Here is a clip from BNN - http://watch.bnn.ca/business-day/business-day-am-june-2013/business-day-am-june-20-2013/#clip950992

There are several points over the last decade where bond yields came up suddenly and had a negative impact on the REIT market. The most pronounced were three including the spring of 2005, the fall of 2005 and the summer of 2006.  Bond yields settled down by 20-30 bps and over 6 months following the REIT market rallied up by over 10%.

Partners REIT is heavily oversold right now.  If you consider the fact that 100% of the distribution is covered by depretion so all of the distribution is treated as return of capital - most people would have to get over a 13% interest yield to match the after tax yield that Partners REIT is generating.

The NAV per the Q1 financial statements was over $7.73 so at a price less than $7 if the value rises back to the NAV then an investor would get a significant return.