Canadian High Interest Savings Bank Accounts

They are essentially like stocks, with attendant risks, but there are some high yielding ones. My favourite is Whiterock WRK.UN on the TSX. The yield is about 11%. Great Management. Here is Canaccords latest comment on them.

Whiterock REIT (WRK.UN : TSX : $15.01) – Buy – Target: C$16.50
Shant Poladian
Comment: Q1 a bit light but per-unit results back on the upswing; maintain BUY rating and $16.50 target price

Whiterock REIT reported Q1/10 diluted FFO/unit of $0.40 vs. $0.47 in Q1/09, which is below our $0.43 estimate but above consensus at $0.38. The sequential improvement from $0.37 in Q4/09 reflects the accretive impact of recent acquisitions. We are not surprised with the wide variance between our estimate, consensus and the actual reported results owing to the high volume of transactional activity (deleveraging and acquisitions) during Q1/10. Portfolio stats were soft in Q1, but should improve through the year. Same-store cash NOI declined by 1% in Q1/10 over Q1/09, mainly attributable to lower occupancy during the quarter. Q1/10 occupancy came in at 95.3%, sequentially down 90 bps from Q4/09, and down 180 bps from Q1/09. The sequential drop in occupancy is mainly a result of vacancies in Moncton, NB, and Nisku, AB. The Nisku vacancies have been fully re-leased subsequent to Q1/10 and will begin contributing to NOI in 2H/10 (along with the re-leasing at 655 Bay St and 193 Malpeque).
Risk profile continues to diminish as deleveraging is now visible and FFO/unit growth is on the upswing. Deleveraging drove D/GBV to 64% in Q1/10 from ~73% for most of 2009. Although leverage is still higher than peers', it approaches 61% if we treat the in-the-money converts as equity (series F is being converted into units at a rapid pace). Over time we'd like to see total leverage in the high 50s, which doesn't seem as far off as it did for most of Whiterock's public history. At quarter-end liquidity was strong at $50 million, leaving room for additional investments. We continue to like the steps the REIT has been taking with respect to the following factors: (i) deleveraging; (ii) high-quality acquisitions; (iii) a near-sustainable AFFO payout ratio. We believe management will be successful in growing the company into a high-quality mid-cap REIT in the foreseeable future. Our C$16.50 target price is based on a modest premium to our $15.25 pre-tax NAV estimate using a 7.50%
portfolio cap rate.