Many have been betting that Amazon will crush every brick and mortar retailer, which he thinks is far too simplistic. Shorting a REIT is an expensive carry. Riocan has whittled down their portfolio and made it high grade, including their biggest, a massive $3-billion project in downtown Toronto. They're re-purposing retail space into better use, which will drive up share prices and the dividend yield now around 6%.

Not a lot of detail regarding cannabis retail market yet.  May be an opportunity for retail rentals and possibly good for them.  Too early to say what impact this may have for Riocan.

It is not a bad alternative for individuals in their retirement years.  You need to have your return expectations in check.  You are getting same property NOI in the single digits.  They are in the process of high grading their real estate and will be left with more core urban centers typically near transit.  You can't expect more than single digit returns.

284 properties.  They are high grading their portfolio.  They focus on the six biggest cities.  They are also doing projects involving commercial ground floor and residential above.  Their pipeline is rich with these sorts of opportunities.  Their yield may migrate from 6% to 3% keeping in line with residential REITs.  It is a bit contrarian.  (Analysts’ target: $27.00).

He's starting to warm up to retail REITs. It's really out of favour these days. Buy now and it will go sideways for 12 months before it ticks up. Take the dividend now before the stock rises later. He is comparing Riocan to Brookfield who usually buys properties early and are usually right. He wouldn't shy away from Riocan here.

Currently doesn’t own any REIT. Owned Riocan and sold a little while ago. It’s still largely retail and that’s been under pressure lately. The main problems with REIT is rising interest rates. If you’re going to own a REIT you’re better to look for one that has a lot of growth and not the yield.

Anything that is a yield proxy has been tough. Their growth profile is 3-4% vs 4-6% for the retail peers. The good news is that is trading 12% below their estimated net asset value. Trading at 15.3 times price to FFO which is the lowest it has been in a long time. This is a name really unexciting, but lots has to go wrong for this not to work.