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Paul Gardner, CFA Whiterock REIT WRK.UN-T COMMENT Aug 10, 2011

Recently sold a large part of his holdings. Bothers him that CEO’s compensation is based on growth rather than profitability. Also making more acquisitions outside of Canada and hopes they can transition these into accretive acquisitions. Doesn't expect much growth.

Paul Gardner, CFA

Owned

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$11.650

Stock price when the opinion was issued

property mngmnt investment

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BUY

Focuses out west on office, retail and industrial. Over distributes on incoming income so the question is can they grow big enough to offset this. I've made some accretive acquisitions over the last several months. Relatively inexpensive.

WEAK BUY

Have done a significant job of diversifying. Brought their payout ratio down from about 130% to 117%. A definite Caveat Emptor so don't invest too much.

SELL

Over-paying distribution and have done so for a long time. Not a big fan of senior management. They are more financial engineers. Cautious of this name.

BUY ON WEAKNESS

Company has had a chequered career and have now developed a reasonable and diversified portfolio. Yield of over 8%. Some questions on CEO’s compensation. If interest rates rise, there could be problems.

DON'T BUY

Has a fundamental difference with management on how the REIT should be managed. Assets are very good but the leverage is way too high and the distribution is not sustainable. Income is not as secure as in other REITs.

COMMENT

CEO’s contract is like no other. He takes fees both coming in and going out. Has pushed some good product and has done a lot of stuff well. Hasn't looked at this one closely although he has a little bit.

SELL

Doesn't like this REIT at all, basically because of management. Suspects that some of the net operating income from some of their recent acquisitions won't stand up over the test of time.

COMMENT

High yield of around 9%. Had been doing a lot of growth. Not much institutional support. Has been significant concern that the CEO has been taking very good care of himself on the financing. They claim they're going to be improving that. Looks safe right now but the market will be watching very carefully.

SELL

(Market Call Minute.) Thinks there are corporate governance issues

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Paul Gardner, CFA Whiterock REIT WRK.UN-T COMMENT Aug 10, 2011

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