European Residential REIT T.ERE.UN

RE:Quarterly Results Analysis

[DanielDarden]

I would suggest that instead of analyst’s reports you look at the long term chart for CAR as they manage the properties. The analyst targets avg ~ $3.50 but IMO do not represent the potential price here. CAR has navigated through ups and downs since 1998 in Canada since their IPO @ $10/u. It has managed well in all interest rate environments and, despite the media attention, renews a small amount of debt yearly. The blended rate in fact changes little normally and can be offset by higher NOI.

While others are fearful I am adding to my position and using the 5% discount in the DRIP. I am clearly betting on the management and Board to maintain their track records. On the recent CC the CEO highlighted the supply-demand imbalance which should bode very well for the future.