Own a large part of office buildings in major cities in US and Canada. Trades at a 20% discount to its NAV. Has been hurt by the financial crisis because about 50% of their tenants are in the financial industry. Trades at 11X price to FFO, which is cheap. Manhattan space has very low vacancy rates and Merrill Lynch has confirmed they will be staying.

Largest landlord in Canada and anchored by large stable tenants. Cheap, relative to the last couple of years. Also have green development, which adds to their bottom line. Also, because they own so much space, anyone coming up from the US would be dealing with them. Lease rollovers in the next couple of years with increased rents.

Will have a tough time over the next couple of months. Think they stole Countrywide in their acquisition because, it was any other time, the antitrust laws would kick in. 2 years from now they will make a lot of money. 6% dividend.

(A Top Pick Feb 5/07. Up 9.8% including dividends.) Great margins. Terrific management. A great consistent regulated company. Interest-rate sensitive, which is positive currently.

Midst of a takeover with Montreal exchange (MXX-T). Because of the political situation, difficult to tell if this will actually work. CEO just left. Some market pressure because they have cut fees in order to stay competitive. Very consistent business. Volatility helps their underlying business with the extra trading revenue. Over 3% yield.

Falls under the small cap REITs space, which is having a really tough time. Contemporaries in the US have had valuations dropped from 16X AFFO down to 13X. During this volatility, he would stay away from the small caps because of funding issues. Because of distribution stability he would rather up his portfolio to large-cap REITs.

Because the Cigar Lake, this will be dead for a couple of years. However, there will still be the ultimate demand for uranium and this is the only play out their at reasonable levels. Good long-term assets and management.