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Real Estate. There was so much growth in commercial properties, so every year it was worth more and more. A lot of that was thanks to low borrowing costs. Feels the market is saying to the Direct Property Market that it is topped, and if it is not going to expect higher values, then it is going to have to have a higher yield. The only way for yield to go up is for prices to correct. That has happened and we are now at a point where you are able to enter in and lock in a very attractive yield.

An industrial REIT. About 80% of its holdings are Magna (MG-T) properties. The company has launched a strategic review to see what they can do with their factory assets. The stock is going to be stuck until they know what the review is going to be doing. This has the best balance sheet of any of the REITs in Canada, so has the potential to make some acquisitions. Dividend yield of about 6.2%, which is incredibly safe.

Has been very good traditionally at maintaining occupancy, and will do so at the expense of possibly losing some rents. When they release earnings, you want to be looking for 2 numbers. What is occupancy and what are their earnings doing? Expects there has to be a correction in Alberta Apartments. Stock has gone from $65 down to the low $40, which he thinks is overdone. Has been buying back into the stock below $43. Dividend yield of about 4.8%.

A balanced portfolio of industrial properties which tend to be smaller properties. Very attractive yield of almost 10%. There have been concerns when it comes to the Dream family of companies, regarding governance and ownership between different entities. That has put some pressure on the stock. Thinks the fundamentals of the industrial market are fine. He is watching this as it is definitely cheap.

He is a big fan of this company. They have a very entrepreneurial style. Dividend payout is very low and very sustainable. Sees more than average growth potential, so continues to like it. Good management.

A very small REIT that has a very interesting business model. They were working with companies that go into industries, especially Alberta focused, to see if they needed financing. They would buy the buildings in exchange for a long-term lease. Considering what has happened to the Alberta economy, this is really not the place to be, but could very much take advantage of the stress. Too early to be in this name.

80% controlled by the Brookfield entities. This is core Class A Ontario and Calgary offices. There is strain on the Calgary side, but have very long-term leases and developments going on. In Toronto, offices continue to trade at incredibly high valuations. There is German and Asian money that is very willing to come into Canada, so there is great safety in this company. A safe investment with a yield just under 5%.

Invests in US properties, grocery anchored strip centres in secondary larger cities. Externally managed. A pretty stable business. He is a little concerned about what is the next iteration for the company. Doesn’t feel the dividend is at any risk. Dividend yield of almost 8%.

(A Top Pick Dec 29/14. Down 3.46%.) This has been flat over the past year. Had announced a strategic review to sell their US properties, which kind of put a cloud over the stock. Dividend yield of just under 6%.

(A Top Pick Dec 29/14. Up 40.83%.) A US REIT took this one out.

(A Top Pick Dec 29/14. Up 18.74%.) (Used to be Calloway.) They internalized their development team, so now have a development arm which adds growth. Their existing portfolios are anchored by Walmart (WMT-N).

Recently went through a bit of a soap opera by doing a strategic review to figure out if they should sell the company. That created a bit of a pop in the stock and then it dragged down. They then decided they were going to go forward with that. This had been disappointing to the market, so the stock had a correction. Expect it is trading below NAV at this point. As a going concern, he still likes the properties. Dividend yield of about 8%.

The general consensus view is that over time a weak Cdn$ is going to bring Americans back into Canada for tourism. That is going to take a little while to generate. The company has high debt and has a plan to bring this down, but that is going to take some time. Watching this pullback for a possible entry point. Dividend yield of about 8%.

A cheap REIT and is trading at a discount. The only question is, where is the Québec economy going. Have a lot of office exposure in Montréal and he doesn’t like the Montréal office market right now. The retail is okay, but is under the same pressure as everywhere else. His concern is about growth going forward. Dividend yield of around 10%.

This is tied more directly to the Alberta economy with pressures in Edmonton and Calgary offices. It’s Ontario portfolio is fine. 14% dividend yield which he feels should be cut.