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Michael Sprung Retirement Residences REIT RRR.UN-T PAST TOP PICK Mar 23, 2006

(A Top Pick Dec 7/05. Up 5%.) Actually hit more than $10 and then pulled back. Still likes it and their properties and feels their distribution is sustainable.

Michael Sprung

Owned

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$9.440

Stock price when the opinion was issued

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DON'T BUY

Three main retirement REITs that he owns are Sunrise Senior Living (SZR.UN-T), Chartwell Seniors Housing (CSH.UN-T) and Retirement Residences (RRR.UN-T). Chartwell would be his top pick. This one is going through a takeover process. Has underperformed.

DON'T BUY

Payout ratio, based on Adjusted Funds From Operations, is well in excess of 100%. Have put themselves up for sale. Chartwell (CSH.UN-T) are dropping out of the bidding process. Concerned about their continuing distribution.

COMMENT

Been a complete mess lately. Up for sale and a potential bidder, Chartwell, dropped out. That took the stock down. Thinks it will get sold for a higher price than what it is trading at, maybe $9.50.

BUY

Has an outperform rating on it. Purely speculative play and not for the risk adverse or dividend seeking investor. She is banking on a takeout.

DON'T BUY

Has been forced into putting itself up for sale. They have been notorious over payers. If a buyer does not materialise, there will probably be a distribution cut.

DON'T BUY

Largest “retirement home” owner in Canada. Have had a real problem. They have two choices. 1) They get acquired or 2) cut or suspend distributions.

BUY ON WEAKNESS

Paul Reichmann plans to join the bidding for this company. Feels there will be more bids. At anything below $7.50, the risk/reward is very good and you should be buying.

SELL

Take the money and run.

SELL

Sold this trust at $10.00 many months ago. If you own recommends selling half of shares at around $8.00. It is best to take a little bit off the table just in case it goes down to $6.50-7.00. Believes that there are better REITS out there.

COMMENT

Being acquired by a pension fund. Expects the vote later on will accept the offer.

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Michael Sprung Retirement Residences REIT RRR.UN-T PAST TOP PICK Mar 23, 2006

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