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Distribution very safe due to proactive cutting during pandemic. Achievable net operating growth of 3%, last quarter was 3.7%. Despite rising rates, with population growth, limited new supply, and limited retail bankruptcies, setup generally good for shopping centres in Canada. In a good spot.
Lower interest costs will be a tailwind for everybody in real estate, but it comes down to fundamentals. Where is demand exceeding supply? Look to apartments in Alberta with no rent controls, industrial warehouse globally, manufactured housing in the US. Probably the best setup is grocery-anchored shopping centres in Canada. Defensive, cashflow is going higher, population growing, interest costs going down.
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