Only one in Canada exposed to the hotel market that is well run and diversified. Numbers haven't been great but they are survivors and he thinks they will maintain their distributions. 7.7% yield.

Low payout ratio and relatively conservative product mix. Good at managing properties. Doesn't expect much to happen with this. 8.8% yield.

Calloway (CWT.UN-T) versus RioCan (REI.UN-T)? RioCan is feeling very challenged as it can't find any growth in Canada so are expanding into the US. Calloway has always had more sites than they were using and have the Wal-Mart relationship allowing them to expand. For immediate growth and a better economy in Canada, Calloway has the advantage. Very close to being the same. Fully valued.

Very good yield at 8.6%. About 100% payout ratio and it's highly likely they will be bringing this down. Very sharp management.

Geographically diversified. Trading at a multiple of 16. 3.7% yield.

Apartments and gets all the benefits of CMHC financing. Starting to grow in Ontario. About 85% payout ratio and a sustainable 6.1% yield.

(A Top Pick Sept 3/09. Up 32.07%.) Wonderful hands on management.