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.
Their office holdings will be in a tough spot, but their industrial ones are doing very well and will continue to. NAV is $14-15, but shares are only at $6. So, management will have to work hard to prove to investors that there's a lot more value here. Don't buy until you see that plan.