Few American investors have ever considered buying them. And that’s a real shame, considering Canadian real estate investment trusts (REITs) are the top performing Canadian income trust group during the past year. In fact, with gains ranging as high as 65 percent, it’s tough to find anything that’s beaten them on either side of the border.

The case for Canadian REITs going forward is three-fold. Front and center are their safe, superior yields. Canadian REITs pay yields of 6 to 10 percent, and they pay them monthly. That’s two to four times what equivalent US REITs do only quarterly, even after their recent wicked correction.

In fact, Canadian REITs are the highest yielding property on the planet. And the take for US investors rises with every basis point boost in the Canadian dollar.

Second, the Canadian property market offers substantial upside. That’s part and parcel of the explosive economic growth the country is enjoying in the wake of the now eight-year-old natural resource bull market.

And, unlike the US, the rally in Canadian real estate is still in its early stages, with little speculative froth and no equivalent risk to the US subprime meltdown. That means rising REIT earnings and distributions for years to come.

Third, Canadian REITs enjoy substantial tax advantages. Canadian REITs have outperformed other trusts in large part because they were specifically exempted from the Conservative Party’s plan to tax trusts beginning in 2011. Most still have some liability, as second quarter non-cash writeoffs demonstrated. But well-run REITs are nonetheless in great shape to keep paying big distributions for years to come.

Moreover, they’re also tax advantaged for US investors. As is the case with all Canadian equities, 15 percent of distributions are withheld at the border. But that tax can be reclaimed by filing a Form 1116 with US taxes. Moreover, Canadian REITs’ distributions are considered qualified income for tax purposes in the US, unlike US REITs’ yields which are taxed as ordinary income except for the portion considered return of capital.

Not every Canadian REIT is worth your investment dollars. In fact, some of the sweetest yields may bring the sourest of consequences to investors in coming years.

But well-run Canadian REITs promise an explosive combination of high, safe monthly yields, strong growth potential and tax advantages that make mincemeat out of the typical US REIT. And they leave most other income picks in the dust as well.

Up to now, the Conservative Portfolio has included just two REITs: Northern Property REIT (NPR.UN, NPRUF) and RioCan REIT (REI.UN, RIOCF). These are the two most conservative plays in the Canadian REIT universe, and are safe enough for any investor. CE readers also did quite well with Summit REIT, which was taken over at a generous premium last year.

To this point, most other Canadian REITs haven’t excited me, however, largely because of high prices and high payout ratios. That’s changed markedly during the past couple months. Mainly, the sector has sold off a bit in the wake of weakness of US property markets, despite very little real exposure and very strong fundamentals at home. That’s set up a powerful buying opportunity.

Below, I highlight the case for Canadian REITs in further detail and recommend a few more picks, some very conservative and some more aggressive. I’m adding two to the Conservative Portfolio: Canadian Apartment REIT and the more aggressive Artis REIT (AX.UN, none), which is reviewed in the High Yield of the Month section. I also discuss some of the riskier fare to avoid.

The Case for Canadian REITs

At first glance, Canadian REITs’ average yield of 6 percent doesn’t stack up well against the double-digit yields of oil and gas producer trusts. But they’re also safer by a long shot, mainly because they’re not impacted by oil and gas price swings.

Property is an essential part of every income portfolio. And when the comparison is apples to apples–i.e. versus US-based REITs’ typical sub-3 percent dividends–Canadian REITs win in a walk.

Canadian REITs haven’t received the buying attention of their counterparts south of the border since 2000, when the latter began their historic multi-year run. The US property market is far larger than the Canadian.

Also, even the smallest US REITs are listed on the New York Stock Exchange, while even the biggest Canadian REITs only change hands in Toronto. That discourages the kind of Wall Street buying that pushed up once-cheap US REITs such as  Boston Properties to astronomic levels and microscopic yields.

As a result, unlike most US REITs, Canadian REITs are still valued on yield, and trading is dominated by individual investors. Canadian REIT yields are also growing, in most cases faster than their US counterparts.

Canadian REIT yields are tax advantaged versus their US counterparts. The Canadian authorities withhold 15 percent on their side of the border, as is the case for all trusts. But US investors can recoup by filing Form 1116 with their US taxes. Moreover, Canadian REITs are treated as foreign equities for US tax purposes, so their dividends are taxable at a maximum rate of 15 percent like any other stock.

In contrast, US REITs are treated like any other flow-through entity. A portion of the distribution is usually return of capital. It’s not taxed immediately, but the amount is subtracted from the investor’s cost basis and taxed when the security is sold. The rest of a US REIT’s dividend is taxed as ordinary income.

That adds up to a huge after-tax advantage for buying Canadian REITs over US REITs. And it compounds the yield advantage to mammoth proportions. For example, a Canadian REIT yielding 6 percent would have an after tax yield of 5.1 percent, after netting out the impact of US taxes and Canadian withholding. In contrast, an investor paying the top tax rate in the US would net out only around 2 percent, assuming a typical amount of return of capital.

As for safety, only one Canadian REIT has actually cut its distribution since I began writing Canadian Edge in mid-2004. And the exception–troubled Retirement REIT –was ultimately bought out. That’s also a stark contrast with the damage done to some US REITs.

Like all REITs, Canadian REITs’ prospects ultimately depend on the health of the domestic economy. Fortunately, that looks like a huge positive for at least the next few years.

During the 1970s and early ’80s, Canada’s economy surged, while the US lagged. The roles then reversed in the late ’80s and throughout the ’90s, before reversing again this decade. It really all boils down to energy markets. Natural resources aren’t the only center of economic activity in the country, but they’re certainly the straw that stirs the drink.

In the ’70s, oil was surging, the Canadian economy along with it. Canadian stocks, the Canadian dollar and Canadian real estate enjoyed bull markets. In contrast, the US was languishing in a period of high energy prices, high inflation, high interest rates and ultimately a recession, as the Federal Reserve moved in to control inflationary forces.

By the late ’80s, energy was slipping again and by the ’90s, oil prices were low. The Canadian economy languished and so did the property market. Canadian REITs had to run their businesses very conservatively. In contrast, low energy prices were a big part of an ongoing boom in the US, and by the 2000s property prices and REITs began taking off.

This decade, it’s back to the ’70s again. Rising natural resource prices have been an enormous catalyst for the Canadian economy, and a downer for the US. Canadian unemployment is at a multi-year low, and the central bank is concerned about overheating. The Canadian dollar has soared to around USD0.95 and looks on course for parity.

The Canadian property market appears to be pretty much where the US market was several years ago. Home sales are expected to rise a sizzling 8 percent in Canada this year, while they’re projected to fall nearly 6 percent in the US. The average price is on track to rise nearly 10 percent in Canada, while it’s expected to slip nearly 2 percent south of the border.

In the retail market, US vacancies are noticeably rising, at least outside of the apartments market. Virtually all of the REITs in the Canadian Edge coverage universe, however, reported increased portfolio occupancy rates, despite making major acquisitions this year.

As of yet, we don’t really know the extent of the damage from the US mortgage crisis. At least a handful of Canadian financial institutions apparently held substantial quantities of collateralized mortgage obligations (CMOs), and there could be more exposure that will only come to light in subsequent months. That could wind up hurting Canadian REITs, though it’s difficult to see that much damage to the strongest.

What we do know is the Federal Reserve and other central banks are moving swiftly to pump money into the system to prevent its evolution into a larger global credit crunch and economic recession. That’s the formula that headed off a much worse conflagration in 1998, and if pursued, it will stanch this one.

The US property market still has considerable downside risk. Prices remain quite inflated in many areas. For example, the cost of buying a home remains well above the cost of renting, though that gap is closing. Vacancies are still rising and if the economy does slow, buying power will be sapped further, driving down prices and very likely increasing defaults. To date, the commercial and industrial sector hasn’t weakened appreciably. Prices of US REITs in those areas, however, are quite expensive, and it won’t take much of a disappointment to send them crashing down.

Canada’s property market, however, is in a much different place. For one thing, the risky lending that precipitated the US subprime mortgage crisis and that’s hobbled the US property market hasn’t happened there. The bull market is fresh and there hasn’t been the level of speculation that characterized the US market during the past several years. Banks haven’t been lending nearly as aggressively, so the potential for widespread defaults is very low.

Finally, the Canadian economy is now operating at a 20-year low in unemployment. That’s also a stark contrast to the US, and a complete role reversal from the situation in the 1990s, when the US was up and Canada was down.

Robust business and economic activity isn’t just helping Canada’s housing market. It’s also set off an explosion in other forms of property, such as retail shopping centers, office properties and industrial facilities. Even apartment and residential REITs are seeing a boom, despite the fact that many would-be renters are buying instead.

All of the apartment REITs in the CE universe saw an uptick in average rents in the second quarter. All also benefited from successful expansion, both from building and acquisitions, as they integrated new properties and began earning rising revenue.

In a larger sense, the property bull market in Canada should continue as long as the energy bull market does. As I’ve written before, that should be the case until we see a similar level of conservation, switch to alternatives, new conventional oil and gas discoveries and demand-killing recession that killed off the energy bull market of the ’70s.

We’re no where close on any of these fronts. Hybrid cars are starting to appear on the roads, but are vastly outnumbered by gas guzzling SUVs. Ethanol is the chiefly touted alternative fuel, yet questions remain on whether it costs as much energy to create it as it creates. The low-hanging fruit on wind power sites and conservation alternatives is rapidly being plucked. And the only new reserve discoveries are decidedly non-conventional that require at least USD50 per barrel of oil to be economic, such as oil sands and deepwater drilling.

In short, the resource bull market still has a lot of room to run. As long as it does, Canada’s economy will be strong, and its property market will prosper. That means solid growth in cash flows, dividends and share prices for well-managed Canadian real estate investment trusts for many years to come.

And, unlike the US market, you can still buy into growth cheaply. Even as many US REITs trade at three times book value and higher, good Canadian REITs sell at two times book and less.

Navigating the Pitfalls

Not every Canadian REIT, of course, makes a good buy. In the past several years, for example, we’ve seen a few crackups, even in the CE coverage universe.

Retirement REIT slashed its distribution twice in the two years before it was bought out by a private capital group. Canadian hotel REITs and REITs with large US property holdings have also come under pressure, largely because they were pointedly excluded from the definition of REITs for 2011 taxation. As a result, Legacy Hotels REIT  (LGY.UN, LEGYF) and IPC US REIT (IUR.UN, IPCUF) have both accepted under-market takeover offers in the past couple of months.

Some REITs chronically pay out in distributions more than they earn in cash flows, ultimately a formula for dividend cuts. Others are priced at very high levels as institutions have poured in, resulting in paltry yields. And some REITs suffer from very high leverage, which could hurt them if overall conditions weaken even for a very short time.

To navigate these pitfalls, I analyze Canadian REITs on several criteria. The table “Property Guide” has the basics. Front and center is the payout ratio, which presents annual distribution rates as a percentage of recurring distributable cash flow. Recurring distributable cash flow is basically what a REIT earns every quarter to pay dividends with, and excludes any cash flow from one-time events such as an asset sale.

Payout ratios can fluctuate from quarter to quarter, sometimes substantially. For example, apartment REITs generally are responsible for energy costs for their customers, so expenses rise and cash flows dip in the winter quarters, and reverse in the warmer months. Hotel REITs see a similar seasonal pattern, as robust summer vacation seasons make up for weakness in the colder months.

By and large, however, REIT payout ratios should be consistently at 90 percent or below, or at least average out at that level for the year in the more volatile businesses. Payout ratios consistently above 100 percent should be considered endangered.

I present payout ratios in the How They Rate Table in every issue, along with the percentage increase/decrease in outstanding shares. Share issues are used to finance growth, and certainly Canadian REITs have had no troubles selling shares. But a large increase puts the pressure on management to make the money work, or else risk dilution.

Generally, increases of 20 percent or less give me a greater degree of confidence, although I’m willing to take a flyer on some faster growers like Artis. One simple benchmark is share growth should be measured against revenue growth, and shouldn’t exceed it by much, if at all.

The table also looks at three other metrics for REITs. Debt to book value is the standard measure for how leveraged a REIT is. I prefer ratios of 55 percent or less, though I will tolerate a well-managed REIT moving above that level if there’s a good reason for it–such as financing a good acquisition.

Occupancy measures the percentage of a REIT’s portfolio that’s rented at any time. Generally, Canadian REITs’ rates have been far superior to US REITs the past several years. That’s a legacy of the slump in the Canadian property market, when management had to be very conservative in its investment. Today, it represents security that allows more aggressive investment in the ongoing bull market. I like occupancy rates of 95 percent or higher. But again, anything over 90 percent is healthy on a North America-wide scale.

Note that hotel REITs’ occupancy rates are on a different scale, owing to the different nature of that business. More important for them is Revenue per Available Room or (REVPAR), and whether that’s rising or falling.

I also look at REITs’ property portfolios: What they own and where it’s located. In general, diversification must be balanced against focus. A REIT that concentrates on a particular type of property or region is a specialist and is likely to avoid pitfalls and underperformance in its sector. On the other hand, it’s also vulnerable to troubles impacting that region or property type.

The best way to control both risks is to own REITs specializing in different sectors that have posted strong results. And that means looking at earnings, and, more important, the direction in which profitability is going or isn’t going.

The last column of the table shows the rate of growth in funds from operations (FFO) per share for the second quarter, versus year ago levels. The result shows whether each REIT’s profitability rose or fell during the past year.

Property Guide
Trust (Exchange: Symbol)
Payout Ratio	Share Growth	Revenue Growth	Debt/Capital	Occupancy	FFO Growth	Property Type	Main Region
Artis REIT (TSX: AX.UN, none)
70.3%	96.8%	90.7%	45.8%	97.2%	30.8%	diversified	Alberta
Boardwalk REIT (TSX: BEI.UN, OTC: BOWFF)
75.5	0.4	18.2	90.1	95.8	32.5	residential	Alberta
Calloway REIT (TSX: CWT.UN, OTC: CWYUF)
85.0	0.0	2.4	52.4	99.0	6.0	retail	Ontario
Canadian Apartment REIT (TSX: CAR.UN, OTC: CDPYF)
82.3	7.5	7.8	63.2	96.6	6.3	residential	Ontario
Canadian REIT (TSX: REF.UN, OTC: CRXIF)
62.8	0.7	8.5	68.9	97.3	8.9	diversified	Alberta
Chartwell Seniors Housing (TSX: CSH.UN, OTC: CWSRF)
135.0	50.1	97.0	51.3	93.7	-21.4	retirement	Ontario
Cominar REIT (TSX: CUF.UN, OTC: CMLEF)
84.3	25.7	29.0	56.8	93.5	8.8	diversified	Quebec
Crombie REIT (TSX: CRR.UN, none)
79.0	0.6	11.0	47.2	93.8	3.5	diversified	Nova Scotia
Dundee REIT (TSX: D.UN, OTC: DUNTF)
82.5	-66.0	n/a	50.9	96.2	n/a	office buildings	Alberta
H&R REIT (TSX: HR.UN, OTC: HRREF)
86.8	13.6	11.9	58.3	99.9	6.0	office buildings	Ontario
Huntingdon REIT (TSX: HNT.UN, OTC: HURSF)
100.0	50.0	43.8	48.7	93.0	0.0	diversified	National
InStorage REIT (TSX: IS.UN, OTC: IGREF)
116.0	20.0	n/a	38.0	83.0	-2.7	diversified	Alberta
InnVest REIT (TSX: INN.UN, OTC: IVRVF)
84.0	10.7	14.6	41.0	65.2	n/a	diversified	National
Inerrent REIT (TSX: IIP.UN, OTC: IIPZF)
133.9	17.9	54.5	n/a	96.2	-28.9	diversified	Ontario
IPC US REIT (TSX: IUR.UN, OTC: IPCUF)
121.2	1.3	10.9	73.9	91.0	n/a	diversified	US
Lanesborough REIT (TSX: LRT.UN, OTC: LRTEF)
157.0	1.4	61.5	56.7	96.2	-4.2	diversified	Alberta
Legacy Hotels REIT (TSX: LGY.UN, OTC: LEGYF)
34.8	16.1	2.1	61.2	75.1	9.5	hotels	National
Morguard REIT (TSX: MRT.UN, OTC: MGRUF)
97.1	20.4	9.7	58.2	95.0	11.3	diversified	Ontario
Northern Property REIT (TSX: NPR.UN, OTC: NPRUF)
80.9	4.5	13.4	58.7	96.5	5.5	diversified	National
Primaris Retail REIT (TSX: PMZ.UN, OTC: PMZFF)
85.7	14.4	7.6	52.6	96.6	8.6	retail	National
RioCan REIT (TSX: REI.UN, OTC: RIOCF)
86.8	5.6	12.0	54.6	97.7	47.1	retail	Ontario
Royal Host REIT (TSX: RYL.UN, OTC: ROYHF)
66.0	0.2	1.6	21.9	66.7	n/a	hotels	National
AVERAGE
93.5%	10.2%	23.3%	53.5%	90.7%	30.8%	n/a	n/a

The Best

As Canadian Edge readers know, my favorites in any sector are those that stack up best on the data taken as a whole. During the past several months, I’ve steadily boosted my coverage of Canadian REITs, including a few new issues. My favorites, however, haven’t changed much.

RioCan REIT remains at the top of my buy list, the same place it’s been since the first issue of Canadian Edge in mid-2004. Reason one is the REIT is still the largest and strongest of the Canadian REIT universe, recently earning credit rating upgrades from both the Dominion Bond Rating Service and Moody’s. In fact, it holds the highest credit rating of any Canadian REIT.

RioCan’s specialty is shopping centers in Canada. The REIT briefly considered a major expansion in the US, but pulled back after the 2011 taxation rules specifically excluded REITs investing south of the border. But it continues to find numerous opportunities with the most creditworthy renters, including a newly inked land sale/lease deal with Wal-Mart. Some 82.6 percent of revenue now comes from such “anchor” tenants. Occupancy stands at a robust 97.7 percent.

Another point of strength: Despite expansion in Alberta, RioCan’s economic center isn’t the energy patch. In fact, some 63.6 percent of revenue comes from Ontario. That insulates it from the ups and downs of that area, and it obviously hasn’t impeded growth either, with second quarter funds from operations per share rising nearly 10 percent on a 12 percent gain in revenue.

Ultimately, RioCan’s fate may lie in a takeover by a major US REIT, hungry for growth in a healthy, growing market. In the past, giant Kimco has been a partner, and could well be a potential bidder. In the meantime, shareholders can look forward to robust, steady returns for years to come. RioCan REIT remains a buy up to USD25.

Northern Property REIT replaced Summit REIT in the portfolio late last year, after the latter was bought out by a private capital firm. It was a favorite long before that, however, for several reasons.

First, management specializes in property located in the country’s more remote regions, where there’s little competition and huge potential for growth. In addition, some 58 percent of revenue is derived from contracts to provincial and federal government entities, and is virtually default proof. A full 96.5 percent of capacity is rented, with the balance of vacancy mostly seasonal or due to recent acquisitions. The REIT closed the purchase of 280 residential units and 182 seniors units in the second quarter and has several more expansion projects in the works.

Distributable income per share rose 11.3 percent in the second quarter over year earlier tallies on a 13.4 percent jump in revenue. And the REIT has been conservative about share issues (4.5 percent growth the last 12 months) and debt, with the latter at modestly high 58.7 percent of book value.

The shares have been volatile since October, spiking up in the wake of the 2011 trust taxation announcement and then backing off mostly because of misplaced fears about the impact of the US subprime mortgage crisis. Now at a bargain level, Northern Property REIT is a buy up to USD25.

This month, I’m adding two Canadian REITs to the Conservative Portfolio: Artis REIT (see High Yield of the Month ) and long-time favorite Canadian Apartment Properties REIT (CAP REIT).

CAP REIT’s specialty is residential properties. Like US apartment REITs, the Canadian sector languished in recent years with low mortgage rates encouraging would-be renters to buy. That trend has reversed in a hurry this year, but has a long way to run with the cost of renting still far below the cost of buying.

Like RioCan and Northern, the portfolio is national in scope. The bulk is still on Ontario (67.5 percent of capacity), but the REIT has lately found numerous opportunities elsewhere, including red-hot Alberta (4.6 percent of revenue). Overall portfolio occupancy is well above that of its US rivals’ at 96.6 percent.

Recent quarters’ results have been increasingly solid. Second quarter funds from operations per share rose 6.3 percent on a 7.8 percent rise in revenue. Debt is on the high side at 63.2 percent, but that’s largely a function of expansion and should come down in time. Meanwhile, operating margins rose to 55.5 percent, up from 54.3 a year ago, indicating management is putting its money to work in good places. Now yielding 6 percent, Canadian Apartment Properties REIT is a buy up to USD20.

Four more high-quality Canadian REITs now in the bargain column are Calloway REIT (CWT.UN, CWYUF), Canadian REIT (REF.UN, CRXIF), H&R REIT (HR.UN, HRREF) and Primaris REIT (PMZ.UN, PMZFF). Calloway and Primaris specialize in shopping malls. Canadian REIT and H&R have diversified portfolios. H&R is almost entirely concentrated in Ontario. The rest are geographically diversified, particularly Primaris whose largest region is British Columbia at just 15 percent of revenue.

All except Canadian REIT feature yields of more than 6 percent, backed by modest payout ratios. Canadian REIT’s payout ratio of barely 60 percent augurs a major dividend increase, or else some strategic move to enhance shareholder value. Occupancy levels are high and debt and recent share issuances modest, which continues to fuel solid growth in rent, revenue and distributable income per share. Buy Calloway REIT, Canadian REIT, H&R REIT and Primaris REIT up to prices listed in the How They Rate Table.

As for more speculative fare, InnVest REIT  (INN.UN, IVRVF) is looking particularly attractive, after taking a recent spill following its acquisition of properties held by Legacy. The REIT’s yield is nearly 10 percent and it trades at only 1.6 times the book value of its properties.

As its name suggests, the REIT’s specialty is the hotel industry, which was purposely excluded from the Canadian government’s definition of a tax-exempt REIT after 2010. That makes it likely it will pursue some sort of strategic move if the law isn’t changed by then. Given its recent acquisitions, however, management isn’t likely to sell out cheaply, as Legacy apparently has.

As for operating statistics, REIT boasts the best in its sector. Occupancy stands at a superior 65.2 percent, and should rise when the Legacy properties (75.1 percent occupancy) are absorbed. Meanwhile, Revenue per Available Room rose 5.6 percent in the second quarter, which fueled 14.6 percent revenue growth offsetting a 10.7 percent boost in outstanding shares. That kept the payout ratio down to a modest 84 percent.

Quebec and Ontario are the REIT’s most important regions. But the Legacy properties will significantly expand geographic reach and growth potential. There is some uncertainly about 2011 taxation. But by then, shareholders will have received at least a third of their investment back in monthly distributions alone. And as long as the properties perform, this REIT is going to be worth a lot more before there’s any change. Buy InnVest REIT up to USD13.

The Rest

As for the rest of the Canadian REIT universe, my complaint boils down to either price or performance. On the pricey side is Boardwalk REIT (BEI.UN, BOWFF), which is ringing up the cash register with its fast-growing apartment portfolio but now yields just 3.4 percent. It’s going to take either a big dividend increase or price drop to make it a bargain again, and the payout ratio of 75.5 percent doesn’t seem to support the former. Hold Boardwalk REIT.

Chartwell Holdings (CSH.UN, CWSRF) may be near a takeover deal, and the price is showing the speculation. But with a payout ratio of 135 percent and a big drop in second quarter funds from operations per share, there’s a lot of dividend risk as well. As a result, it violates my first rule for takeover targets: Being something I’d want to hold if there was no deal. That’s a hold on Chartwell Holdings.

Royal Host REIT (RYL.UN, ROYHF) is cheap like other hotel REITs. But despite a payout ratio of just 66 percent in the second quarter, it’s not as attractive as Innvest after the latter’s purchase of the Legacy properties. Hold Royal Host REIT.

Crombie REIT (CRR.UN, none) and Lanesborough REIT (LRT.UN, LRTEF) are promising, but I want to see a longer track record before recommending either. Ditto Dundee REIT (D.UN, DUNTF), which is now essentially a brand-new entity after selling its eastern Canada portfolio to a unit of General Electric.  Dundee is now much more a play on continued oil patch growth, but I want to see how the existing portfolio performs and the level of distribution it can support. Crombie REIT, Lanesborough REIT and Dundee REIT are holds.

Morguard REIT (MRT.UN, MGRUF) has attractive qualities, including a long-term record of stability. But it also has a poor track record for dividend growth. I prefer equally safe but faster growing alternatives like RioCan and Northern Property. Hold Morguard REIT.

Investors should avoid the two Canadian REITs now involved in takeovers: IPC US REIT and Legacy Hotels. The upside has been realized. All that can happen is for the private capital behind them to disappear, sinking them. That’s not likely in my view. But why chance it? Sell IPC US REIT and Legacy Hotels REIT.

Note I’ve added three REITs to CE How They Rate coverage this month:  Huntington REIT(HNT.UN, HURSF), InStorage REIT (IS.UN, IGREF) and Interrent REIT (IIP.UN, IIPZF). All three are holds for now.