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Garth Jestley Sunrise Senior Living REIT SZR.UN-T BUY Feb 18, 2005

There are 3 plays in the "Seniors' Living" sector, this, Chartwell (CSH.UN-T) and Retirement REIT (RRR.UN-T). "Retirement' trusts have a place in portfolios and they own all 3.

Garth Jestley

Owned

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$11.770

Stock price when the opinion was issued

property mngmnt investment

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HOLD

A high quality trust and well managed. Focused on the high end of senior housing REIT's. Has a tie in with Sunrise Senior Living (SRZ-N) giving them opportunities for further developments in the US. A little bit expensive right now, but long term it's a good place to be.

WATCH

This stock is interest rate sensitive. It needs to be compared to a risk free investment like a bond. It is not exciting to look at its past history. Don't let it go below $11.00.

TRADE

He owns the parent company but not the underlying trust. They own the parent company because the opportunity is there for (mumble mumble). Their biggest fear is that the institution will buy out the shares and leave.

WEAK 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 would be a B name but probably won't hurt you.

DON'T BUY

Disappointed since it went public. Hasn’t met any of its IPO forecast. He sold most of his holdings. The whole “senior care living space” has been under pressure. Most of its properties are in the US and the stronger Cdn$ hurts.

HOLD

Quarterly results have been delayed for a month which has created volatility. The accounting problem had to do with the past rather than with the present or future. Doesn't know of any big problems on the surface, but the longer the delay the more he worries.

DON'T BUY

The new trust rules will hurt this one as it doesn’t fall into the Real Estate REIT category. Has been under performing. It either has to re-structure or will be taken over. A lot of assets in the US, so currency can affect it.

HOLD

A seniors-living REIT. Unique in that it is primarily U S properties. Has used this one as a trade. Expect it will be purchased. Doesn't see any further upside here.

COMMENT

Downtrodden sector for the last year, but recently the sector has had a bidding war. Ventas (VTR-N) is making a bid for this one. Doesn't think there will be any more bids. If you own, they would recommend you accept.

COMMENT

Have been some bids to take over the company. The initial one is due relatively shortly. In the event it gets voted down, there is no assurance that the 2nd bid is going to materialize, but stock movement indicates the market feels it is going to happen.

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Garth Jestley Sunrise Senior Living REIT SZR.UN-T BUY Feb 18, 2005

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