. It is the only consolidator of self-storage property in Canada. Would like to see a little bit better disclosure on what they are doing in terms of rent. Starting to see that coming now. Trading at a slight discount to NAV. Tremendous free cash flow yield.

WEAK BUY

Buyers on the margin. At this level it is very cheap. Q1 and Q4 are seasonally weak for REIT’s.

BUY

Public storage space. Currently there is only one large player, a subsidiary of a US company. Will be spending about $5 million to re-brand their name to give them a stronger presence. Good exposure to Western Canada. Very attractive value.

HOLD

Bought a lot of expensive property. Top financial guy has left. There will be more competition in the storage area. Probably won't cut their distribution but are at risk.

BUY

The only consolidator of self-storage properties in Canada. Had overpaid for some of their assets early on. Rolling out a branding program that will kick in and killed some brand power.

COMMENT

Being acquired for $3.75 by Canadian Storage Partners. He feels the price is acceptable and he is committed to it.

HOLD

Being acquired for $3.75 by Canadian Storage Partners. $3.75 is not full and fair value, however he tendered half his position at this price in order to kick-start the process. Expect there will be competing bids for this.

SELL

Has a buyout bid at $4 and is now closed. If you own, take the opportunity to sell at $4.

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Dennis Mitchell, CFA InStorage REIT IS.UN-T PAST TOP PICK Jun 12, 2008

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