Stockchase Opinions

Robert LauzonIPC US Income Commercial REITIUR.UN.TOTOP PICKNov 24, 2006

Primarily US office space. Sold some prime property for good prices and with all the cash they are raising, they're looking to buy higher growth properties. Could be a takeover target. Nice US income that is highly tax deferred.
$11.85

Stock price when the opinion was issued

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PAST TOP PICK
(A Top Pick Nov 24/06. Up 25%.) Acquired by a US REIT.
COMMENT
In the process of being taken over by a US REIT. Mainly US focused. Put itself up for sale, which did not go well.
PAST TOP PICK
(Past Top Pick Nov 24/06. Down 19.7%.) There is a take-out offer for the shares. The whole REIT market has been in a slump. This is US properties. He sold out at around $13 - $14.
COMMENT
Have accepted an offer from a US based real estate company at $9.75 US. This is an asset purchase, not the units and IPC will have to wind up the units. There will be tax ramifications. A disappointing wrap up to this REIT.
WAIT
A Canadian REIT with all its assets in the US. Has been very weak. They are having trouble finding buyers. Good management and good properties. Wait for the next announcement.
HOLD
Only Canadian Reit that only owns US properties. Modal is only class 'A' office buildings, in secondary markets across the US. Suffers from the currency discounts, and unusual promotes. Don't buy, but hold if you have.
TOP PICK
Price has dropped a lot. Structured as a REIT in Canada but it's all US assets. Has been oversold.
HOLD
Only Canadian REIT that exclusively owns US properties. They have A assets in B locations. Believes this portfolio will eventually be sold, but doesn't expect frenzied bidding.
PAST TOP PICK
(A Top Pick Nov 24/06. Up 15.9%.) Reduced his holdings in the $14 range. Primarily US office assets.
DON'T BUY
Unique REIT in Canada as it is the only one that owns only US properties. Put themselves up for sale. Have seen a lot of bids at very low cap rates for mediocre/average assets. A very speculative play. Sold his holdings.
COMMENT
This is a unique REIT in that it is a Canadian one, but owns solely US office property. Changing their strategy to own A property in primary markets. Thinks it will be taken out.
BUY
All its assets are in the US. Have sold some big assets at good profit. A lot of speculation that it will be taken over.
BUY
Offers a compelling yield. Will most likely get taken out.
TOP PICK
Focused on 100% ownership of US office assets. A value story through and through. “Outperform” rating. Trades at a discount to underlying value.