Industrial properties. Less affected by Alberta markets as it is more Ontario and Québec, but the 22% decline was crazy. You’re getting exposure to a US recovery, you’re getting a Canadian recovery, and you still have 30% Alberta exposure. Seeing great movements in rents with a little bit of increase coming through. 8.43% yield.

A fantastic company. Specializing in urban development. They are able to go into areas, take a broken piece of real estate and maximize its true potential and develop the neighbourhood as they do it. Great balance sheet and redevelopment potential in its core urban portfolio. This has pulled back 7% so you are getting it at a discount to NAV of about 5%. Dividend yield of 4.91%.

Apartments, mostly in the Maritimes but also in Ontario. Stock has been beaten up, but there was no need as the Maritime economy is booming. Shipbuilding contracts are creating a lot more jobs with a long track record going forward. Have also been doing some excellent development projects. Solid balance sheet. Yield of 5.32%.

Trading at a very slight premium to NAV. It usually deserves a much higher premium because they have incredible urban developments. This is high beta so if you get a recovery in the REIT markets this is a good stock to own at these levels. 5.76% yield.

Dropped 20% in mid-August. The stock actually held in while the rest of the market was collapsing, which gave it tremendous outperformance. However, earnings have surprised to the negative. Have 6 retirement homes and the rest are long-term care, government contract. At this level, it offers a very attractive yield. 8.7% yield.

This is part of a group of REITs that came out at the end of the cycle. Cross-border REIT so its assets are in the US. Externally managed which is a disadvantage. However, advantages you are getting are access to US assets. Apartment buildings, mostly in Texas with lower income levels. Looking really cheap at these levels. Have shown very impressive cash flow growth in the 8% range and he thinks this will pull back to the mid-5% range. 6.87% yield.

This one was unfairly punished. Fantastic balance sheet. Where investors have struggled is how to value properties in Iqaluit. He has found that the stability of the cash flow is excellent. Debt is low and has a good yield. Undervalued. 5.57% yield.