Hi Anthony,
RioCan (REI.UN) is one of our foundational picks - as such it is one we would definitely consider. As one of the largest REITs in Canada, it is only a matter of time before it rebounds. It also has a lower than average payout ratio so the dividend is safe.
As for SmartCentres (SRU.UN) - we also like it. More than 25% of revenue is underpinned by WalMart which is its largest tenant. We know Walmart isn't going anywhere. Last checked, it had lower than average April and May rent collections. This is holding the company back. Thus far it has maintained the dividend, but for this to continue, rent collections will need to start tracking the average.
Of the two, I'd consider RioCan the safest. Personally, I have been watching SmartCentres for a few months, however the disappointing collection rates prevented me from stepping in. That being said, it makes for an excellent rebound candidate if collections approve materially in June - something to watch for. I would also say that SmartCentres REIT is best positioned from a growth perspective over the long-term.
Mat