He would do more homework on this. It used to be a stellar Canadian REIT, but their main investments, commercial properties, have been hit by technological disruptions. They are now moving into residential properties, which is good.
Well-managed and pays a good dividend yield below 6%. They manage their balance sheet well. Could be quite an interesting investment.

There primarily hold retail assets.  In a non-registered account, this is an awesome income generation with a good payout ratio.  They hold higher quality assets and they have been divesting some assets.  It also trades at a 15% discount to NAV.  Yield 5.8%.  

Solid management. But it’s in retail, which is not doing well. Transitioned out of US. Sears and Target receiverships. Nothing wrong with it. Neutral on it. Doesn’t like the retail sector, with the Amazon effect. Doesn’t foresee anything that will transform it. (Analysts’ price target is $27.00.)

He does not presently hold any REITs today.  It is consumer retail sales orientated and is interest rate sensitive.  He is leery of both of these fundamental drivers.  

He has not increased his weight in it over the last few years.  Now that we have had rates go up it is a better time to enter a stock like this.  He likes to buy these at a 10% discount to NAV, which this one is.  XRE-T has been showing strength recently, which demonstrates how the sector is doing.

He sold his position in RioCan and sees two headwinds: (a) risking interest rates and (b) competition for retail business from online retailing. RioCan is chiefly an operator of shopping malls and centers, and stores are going dark because of competition. Space vacated by Target and Sears has been hard to fill. He thinks that residential REITs such as apartment REITs offer better value.

They came under pressure in the last few years because of their exposure to retail and the sentiment around retail couldn’t be any worse. He thinks it is very difficult for them going forward to grow with their traditional assets. They prefer SmartCentres Real Estate Investment Trst (SRU.UN-T) which has 25% tied to Walmart. It is more agile being smaller. 

He doesn’t own it. Real Estate hasn’t been a part of his portfolio for clients for some time. As rates move higher yield on names like this become less attractive. There are some vacancies that worries him.