Pure Industrial Real Estatetrust Trust (AAR.UN.TO)

100% occupancy. Industrial properties, national footprint. Long term leases. Next year you get the benefit of contractual lease increases. Big chunk of debt comes up for renewal next year and they should be able to save a good 150 basis points on that debt cost. Good cash flow drivers going forward.

Occupancy has slipped from 100% to 99.8%. Didn't cut distributions during the downturn. Payout ratio of about 95%. 8.6% yield. Looking for over 20% return.

(Market Call Minute.) Inferior assets. Huge exposure to one tenant. Better opportunities elsewhere.