Simon Property Group Inc. (SPG)

In the REIT sector, rather than retail. The market is looking for yield. He is worried about this because of Amazon and because REITs have had a lot of a run up.

(Top Pick Apr 9/15, Up 11.72%) He likes this name and continues to hold it. They are a unique competitor in that real estate space. He is not a high growth name and watch for interest rates to rise.

Best in class operator, assets and balance sheet. Quickly escalating rates could be a negative. They are internationally diversified. Good ‘A’ properties all round. They have the best leading numbers of anyone. They are in the top markets. They are the best in the business.

The largest REIT in the world with a lot of operations in the US and some in Canada, Europe and Asia. Business conditions continue to look pretty good. Consumer spending in the US remains pretty firm. Occupancy levels continue to be quite tight, which will allow revenues to remain pretty strong. They also did a share buyback. Dividend yield of 2.84%.

The biggest REIT in the US. A decent, very high quality REIT with the exception that it is a little bit expensive. However, you could make that argument for most US REITs, which was the best performing sector last year. This was because people rotated into sectors where there is a high degree of predictability of income and an improving economy. You can expect to get higher dividend growth. If there is just a little bit of a sign of interest rates going up, this is going to go down.

(Top Pick July 9/13, Up 12.67%) They spun off some of their lower quality assets so the remaining portfolio will be very powerful in terms of sales per square foot. They now provide exposure to higher end consumers. 5% free cash flow growth going into 2015.

You can’t go wrong with this one. Beautiful retail properties. The best malls don’t suffer from e-commerce. Their last earnings surprised significantly to upside. A good long term hold.

Tremendous value in this company. Best real estate portfolio in the world and trading at a big discount to its NAV. This is the largest component of the US real estate index. As money comes back into REITs this one will benefit the most. It is his largest US holding.

(A Top Pick July 9/13. Down 4.2%.) Payout ratio of 70%. Had very strong earnings reporting in Q3. Trading at about a 10% discount to NAV were historically it traded at a 3% premium. Feels it owns the highest quality mall portfolio in the US and they are now expending globally as well. Valuation is very compelling.

The best and largest mall REIT globally. NAV is about $180 with a target price as high as $213. Feels it is worth $185-$186. 2.9% dividend yield.

This is sitting at about a 10% discount to NAV. Historically has not traded at that kind of level. A world-class REIT. Shopping malls, predominantly in the US, but also in Asia and Europe. Have a 30% interest in a European REIT called Kleppierre. These are high quality malls that are operating anywhere from $500-$600 per square foot in terms of sales. They have seen 8% increase on average in the last 6 quarters in a sales per square foot number, which means consumers are starting to spend a little in the US and are heading to the high quality malls. 2.8% yield but free cash flow yield is in the double digits. Very low payout ratio.