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  5. SRU.UN: Hi, I'm looking at reits and wonder what your comments would be on SRU. [SmartCentres Real Estate Investment Trust]
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Q: Hi, I'm looking at reits and wonder what your comments would be on SRU. They look to be in an interesting niche that might do well as the world gets back to normal.
Appreciate your thoughts,
Perry

Asked by Perry on March 10, 2021
5i Research Answer:

SRU.UN has done well this year as a recovery play. The stock is fairly cheap on a cash flow basis, and we do not have major concerns on it, other than sector exposure (still a bit iffy) and lack of growth (essentially none on a per unit basis). 4Q results were decent. Occupancy remains good and the payout ratio is OK at 87%. Most rents are being collected, though with some government help assisting tenants. We view it as OK for income, but not that exciting.