Dennis Mitchell, CFAPrimaris REITPMZ.UN.TOPAST TOP PICKAug 20, 2012

At $28 it is pretty fully valued. He would tender to H&R. You are getting full value.

Fundamentals are good. Leasing spreads were up 8.7% last quarter. H&R Reit (HR.UN-T) has made a bid to acquire them and it looks like this will go through. If this still works, the economy is going to have to be good for retail. H&R is probably going to be coming to market to issue equity. Fundamentals are still in place for REITs.

Offer made for $26, but he feels it is worth $28-$29. Enclosed shopping malls in Canada. Thinks the portfolio has a lot of value. Target is taking up a lot of locations in their malls. He would prefer it to continue to trade.

Fairly well distributed portfolio. Bought two malls recently and they are doing the right things. Got an upgrade to investment grade status. 5-5.5% dividend and modest capital appreciation. He prefers larger companies like REI.UN-T. They have access to capital and had quite a sell off.

(Market Call Minute) Owns Oakville Place and Burlington Mall. You can hold it for the yield.

(Market Call Minute.) Feels the street is underestimating the impact that Target is going to have when they move in. It will represent about a 3^rd of their overall square footage.

Still has some upside here. Their quarter came in better than he thought. He was concerned that they would have issues with their tenant backfill being a bit down but was better than he thought. Balance sheet is very unlevered. Feels they are locked and loaded to do acquisitions and grow.