BSR REIT (HOM.UN.TO)

Thinks highly of management. Used to own. Sold simply due to multi-family backdrop in the US. Focused on US Sun Belt. Navigating well in its markets, but markets suffering from lack of pricing power.

Healthy discount to NAV. Probably a year away from inflection on pricing power. Nice 4.6% yield while you patiently hold and wait.

Likes it. A lot of new supply has hit the US market, but have managed this well. Sold 30% of its portfolio. Trades at a nice discount to NAV. Will recover by 2027 in US apartments in the sunbelt.

Performed well, but up against a lot of new construction in their markets. Difficult to raise rents in 2024. Trades at discount to NAV. If you like a stock levered to the US economy and US dollar, not a bad name. If you own it, hold. Earnings won't necessarily inflect materially this year, but over the long term you should be in a good spot.

Well managed. Reason for underperformance has to do with interest rates and, more recently, with supply. No pricing power, material headwind. Tremendous demand in the US Sun Belt from job growth and migration. Expects lower growth, but could be good setup for 2025. Hold on, collect the yield, hope for better things in 2025.

Under pressure. Demand side is great in US, but high levels of new supply. 2023-24 might have more muted growth. Should have nice growing cashflow in latter half of next year. Discount to NAV. Comfortable owning it here.

It owns apartment buildings inn the U.S. with Dallas being the largest market and will have good cash flow growth this year. It trades at a wide discount to NAV with NAV being the private market value of its real estate. If a REIT trades at a premium to its NAV, he sells. If it trades at a discount, he buys.

He finds the sectors that have tailwinds and goes bottom-up to find discounts. You could buy one or both of these: WIR.UN (industrial) or HOM.UN (apartments), as both are USD denominated, listed on TSX, in sectors that he likes.