There seems to be a fear that rates are going to rise, but he thinks not for some time. Many investors think interest rates will affect large cap REITs negatively, but he thinks they are a little too concerned. He loves the properties, but has been taking profits at these levels.

Quebec focused small cap REIT. You have to have a thesis on Quebec and the growth prospects for their economy. But post-election things are looking quite stable. They are trying to reduce their leverage, but raised their dividend recently. He likes the former, but not the latter when they have a high payout ratio. Thinks the dividend is safe, but they will get less institutional buy in.

The name means Canadian properties, not Northern Canada. Have one of the most attractive balance sheets in the space. It is a very safe REIT. Exposure to the energy market which is still booming.

He sold out of it and moved to another name in the Top Picks. He likes the industrial markets, there is good momentum and the yield in this one is safe.

They issue more and more shares. This is a way to grow. But in the mean time every time the stock goes up you worry about another equity issue and it resets the price. He is concerned about how soon they did the most recent acquisition after the previous one, but it is attractive here and he would not mind adding a little here.

(Top Pick July 31/13, Up 7.01%) He took a little bit of profit. Focuses on the Texas market which has done so well. This one is very high end, luxury development. Still building brand new developments.

(Top Pick July 31/13, Down 0.51%) He sold it. Quebec referendum weighed a lot on this one. He is not really a fan of the properties they are buying. This is not the best strategy and they should not grow aggressively thought debt. If you think Quebec will catch fire this is a good way to play it.