Considering the backdrop, the quarterly results and full year 2020 for SRU were surprisingly good.  Granted, the government help with rents helped, but the mixed development gains not only persisted but strengthened.   The backlog of projects for the next several years is encouraging.  

Payout ratio is well below 100%, and the balance sheet looks fine.

The stock has lagged US peers for past few months, such as SPG, who don't have near the same optionality for mixed development, but where vaccine rollout is quicker than Canada.   

Yet still now at its highest level since March 2020, with premium yield to boot.

good luck.