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We have good information available on all the Canadian traded reits in the Real Estate portion of this forum. But if you want all the pros and cons for the REITs I suggest you look into the drill downs we have on REITinvestor.ca. With the Q2s coming out over the next week or two there are lots of big moves in the making.

That being said Dundee has exploded in the last month or so, after GE's major selloff of units.
 

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Do you mind me asking you to reflect on the pros and cons of owning a reit fund (XRE) versus one (or two) of the biggest reits (ie REI)?

Thanks!
Pros:
- Cheaper to own one or two REIT.

Cons:
- More risky to own one or two REITs directly. I'm accepting that risk because REITs form only 5% of my portfolio.
 

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As mentioned, it quite easy to mimick/create your own REIT index. The top 5 holdings of XRE make up 70% of the index.

I personally own:
Riocan (REI.UN)
H&R (HR.UN)
Boardwalk (BEI.UN)

Great mix of retail, corporate and residential real estate.

My household also holds XRE (in my wife's fully indexed portfolio)
 

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Calloway is a safe play however even with Walmart occupying 27% of their space, they have a great deal of exposure to stores than can get hit hard if consumer spending remains poor and vacancies increase. You can still sit back and collect your 11% yield!
H&R on the other hand is only paying 5%, making Calloway a much better investment. HR should pull back soon too, it is priced for perfection and given any troubles at all in the next few months it could come down below the $11 range. They will be reporting soon which will give a good idea if they are infact headed for a rough patch or not.
NPR is also a great place to be. We should have a new drill down up for them soon too which will give a good idea where they are headed. They are very well managed so they should report well.
 
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