TOP PICK
Class A office buildings in Toronto, Montreal, Calgary, Washington and Houston.
TOP PICK
Office, industrial and retail properties in Western Canada. Just reported with good results. Expect Q2 and Q3 will be good.
TOP PICK
Payout ratio soared in Q4 and they have to do a lot of acquisitions to back fill their distributions.
PAST TOP PICK
(A Top Pick March 17/09. Up 47.01%.) Still likes.
PAST TOP PICK
(A Top Pick March 17/09. Up77.51 %.) Still likes.
PAST TOP PICK
(A Top Pick March 17/09. Up 44.07%.) 5.5% convertible debentures maturing 2017 and priced for an 11% yield.
BUY
Brick and beam office buildings in Toronto, Montreal and Quebec city. Distributions will not be increased in 2010.
DON'T BUY
Have gone through a lot of drama. New CEO is going to focus on turning the assets over and releasing them to tenants who pay their rent on time. Also looking to upgrade quality of the property. This will be a tough slog for him.
BUY
Offices/industrial properties with a tremendous amount of exposure to Calgary offices, which they are actively reducing. Purchasing in Toronto and Ottawa now. Payout ratio just under 100% with a yield of 8%+. Doesn't expect an increase.
COMMENT
Limited service hotels. Huge exposure to Grand Prairie Alberta, a gas town. If you expect gas to recover, this is a name that will benefit. Need more drilling activity and drilling crews staying at their hotels. Quite a bit of debt outstanding that needs refinancing. If a long-term investor and comfortable owning small caps, you'll make some money going forward. Better names available.
HOLD
Unenclosed power centres, primarily anchored by Wal-Mart. If you are an income investor, this delivers a very steady stream. If interest rates start going up he would expect all REITs and risky assets to pull back.
BUY ON WEAKNESS
Has a small operating business of furnished hotel suites, which does not qualify for the REIT tax exemption so management is going to scale back this part in order to qualify. Great name. 1st half of 2010 is going to be weak because of turn over, giving them a chance to spend CapX to maintain their apartments so growth should continue in the 2nd half.
COMMENT
Qualifies as a REIT under current regulations so will not have to convert. Worth $17 now but if they sell 50% of the Bow tower in Calgary this could change.
COMMENT
Limited service hotels with central and eastern Canadian exposure. Potentially will do well in the long-term. There are better places to be. Consider selling for a capital loss.
TOP PICK
Very solid integrated oil/gas company. Exposed to the oil sands but have traditional oil/gas assets throughout North America. Very low dividend level relative to earnings so there could be room for dividend increases. Recent quarter came in better than expected. Selling between 6-7 times cash flow.