Stock price when the opinion was issued
Has done very well and has a very good dividend. He likes the company. Although it is not cheap, it is still a good source of yield. You also have the demographic support of an aging population. It is small enough that as it does acquisitions, 1 or 2 buildings moves the needle, whereas in a larger entity, it is less so.
(Holds a little.) Seniors’ housing portfolio, owning a variety of properties. Pretty good value at around $9.50. Growth by acquisition. Likes seniors housing demand/supply fundamentals looking out towards 2014-2015. Has been a little bit too much supply coming onto the market in the last couple of years. Expects towards 2014, demand/supply fundamentals shift in favour of the landlord giving them the ability to get higher rents so that cash flows move materially higher. 7.2% yield.