Plaza Retail REIT (TSX: PLZ.UN)

Plaza Retail REIT owns and is the operator of unenclosed strip shopping malls. As of Dec. 31, it owned 251 properties comprising 8.8 million sq. ft. These are located in Atlantic Canada (60%), Quebec (20%), and Eastern Ontario (20%). Some 90% of its tenants are national chains, with Loblaw’s/Shoppers Drug representing 24% and Dollarama 6%. No other retailer is over 5% of its rentals. Grocery and other essential retailers comprise just under 50% of its tenant base and fast food restaurants another 11%, giving it a very defensive portfolio.