Federation Centres (FDC) is a REIT that owns a portfolio of regional and sub-regional shopping centres. We are attracted to FDC for their ability to lift the operating performance of their centres by undertaking value creating development and taking costs out at the centre level. The REIT yields 6.4% for the 2015 fiscal year and should be able to grow earnings at 3-4% per annum over the short to medium term, Disclosure: Freehold Funds own Federation Centres (FDC)