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.

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

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.

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.

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.

(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.

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

(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.

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.

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.

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.

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.

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.

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)

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.

This is one that is getting a bit of attention now and didn't for a long time but is still very illiquid. Have shopping centers in Québec, Maritimes. Excellent performance numbers and top management.

This is a growth entity and has got huge identity for its size. Payout ratio is 44%.

Yield is reasonably good. So well sponsored and has the Calloway REIT (CWT.UN-T) as major investors. Some interesting new developments. Had some issues with the Zellers stores and weren't sure what they were going to do with them. Market had anticipated that and didn't bat an eye when they announced they were going to lose them. Expect it will evolve in a fairly positive way. Dividend yield of almost 8%.

(A Top Pick Aug 12/11. Up 34.79%.) Debated about putting this one as a Top Pick today except that it has moved up so much recently. This is as good a management as there is.

(A Top Pick Aug 12/11. Up 31.2%.) 5.7% dividend yield. Expect they will not likely increase the distribution as they are close to 100% on their payout ratio. Mainly office but they have industrial. Hopefully they are going to stop acquiring for a while and will strip out their industrial and be more of a straight office REIT.

(A Top Pick Aug 12/11. Up 42.91%.) Acquired by Cominar (CUF.UN-T).

Asset allocation in a REIT portfolio? First of all, you have to be diversified. Then you look for the best names and identify the best management. He is the most swinging is in the US because they are you can get prime downtown New York offices and then you can get apartments. Go for the good ones which will compound your returns.

Have a lot of private investments. Have a holding company where they cut the distributions just recently and are possibly thinking of taking it public. Recently sold his holdings. Quality people and quality group.

Some people love it as the opportunity and some people say it is one that is going to have more issues. Very diversified portfolio. Still has a bit of a payout ratio to deal with. You are fine with this name.

Part of a very entrepreneurial group. Have bought a lot of post offices and are buying other stuff as well and are going to diversify. In Germany, which is one of the areas that is a attracting more money than anywhere else. Stock has finally moved up a little bit. He thinks this will continue to be a winner. 7.4% yield, which he feels is in no danger.

Have done very well with Wal-Mart (WMT-N) as their tenants. Had expected the economy to be softer such as the retail would be but was wrong. Well-managed. The one problem with Wal-Mart is that you don't make a lot of money off them. Well-managed. One of the better of the big box REITs.

Valuations of REITs in general using Riocan (REI.UN-T) as an example. Trading at a 43% premium to its NAV, which is pretty high. 4.8% yield has been higher in the past. Are these REITs still worth buying and is this the top of the market? This is back up to the peak it was in 2007, but they have all grown, matured and have better balance sheets than they had before. The question is, for the long-term can it generate interest? Payout ratio is not too bad. They have done a lot to bring their debt down. Very innovative in some of their projects. Wouldn't worry about the NAV.

Biggest name on the TS X real estate index, even though it is mainly in the US. Has big real estate but also has other things that add value. Global exposure. Huge cash generation. This is one you buy for the long-term. 1.6% yield.

Very defensive. Just did another issue with some warrants, etc. Very conservative. Good sturdy business with drugstores, groceries and liquor stores. 4.5% dividend yield.