Always liked it. It's the best in class, dealing in the industrial space in Canadian cities. They have executed very well. They beat their last quarter and outperform the market. But it trades at a pricey 26x AFFO which gives him pause. It rents small office space that's attracting tech companies. This is in the sweet spot, but this REIT is hard to own when it's this expensive.

Industrial, office and retail.  They expanded into the US.  There was a little selloff with the raise in rates.  The rest of the rate increases are baked into the stock price.

Missed on Q3, so he reduced his guidance. Poorer lease-ups in Montréal and temporary vacancies in Vancouver and Edmonton. 2016 was definitely a step-back year. There has been a big pull-back in REITs, but this is still trading towards its five-year average, so it is not cheap. However, he sees a big return of growth next year which would give about 12% adjusted funds from operations growth smoothed out from 2016 to 2018. One of the best balance sheets out there, and a lower payout ratio. The kind of REIT that should hold up in a rising bond yield environment. He would Sell a Call on this, wait for it to come off a couple of bucks, and then Write a Put on it. Dividend yield of 4.3%.

(A Top Pick Nov 12/15. Up 5.27%.) Really unique properties, probably the best landholdings of any of the REITs. As the economy moves, the growth we have seen in the past just won’t be there in the future. It will probably take 3 or 4 quarters before the growth stabilizes.

(A Top Pick June 23/15. Up 13.18%.) Usually an outperformer, but the market has been up at the same time by about 11%. Has added more just recently. Still has growth going forward. Very urban focused, Class I office with retail components.

He likes this company. They run a very special kind of office space by taking industrial buildings and turning them into offices that look a little like a loft with an open space aspect. It’s difficult to evaluate, because it is not the traditional office space. They have been pretty good at executing a strategy of redevelopment and intensification, and currently have a couple of very interesting projects that will derive cash flow growth in the future. Facing some headwinds near term, because of vacancies. In the last few quarters those vacancies have offset the development growth they have been having. If you see a strengthening in their occupancy rate, then you could consider this as being higher growth. He definitely likes this one. 4% dividend.

He loves this one.  The stock has really taken a hammering.  It is a better company today, but is the same price as two years ago.  When a really good company gets beaten up, it is a good time to add to the shares.  There could be one or two more quarters of stress.  Buy on the dips and wait.  Calgary being weak is not new news.

You don’t get this one on sale very often.  It has really come off.  It is an opportunity to get into it.  They have developments coming on line and good retail properties.  This is a nice opportunity.  They are continuing to diversify geographically.