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Dennis Mitchell, CFA TransGlobe Apartment REIT TGA.UN-T BUY ON WEAKNESS Feb 14, 2012

National apartment landlord trading at around $12 and is worth about $12.50-$13. Good management. If you are comfortable with an 8% all in total return you can find here, but he would wait for a little bit of a pullback.

Dennis Mitchell, CFA

Owned

Unlock Rating

$11.930

Stock price when the opinion was issued

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(A Top Pick Feb 4/11. Up 17.53%.) Apartments. Low multiple of 15. Have had some bad publicity about infrastructure stuff. Reasonably high yield.

BUY ON WEAKNESS

Most of their apartments are in trouble Ontario with some in Alberta. Payout ratio is about 95%. 6.25% yield.

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(Market Call Minute.) Have a lot of renovation stuff to do.

COMMENT

Going private and whether you should sell at what the stated price is, he hasn’t had a chance to study it.

COMMENT

There is a bid to buy the shares at $14.25. Fair value was estimated at $13.25-$15.25. Thinks it unlikely that a higher bid will be made.

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Dennis Mitchell, CFA TransGlobe Apartment REIT TGA.UN-T BUY ON WEAKNESS Feb 14, 2012

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