Stockchase Opinions

Paul Gardner, CFA TGS North American Real Estate Inv NAR.UN-T COMMENT Apr 04, 2006

Cut their distributions resulting in a drop of the share price. Has benefited from the government's turnaround on trusts. Company is focused on office retail/industrial, in Canada and the US and are now divesting their US assets.
$8.600

Stock price when the opinion was issued

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BUY
Small. Not a lot of liquidity. Generates about 85/87% of revenues in US. Good properties.
DON'T BUY
Have significantly decreased his position. Management is relatively new. High yield. Buyer beware.
TOP PICK
Still trading at IPO price.
DON'T BUY
Has had its share of problems from turnover in management. Payout ratio is well north of 100% and as a result there has been cuts in distributions. Have a lot of work ahead of them. Expect they will be selling some of their Texas properties. Have had a lot of problems with their retail outlet malls.
PAST TOP PICK
(A Top Pick Mar 4/05. Down 22%.) Had put it in as a turn around situation, but it's taking longer than expected. Cut their distributions. Still a good turn around situation.
SELL
No clear evaluations . Mostly Canadian assets, cleaned up the US situation. They have made it clear that they are looking for buyers. Very strong buying in it right now. Very good yield. If you hold it, this stock is close to the exit button.