KMP Killam Properties - likely to 9 dollars; good name; very good job; expanded into Ontario. Concern that they are buying apartments in London and Waterloo too expensive; but they think CMAC debt which is cheap; dividend is safe. Using windmills for power; safe long term investment; holds it personally and professionally. 6.5% yield
AX-UN.TO - Artis REIT; trying to expand; diminish the effect to the Calgary exposure. Still fighting the payout ratio. Little above what they are earning. Yield is very high. Almost 10% probably dangerous; they do own it. Something similar; Dundee has a high yield; similar scenario and a 100% payout ratio; bright mgmt; decent gamble.
H&R REIT; very flat; is there a chance that they will sell the Bow Valley project? No, they won't sell it; they made a big mistake; costs are under control; long term very profitable bond. 4% yield; they will increase from 50% to 70 to 80% on the payout ratio and will gradually increase it over time. Very low debt; very low payout ratio. When EnCana building is finished; refinance and is not a threat right now.
Past picks:
Cominar REIT
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