The public Real Estate sector in Canada is primarily comprised of Real Estate Investment Trusts (a.k.a. REITs) with over 25 listed on the TSX/TSX-V compared to only 2 listed in the early 90s. Many REITs now specialize by sector (hotels, industrial, multi-residential, office, retail and senior living), while others provide general exposure to the real estate market as a whole. REITs are structured to provide investors with stable monthly or quarterly cash distributions at attractive yields with tax deferral benefits. Research coverage in this area will primarily focus on REITs with the best investment opportunities being sought within the sub-categories mentioned above. There will also be coverage on some high growth, small-mid cap REITs and Real Estate companies that are undercovered from a research perspective in the investment community.

Research analyst specializing in the Real Estate and Lodging sector:

Gail Mifsud

(416) 864-2070

gmifsud@blackmont.com

For the past eight years, Gail has been developing her expertise in financial analysis in the real estate sector. She most recently worked at a competing brokerage as a REIT Analyst where she had active research coverage of 17 publicly traded Canadian real estate and lodging firms. She has authored the 2008 Canadian Real Estate Industry book, a well-regarded and comprehensive publication on the Canadian real estate sector. Gail also has past experience as a financial analyst in the real estate industry.

Her ranking in the annual institutional surveys in Canada has recognized her strong equity research skills. She has earned a top-tier ranking in both the Brendan Wood International survey and in the StarMine ratings for earnings accuracy and stock returns.

Gail’s coverage at Blackmont focuses on real estate investment trusts and lodging companies in the various property sectors (i.e. retail, seniors housing, diversified commercial, multi-residential) with a particular emphasis on ones with growth potential.

Gail earned an MBA from Wilfred Laurier in 1998 and an Honours Bachelor of Arts from the University of Toronto in 1995.