Hey Trevor,
Rio Can's dividend cut hurt, but like most REITs - it has recovered significantly. However, it hasn't recovered to pre-pandemic levels like many REITs have - and this is likely because of the dividend cut. There is still plenty of risk involved with retail REITs, and we still prefer Industrial and Apartment REITs to retail ones. That being said, RioCan is still one of the best retail REITs in the country and given it hasn't recovered as quickly as most, it still can on a full post-pandemic re-open. It is also becoming more diversified with its apartment REITs.
We were negative on retail REITs in general, and the dividend cut was also not great for income investors. This has led to it being the worst performing Retail REIT thus far.
That being said, one could make the argument it now has the biggest upside because it hasn't recovered. Granted, one must take into account the hit to the company's reputation after the dividend cut. I'd have no problem holding it here and see how the next few months play out. If there is no immediate rush to sell, then i would not necessarily swap it for another retail reit. Likewise, if you swap it for an industrial or apartment reit, you are likely looking at a lower dividend as they generally have lower yields. So that must also be taken into consideration and you'd have to do what fits your current situation best.
Mat