Derek WarrenCrombie Real Estate Investment TrustCRR.UN.TOTOP PICKMay 06, 2016

Great grocery-anchored shopping centres nation-wide. Defensive. Banners:  Farm Boy, Empire, Sobeys, Longo's. Sweet spot today. Lack of distribution growth until last year, but thinks growth can continue because some brands are growing market share. Safe 5.3% yield.

He's still in this one.

Have grocery tenants, including Empire (Sobeys), which are recession-resistant. They generate good growth rates, better than peers, and trades at a discount to NAV. Also, pays a good 5.85% dividend. Are developing across Canada, including Halifax.

Owns mainly brands related to Empire, such as Safeway out West. Also in purpose-built rental, very successful. Loves grocery shopping centres because they provide great income today, but there's a higher and better use sometime (10, 15, 30 years) in future. Trades at wider discount to NAV than CHP.UN. 

Defensive, but management's had impressive bottom line growth. Nice 6% distribution yield.

Are exposed only 10% to the general economy. Meanwhile, real estate prices are falling, which leads to attractive acquisitions. And lower rates are a tailwind. Offers a safe, steady dividend with some growth.

Mostly grocery-anchored retail, and the whole sector's in good shape. Captive to Sobey's; inherent conflict of interest where the biggest shareholder owns the biggest tenant and doesn't want rents raised. So he prefers the independent REITs.

Looks quite good. Probably a good place to step in. The $13.50 level has had a lot of touches and a lot of support. Buy part now, see what happens. If it starts to accelerate from $13.50, buy more -- it's acceptable to pay more for something.

More interest rate cuts are good for it and it has a good quality base. Has a sustainable dividend.

Look at REITs for growth and momentum as we enter a rate-cutting cycle, but you want to be selective. Lots of investor enthusiasm behind the stock. Likes it going forward. Thinks momentum can continue along with rate cuts into 2025, though it won't be a one-way street up. Not a bad dividend yield.

Safe and defensive, anchored by supermarkets and major ownership by the Sobey family. Will benefit from lower interest rates. Pays a 6.5% dividend yield.

Compelling. Likes their holding of Sobeys, their core business which is doing well and growing. He doesn't own CRR yet. The dividend is safe. Likes managers. Will do well as interest rates decline.

Dividend very safe. Great job expanding portfolio from eastern Canada to western. Stable. Internal growth 2-3%. Very comfortable distribution coverage. Very defensive sector.

Safe place for investors with steady dividend. Good place for investors worried about recession. Grocery anchored retail is very safe. Inverse function of interest rates. Should appreciate if interest rates are steady. Will continue to hold. 

Bought for the defensive grocery anchor aspect, nice distribution. Bond yields were a wrecking ball. Net operating income up, occupancy just under 96%. Undemanding multiple of 11x growing at 5%. Nothing wrong with the stock, it should be fine.