Thanks
We would consider the sector OK but there are risks. Lower interest rates will help, and occupancy remains high for most REITs. However, some economic weakness is being noted and this could impact sentiment and valuations. It becomes a question of whether interest rates are the driver or the economy is. MI.UN is quite small and not particularly cheap at 14X cash flow. Payout ratio is good though at 61%. Its portfolio of residential properties is solid, and we do prefer residential to office/retail currently. We would be OK owning this as part of a higher risk income basket.