Owns a portfolio of commercial real estate in Germany. Doesn’t have a valuation on this as yet because there hasn’t been 4 quarters of operation yet. B & C assets, quality management team, low leverage and low payout. Likes management. 7.4% dividend yield.

If there was a mini-recession this year or next, would this be hurt? In any recession all REITs are going to be hurt. This REIT was absolutely hammered in 2008-2009 during the last turndown but on an operational basis, they did very, very well. Occupancy remained at 99%. He would prefer to buy it $4.75-$5 to get a 15% total return. If you’re happy with 10%, you should get it with this.

(A Top Pick Aug 4/11. Up 15.27%.) Would have done better but they announced they were going to be selling their seniors housing portfolio which raised questions on proceeds they would get and what they would do. 4.7% yield.

(A Top Pick Aug 4/11. Up 54.81%.) This one had been beaten up unnecessarily.

(A Top Pick Aug 4/11. Up 28.23%.) The only predominantly mall REIT in Canada. Haven’t done anything overly spectacular in the last year but it was cheap. Still sees some upside.

Apartments in Ontario. Good management. Distribution was just increased 33%. Wait for a pullback into the low $5’s.

Power business married with a utility business. Probably worth $7 and he would probably nibble away in the low $6’s. Some of their acquisitions have exposed them to a little bit of the merchant power sector, meaning their generation isn’t fully contracted for the long-term but doesn’t think this will be a significant component of cash flow going forward.