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Stock Opinions by Charles Dillingham

N/A

Markets. Performance of REITs has been great. Mid 20's and higher returns. He has about 8% cash. He never sees any upside – it just happens. He doesn't know how you produce growth from here. Some REITs will have to raise yield to avoid paying taxes.

Unknown
DON'T BUY

Too illiquid for him to get into. Can easily get fees on house sales.

REAL ESTATE
BUY

It keeps on bouncing off its high. All of them have done well. Analysis are saying to sell board walk and to buy this one because it has underperformed. These guys are fine. They have expanded a lot.

investment companies / funds
BUY

Management keeps on surprising everyone. Has added to his positions recently. Payout ratio have been a little bit high, as has debt but they have worked them down. He is not worried about the distribution coming down.

property mngmnt / investment
BUY on WEAKNESS

Parent is creating a new company where they will spin out a bunch of their companies' shares into the one unit. At some point down here it will be a good buy.

property mngmnt / investment
PAST TOP PICK

(Top Pick Oct 18/11, Up 22.99%) They have been very active. Recently just split their industrial side out into an industrial REIT. There's a lot happening. They are very good at taking things over and managing them.

property mngmnt / investment
PAST TOP PICK

(Top Pick Oct 18/11, Up 32.34%)

REAL ESTATE
TOP PICK

(Top Pick Oct 18/11, Up 27.21%) They are working their agenda. Exposure in England, Australia, Latin America. Everything they have brings in income. Chart is starting to look good. Can survive the bad weather as they did last time. If we get into a global recession, you don't want to stay in this one.

management / diversified
TOP PICK

Everyone is mad at them. They have come with too many issues. Have been selling a bunch of properties that don't make sense. They are constantly creating value.

property mngmnt / investment
TOP PICK

3.6%. 3 different asset categories. Restructuring themselves. Really good growth coming. Speculation is that they will have to increase distributions just to avoid tax.

investment companies / funds
DON'T BUY

Relatively new. Apartments. This management team has a record of making it work. His suggestion, though, is to go somewhere else because there will be a lot of issues. The market may be getting near the top and you have to go for quality.

REAL ESTATE
COMMENT

Interest rates. Low rates have never been better and have been a phenomenal period. REIT sector has been able to refinance at lower and lower rates. Yields are great and the risk rate of return is phenomenal. There are a lot of signs that things are gradually improving.

Unknown
COMMENT

Payout ratio 86%. Given the expected flow and some of the debt refinancing that can be done that will be brought down. This is based in the tar sands, which are doing well. Also have a big percentage of it based in Moose Jaw. Very small and very illiquid.

REAL ESTATE
COMMENT

New REIT. Have a lot of their portfolio in Québec. Given what these people have done in the past, you are probably going to make money with them but, with the costs of the product it is going to take several quarters before the issue works out. Did a 1 for 8 reverse stock split, (This was not a split, but was actually part of the REIT conversion from Huan (?) Capital Corp.) which is normally considered the kiss of death. 6.6% dividend yield. (BNN quoted a yield of 12%. Both of these items were corrected on Market Call Tonight's Aug 9th program. Bill)

REAL ESTATE
COMMENT

This is a unique Canadian REIT that has wonderful assets in major cities, Montréal and Toronto particularly that are very well located. Doing a join venture with RioCan (REI.UN-T) which is progressive and positive. Stock has moved a lot and is pricey, but over time you will do well because they are doing the right stuff. If you are a long-term investor, this is a Buy.

investment companies / funds
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