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Income trusts Independent - Accurate - Timely, Harry Levant
Earnings
November 21, 2008 - CWT.UN
New! Calloway REIT - Q3-08 Update (Pending) .....
November 20, 2008 - PGF.UN
New! Pengrowth Energy Trust - Q3-08 Earnings & Recommendation .....
November 20, 2008 - CAR.UN
New! Canadian Apartment REIT - Recommendation Update (#1) .....
November 19, 2008 - LIQ.UN
New! Liquor Stores Income Fund - Q3-08 Update .....
November 18, 2008 - BA.UN
Bell Aliant Regional Communications Income Fund - Q3-08 Update .....
November 17, 2008 - ATP.UN
Atlantic Power Corporation -Q3-08 Earnings Update .....
November 15, 2008 - CPG.UN
Crescent Point Energy Trust - Q3-08 Update .....
November 14, 2008 - HR.UN
H&R REIT - Q3-08 Earnings Update .....








Bias Policy
Our policy is to show no bias with regards to race, regligion, gender, age, or sexual orientation in any of our communications.

Recommendation Changes
CAR.UN, HEQ.UN, HR.UN, FLY, BFC.UN, more...
Income Trusts Review Criteria

1. The Basic Business of the Trust – Who Are They and What Do they Do?
Business - utility, pipeline, natural resource, real estate, business trust
Industry factors - depleting, non-depleting, seasonality factors, hedging management
Economic factors - sensitivity to interest rates, currencies, commodities
Business diversification - single sector vs multi-sector business

2. Trust Financial Data – The Fundamentals
Ratio Review - distribution ratios, debt to equity, market capitalization to book value
Assets – type and age of assets that are key to the trust, capital expenditure reserves
Liabilities – amount, terms, interest rates, maturity schedules
Revenues – growth from same store, organic & acquisitions
Profitability - profit margins, expense control
Comparability – to sector peers, previous reporting periods
Valuation ladder – liquidation - going concern – goodwill premiums
Income tax – tax -deferred vs current income

3. The Legal & Organization Structure – Rights and Powers
Capital structure – share classes, debt instruments,
Corporate structure – subsidiaries, affiliated/connected corporations and trusts
Legal obligations – customer contracts, management internalization, unit subordination terms, management agreements, prospectus review

4. Quality of Reporting & Filing – Playing by the Rules
Clarity and timeliness of company reports Observing the legal filing requirements Adherence to Generally Accepted Accounting Principles “GAAP”

5. Management, Governance, Unions –Integrity Questions
- review of the quality of mgt decisions
-observation of good corporate governance practices – ie no conflicts of interest
-unions – expiration of contracts, general relations

6. “Industry & Economic Issues” – The Bigger Picture
-competitors, product cycles, brand strengths, supply/demand for products
-broader economic factors - interest rates, economic indicators, global trends
-current taxation and regulatory trends and issues

7. Sources of Information
-websites for - “trust and related entities”, SEDAR/Edgar, independent research sources,
brokerage firm research, webcasts, general news media, ratings services.

Produced by H.C. Levant, CGA – Reproduction of this material in part or it’s entirety is subject to copyright licensing agreements and is forbidden except only with the express written consent of the author.

Acquisitions and News
November 15, 2008
New! US MLP & REIT Weekly Update
November 8, 2008
US MLP & REIT Weekly Price Update
November 8, 2008
Canadian Preferred Shares - Banks and Lifeco'sWeekly Price Change
October 31, 2008
US S&P MLP Index & REITs - Weekly Price Changes
October 25, 2008
Enervest Diversified Income Fund - Recommendation Review
October 24, 2008
US S&P MLP Index and US Large Cap REITs - Weekly Price Changes
October 24, 2008
Energy TrustsPricing Grids- Updated for OIl at $60 and Natural Gas at $5
October 19, 2008
S&P US MLP Index Update and US REIT Top 10
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