They've disappointed for a long, long time. Won't see growth until 2020. He sees 1.8% AFFO growth. The balance sheet still carries a little more debt than it should. There are better opportunities out there. If they continue to execute, this should be better in coming years.

There has been some management turnaround resulting in the selling of assets and a reduction in the dividend.  The Quebec economy is doing well.  He likes that it is trading below NAV, but it will take some time to get back to full value.  He would suggest diversifying with some other REITs. Yield 6.2%.  

He likes REITs where he is looking from yield perspective but he does not like the price momentum on this one so it is a small short.  It has a low return on equity.

They've misallocated capital in the past and for years he had a sell signal. Now, he's not sure. But new board members are stellar, so we'll see positive change here. It could be a long road to get the company going again. Your risk to the
downside is lower now than a year ago.

It missed its last report. It holds a lot in tier-2 malls. They're over-leveraged. They're re-structuring everything. Their chart is terrible. They're dealing with a lot of issues. Yes, it's cheap, but suffers from bad execution. They failed to expand and acquire properly. It's going nowhere.

This is not a company he would feel comfortable owning as the dividend was recently cut – a rare occurrence in the REIT space.  This REIT is too exposed to Quebec City retail. 

Is the dividend sustainable? Dividend was cut 40-50% in December’s reorganization. They became unfocused and aligned with Target and Sears locations. Would stay away from this.