Not technically a REIT but huge in real estate. Has them as one of his biggest holdings. Still believes economy is going to go up. Recently they did a big issue and the market had difficulty digesting it. It has come down and looks like it is basing. They are diversified into infrastructure and into several countries. They have weakened off and they represent value again.

Spend a lot of money redeveloping older properties. Strong group. Management has a lot of stock and gradually growing their income. They are reinvesting a lot instead of distributing.

Northern Alberta. Alberta and Arctic. Low debt and low payout ratio and good management group. Lots of room to grow, lots of excess capacity in Alberta where they economy is improving a lot. Number came out - very good.

Interesting situation. Issue yesterday that was reasonably successful. In a lot of different markets in Quebec. Have been around for a while. They used to be too leveraged. They have survived and debt is under a little bit better control. Some gov’t offices and local businesses. They are higher risk and higher yield – pretty close to earning their distribution. If you want yield and you can take some risk, then ok. Looks like they are doing a good job.

Has been evolving in a very good manor. As close to a bond as any of the REITS. They have long-term leases and responsible debt. Were caught a number of years ago with Bow Valley. That turned out to be the wrong time. They cut their distribution and now they have come back. Low payout ratio. A little pricey right now. Sold a week ago because the market seemed a little high. It is a quality name.

Had a big debt maturity coming up. They have handled a big part of that debt problem in the last couple of days. Illiquid and higher risk. It has been handling its problems.

They took the conservative parts and put it into a new REIT. It has done very well. Just bought some new properties. Good yield. A good conservative REIT.