First Capital Realty (FCR-T)

He does not own REITs but this is probably his favourite in the space. They did it right in the right markets. They created liberty village. They really did well pumping money into Hazelton Lanes. He believes it is still selling at a discount to its NAV.

A large owner-operator of shopping malls. 4.2% dividend. It's been sideways. It's an income vehicle and a slow grower. You own this for stable income. He doesn't see a retail "apocalypse." Safe dividend, maybe an increase, and a good
operator. This won't scream up in price anytime soon. It's stable. Prefers Riocan REIT.

Not a sell, though he owns the bonds. A retail story, but more defensive with liquor, drug, and grocery stores. Higher rates, and did a questionable issuance. Into new green development. Likes the company and its assets. But not the time to own it.

Management quite good, They develop space for condos and stores. Trades at a premium. Yield is not as high as other REITs, but yield of 4% is actually not bad.

This is an urban everyday needs portfolio. Very resilient. He models 3.8% growth from 2016 to 2018. This is not cheap, trading at around 19X, it is still trading slightly below its five-year average. 81% payout ratio, so you are going to get paid the 4.3% distribution. Its balance sheet is very good. Thinks you could buy this closer to $18.50 or $19 if you get an opportunity.

Doesn’t own any REITs at this time, but if he were to own one, this would be the one. Likes the way they are running the company and the acquisitions they’ve made. They are in the prime areas where it is difficult to get real estate anymore. They have a serious footprint in Yorkville which arguably, price per square foot, is the most valuable real estate in Toronto.

A very well-capitalized Real Estate Operating Company, with a lot of retail properties across Canada. Focused in urban major city centres and are buying up real estate in good locations, in close proximity to where people live, which benefits from a combination of an increase in population growth and an increase in incomes. About 20% of properties are anchored by grocery stores. Has a good development pipeline and an exceptional balance sheet. 70% of assets are unencumbered, which gives a lot of flexibility in the event of higher rates or an economic downturn. Dividend yield of 4.1%.