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Here’s our CWA REIT & Trust Portfolio for December 2025

The federal government’s tax on income-trust distributions took effect on January 1, 2011. Most trusts have since converted to corporations.

Real estate investment trusts (REITs) were exempted from the income-trust tax. As a result, high-quality REITs should remain attractive to income-seeking investors.

1 min read

Pat McKeough

Dividend Stocks

Allied cuts its distribution

ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST, $13.04, is a still a buy. The REIT (Toronto symbol AP.UN; Units o/s: 128.0 million; Market cap: $1.8 billion; TSINetwork Rating: Average; Yield: 5.5%; www.alliedreit.com) will now cut its monthly distributions to unitholders as it continues its plan to sell non-core assets to pay down debt.

1 min read

Pat McKeough

Blue Chip Stocks

Our updates help keep you on track: TD, Bank of Nova Scotia, Imperial Oil and Allied Properties REIT

3 min read

Pat McKeough

Dividend Stocks

H&R sells off assets

H&R REIT, $10.17, is a buy. The trust (Toronto symbol HR.UN; Units outstanding: 262.6 million; Market cap: $2.7 billion; TSINetwork Rating: Average; Dividend yield: 5.9%; www.hr-reit.com) has announced binding agreements with multiple buyers to sell some of its retail and office properties in Canada and the U.S. for $1.5 billion.

1 min read

Pat McKeough

Growth Stocks

Discount shoppers help spur these buys

METRO INC., $98.39, is a buy. The company (Toronto symbol MRU; Shares o/s: 214.8 million; Market cap: $21.1 billion; TSINetwork Rating: Average; Dividend yield: 1.5%; www.metro.ca) operates 995 grocery stores and 640 drugstores, in Quebec, Ontario and New Brunswick.

2 min read

Pat McKeough

Dividend Stocks

Enbridge adds capacity

ENBRIDGE, $66.63, is a buy. The firm (Toronto symbol ENB; Shares outstanding: 2.2 billion; Market cap: $145.3 billion; TSINetwork Rating: Above Average; Dividend yield: 5.8%; www.enbridge.com) now plans to expand its Mainline pipeline, which pumps crude oil from Alberta to refineries in the U.S. Midwest. This will add 150,000 barrels a day to the line’s current capacity of roughly 3.0 million barrels.

1 min read

Pat McKeough

Dividend Stocks

Two power producers for steady income

ALGONQUIN POWER & UTILITIES, $8.26, is a buy. The utility (Toronto symbol AQN; Shares outstanding: 768.2 million; Market cap: $6.4 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.5%; www.algonquinpower.com) completed the sale of its 42.2% ownership stake in Atlantica Sustainable Infrastructure plc in December 2024 for $1.08 billion (all figures except share price and market cap in U.S. dollars). Algonquin also sold its non-regulated renewable energy business to LS Power in January 2025 for up to $2.5 billion.

2 min read

Pat McKeough

Dividend Stocks

Pembina inks an LNG deal

PEMBINA PIPELINE, $54.16, is a buy. The company (Toronto symbol PPL; Shares outstanding: 580.9 million; Market cap: $31.5 billion; TSINetwork Rating: Average; Dividend yield: 5.2%; www.pembina.com) owns 49.9% of Cedar LNG. The Haisla First Nation holds a majority 50.1% stake. This project involves developing a floating liquefied natural gas (LNG) export facility in Kitimat, B.C.

1 min read

Pat McKeough

Energy Stocks

Buy these producers for oil-and-gas gains

The shares of oil and gas stocks remain high as energy demand stays strong. We continue to recommend that most investors maintain some exposure to the oil and gas industry as part of a balanced portfolio. To cut risk, you should stick with producers that have positive cash flow even in times of low energy demand and prices. Here are two that should meet that requirement. Moreover, they pay solid dividends:

PEYTO EXPLORATION & DEVELOPMENT, $22.65, is a buy for aggressive investors. This producer (Toronto symbol PEY; Shares outstanding: 201.9 million; Market cap: $4.6 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.8%; www.peyto.com) focuses on both gas and oil in Alberta. Its production is 88% gas and 12% oil.

2 min read

Pat McKeough

ETFs

Hang onto this REIT ETF

ISHARES S&P/TSX REIT INDEX ETF, $15.21, is a hold. The ETF (Toronto symbol XRE; buy or sell through brokers; ca.ishares.com) lets investors tap all 16 Canadian real estate investment trusts in the S&P/TSX REIT Index. Investors pay an MER of 0.60%, and the fund gives you a 5.1% yield.

1 min read

Pat McKeough

Testimonials

The cornerstones of Pat’s strategy–value, diversification and timelines–make his newsletter, The Successful Investor, highly profitable while minimizing risk. His advice is no-nonsense, down-to-earth and based on solid research. You’ll know what to invest in and what to avoid.

Chuck Chakrapani, PhD
Investors Association of Canada
The older I get the better dividends look. For retirees and would-be retirees who want to sleep at night, I can’t think of a better source of information on reliable growing dividend income than Pat McKeough’s newsletter, Dividend Advisor.

Jonathan Chevreau
Financial Post Columnist
As a manager of more than $500 million in mutual funds, I have access to the best brokerage research available in this country. But I still take time to read Pat McKeough’s premium newsletters

John Sartz
I appreciate the 25 years of above market returns I received by following your advice. at least 95% of my investment decisions were based on TSI recommendations.

Chuck J.
Subscriber since 1996. Inner Circle Member Since 2006
The newsletters I receive in Inner Circle Pro are fantastic! I have been following Pat’s advice for years and everything he has said has been amazing. His commentaries are brilliant, insightful, educational, rational and balanced. My returns are almost double the TSE and I have referred many of my friends who have switched over to your services.

Walter H.
Inner Circle Pro subscriber

Browse Premium Topics

Cannabis

Spinoffs

One of the ways a company can try to unlock its own hidden value is by creating a separate company out of a corporate subsidiary. The parent company can either sell stock in the new company to the public, or spin it off—hand the stock out to its own investors.

Dividend Stocks

Dividend stocks make cash payouts that serve as a way for companies to share the wealth they’ve accumulated. These payouts are drawn from earnings and cash flow and paid to the shareholders of the company. Typically, these dividends are paid quarterly, although they may be paid annually or even monthly as well.

ETFs

What are ETFs?

ETF is an acronym for exchange traded fund. These exchange traded funds are used to track indexes as closely as possible, since investors cannot actually buy an index outright.

Value Stocks

What are value stocks?

One of the sweetest and most profitable pleasures of successful investing is to buy high-quality “value stocks” (or stocks that are reasonably priced, if not cheap, in relation to its sales, earnings or assets), then hold on to them as mainstream investors recognize the value and push up the share price.

Blue Chip Stocks

Blue chip stocks are big, well-established, dividend-paying corporations with strong business prospects. These are companies that also have sound management that should be able to make the right moves to keep competing successfully in a changing marketplace.

Penny Stocks

A penny stock in general trades for under five dollars a share, and as the name implies, sometimes for pennies. Most of the time they’re young companies, or start-ups in speculative markets like mining or technology.

Growth Stocks

Growth stocks are companies that are likely to have sales and earnings growth well above market average. Frequently they pay few, if any, dividends. Instead they typically reinvest any extra cash flow to promote further growth. Chosen wisely—according to Pat McKeough’s advice—high-quality growth-oriented stocks can be worthwhile additions to most well-diversified portfolios.

Wealth Management

Wealth management is the practice of putting your savings to work so that it continues to grow over your lifetime and will also benefit your heirs. Wealth management encompasses many different areas of investing like long term investment planning and retirement planning.

Mining Stocks

Mining stocks are investments in companies that produce or explore for minerals. Some of these minerals include uranium, coal, molybdenum (which is used in steelmaking), copper, silver and gold. They are affected by fluctuating commodity prices in addition to their own business and operating risks.

How To Invest

Pat McKeough has been making investing for beginners simple—and profitable—by helping investors make big gains for more than 25 years. His advice to beginning investors is the same as it is for all investors: buy high-quality, mostly dividend paying stocks (or ETFs that hold these stocks) and evenly spread your investments over the five main economic sectors (Resources, Manufacturing, Finance, Utilities and Consumer). Pat also believes investors should avoid stocks in the broker/media limelight and focus on those with hidden or little-noticed assets.

Energy Stocks

What are energy stocks?

Businesses that work in the extraction, refining and delivery of energy sources such as natural gas, oil, uranium and coal, are considered energy stocks.