Stock price when the opinion was issued
Tempting. You'd get a yield of about 8% until the end of September, and 7.25% after that unless they call it back. You could buy a 5-year GIC in a registered account, no risk, and a yield of 5.32%. Or buy a laddered group of preferreds with about 6%.
Pretty indebted, not the best credit rating, fairly illiquid. If he's going to take the risk, he really wants the reward. He doesn't love either, but the AX.UN common shares with a yield of 8.34% are a better bet right now.
Fell on hard times. Repositioning. Cut distribution. Exposure to office and retail. Leverage is too high, needing refinancing at higher levels. There's another chance of a downdraft in equity markets, so you want high quality.