Stock price when the opinion was issued
SGR's small size adds some risk, but it is priced well enough and cash flow is stable.
3% to 5% growth is expected.
We would prefer DIR.UN but if industrial sector exposure is not needed we would be fine with SGR.
Our January 23 comments still apply, but the valuation is better today.
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Listed in Canada, owns properties across the US. Likes the sector of grocery-anchored shopping centres. Low growth, but steady. Only 1% growth expected this year, so no distribution increase anticipated. Above-average leverage.