BUY
Likes this trust. If you believe in the new format of retail shopping centres, this is really their bread and butter. A great way to play retail real estate.
BUY
A stalwart in the retail real estate industry. Quality track record. A history of increased distributions. Probably get a bit more growth in the near term out of Calloway (CWT.UN-T).
BUY
A turn around story. Previous management had made some acquisitions that were not too good. New management made 3 good acquistions in the last 1.5 years which significantly increased the size and reduced the payout ratio.
BUY
A core holding in his portfolios. A very large oil/gas trust at about 100,000 barrels a day. Underperformed in '03 and '04. Now at a point where existing management is comitted to the trust structure. Have about 5.5 million acres of undeveloped land. Expects some decent perfomance out of this company.
BUY
Their stage 3 upgrader has been much delayed and over budget over the last 2/3 years. It is now about 90% complete and will be completed this time next year. Expects Syncrude production (they own 37%) will ramp up to over 300,000 a day. $2 distribution will likely move to $5/6 in '06.
BUY
Good quality management teams. Has been the most acquisitive trust in the last 6 months. He has confidence in management, but would be concerned if they made any more acquisitions before they got the others integrated.
BUY
Good business that is well suited to the income trust model. Has been an enormous amount of expansion in British Columbia and they are an active participant. Could see some consolidation in this area and they are well positioned to take part.
WAIT
Likes this industry as a good fit and complimentary for a trust model. Feels this one is in a bit of a turn around situation. Wait to see what happens over the next couple of quarters. Have new management and they are trying to right some of the wrongs by previous management and fully integrate some of the acquistions made.
DON'T BUY
Would steer clear of this one right now. Had some operational issues, primarily foreign exchange issues. 50% of their revenue is in US$, but their costs are in Cdn$'s. This trust has subordination, that is, management takes a loss first. Part of the $0.84 distribution is being financed by management. This is scheduled to come off at the end of this year.
HOLD
Good quality management with a history of growing distributions. Excellent track record. Has had a bit of a run here, so not a bad idea to take some profits, but would sell all of it. Has a reasonable payout ratio.
PAST TOP PICK
(A Top Pick Apr 22/05. Up 3%.) Feels it still has some upside in it.
PAST TOP PICK
(A Top Pick Apr 22/05. Up 17%.) Continues to be a good business.
PAST TOP PICK
(A Top Pick Apr 22/05. Down 6.5%.) Still likes and thinks they are going to get through this.
DON'T BUY
Would put it at the lower end in the spectrum of quality REIT's. Seems to have lower quality properties.
BUY
If you are a believer in oil/gas and strong commodity prices, but not so much in income, this is a good way to play the oil sands.