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Pure Industrial Real Estate Trust (AAR.UN-TSX Venture): Now $4.46 a unit

Management has "done a good job" of growing Canada's only pure industrial-focused real estate investment trust, says top stock picker Brad Cutsey. "They have met or surpassed my earnings forecast every single quarter, but one since February, 2008." His one-year target is $5.50 a unit.

InterRent REIT (IIP.UN-TSX) : Now $4.39 a unit

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InterRent has executed well in upgrading its apartment buildings, but it is now entering a "growth phase," he said. The REIT, which trades at a discount to an estimated net asset value of $4.95 a unit, will acquire more properties and do the more of the same, he suggested. His 12-month target is $5 a unit.

Allied Properties REIT (AP.UN-TSX): Now $28.87 a unit

This office-property REIT is run by a strong management team, but it's a story that should play out over the next few years, Mr. Cutsey said. The leasing problems at Allied's Cité Multimédia property in Montreal are over, and "it should be a significant driver of cash flow growth in the near term," he added. His one-year target is $29.50 a share.

Shirley Won

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