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It holds mostly retail that contains Sobeys and is 40% in the east coast. Empire owns 40% of this. Last week's Q2 results were below expectations due to high debt. Rent collection was 93% in July, which is positive. New buildings will be mixed-use, which is positive but COVID has delayed and made the costs higher. They have a good pipeline and Empire's backing are pluses, but she sees better opportunities in other sectors. She likes this REIT, though, and sees it as a steady eddy.

She doesn't own direct retail, but BPY holds the best-in-class assets run by the smartest managers. It's also trading at a ridiculous discount. It yields over a 11% dividend yield. BAM'A is the majority owner and is buying back a big chunk of shares in the next three months. BPY has strongly underperformed since Brookfield took this public five years ago. Problems: holds core office assets and leverage is high, which is how Brookfield runs real estate. Also, its LP structure is a barrier to many large U.S. funds. She likes BPY.UN. If the stock price doesn't perform, the Brookfield parent will buy it entirely. Cutting the dividend won't help the stock, and the dividend is safe. It's a great company to hold this and you get paid 11-12% to wait.

It's managed by Dream Unlimited. They own a lot of condos and mixed-use properties in Toronto. It trades far below NAV and pays nearly an 8% dividend which is safe. It's incredibly cheap now compared to the quality of the assets. Management keeps buying back a lot of shares in the open market. If things don't work out, they could privatize this REIT. But she's confident about it.

They collected 99.5% of rents in July, a great number. Leverage is high. They pay out 100% of their AFFO, so they won't raise their dividend. She likes this, but prefers Granite REIT.