i think current levels are attractive.  however, with hr.un digesting pmz, its shares may be "dead money" for a while.  could even experience some downside as a significant portion of primaris shareholders may sell the hr.un shares that get put to them as part of the deal. 

 

if markets stay normalized, I'd be surprised if hr.un sells off close to $1 more.  in the low $22s hr.un will be yielding 6%.  the quality of properties hr.un has, a relatively conservative balance sheet and a 6% yield is a pretty tough combo to beat. 

 

disclosure: I'm slowly accumulating on dips.