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Gail Mifsud IPC US Income Commercial REIT IUR.UN-T TOP PICK Dec 08, 2006

Focused on 100% ownership of US office assets. A value story through and through. “Outperform” rating. Trades at a discount to underlying value.

Gail Mifsud

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$12.130

Stock price when the opinion was issued

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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.

PAST TOP PICK

(A Top Pick Nov 24/06. Up 15.9%.) Reduced his holdings in the $14 range. Primarily US office assets.

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.

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 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.

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.

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.

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

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

(A Top Pick Nov 24/06. Up 25%.) Acquired by a US REIT.

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Gail Mifsud IPC US Income Commercial REIT IUR.UN-T TOP PICK Dec 08, 2006

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