Market. Inflation will play out differently for different real estate sectors. Real estate is a great hedge for inflation. Rents go up as inflation goes up. You have to be careful, asset class by asset class. When you have record office space vacancy, you cannot capture inflation to the same extent as with industrial, which has record low vacancies. Single family rental homes in the US are a good choice, as are malls. REITs don't pay tax at the corporate level, so they are agnostic to a change in corporate tax rates. REITs should be better off than corporate right now.

He likes the valuation. US residential in the sun belt. They are expecting a 10% home price inflation in the US in 2021. It is already trading at a discount to net asset value. It could be trading north of $15 in the future. The stock has been temporarily depressed. There is a big runway in single family housing. (Analysts’ price target is $15.29)

Warehouses for E-commerce. It is growing nicely. They just announced an interesting transaction where they will grow their portfolio dramatically. It will become the best North American industrial real estate play you can buy in North America through a publically traded company. The stock has been temporarily depressed by a stock issuance to fund their acquisition. (Analysts’ price target is $15.31)

He had avoided the retail space but is now bullish on necessity-based shopping and that is what they address. The stock has been depressed because cash flows came off during the pandemic and they cut the distribution temporarily for probably two years. It is trading at a big discount to net asset value. He likes management and the setup. (Analysts’ price target is $19.50)

(A Top Pick Jun 25/20, Up 50%) He would buy it again. It is one of the largest holdings in his fund today. The company focuses on residential in the US – single family rental space. They have a multi family portfolio also. They are in the US sun belt. They collected all the rents and rents went higher.

(A Top Pick Jun 25/20, Up 3%) A big play on Dutch apartments. Its competitors across Europe trade at all time highs. There is a lot of upside here. During the pandemic we only saw rents go higher. It is externally managed by a Canadian REIT.

(A Top Pick Jun 25/20, Up 24%) The industrial thesis was well understood pre-pandemic. During the pandemic Near Shoring and Re-shoring. We could not rely on goods to come from China or the US. Just-in-time inventories will become just-in-case inventories. They are able to acquire assets attractively and acretively. They are well positioned.

It is focused on US grocery-anchored shopping centers. It is fairly valued after just doing an acquisition. It is a high yielding stock, but he does not think they are covering the distribution today. There is higher value in the sector today.

It is a great company. There is not necessarily a grocery component in their centers. It is trading on parity with net asset value. It has the lowest earnings growth amongst its peers and so he is not looking to own this stock today. The yield is solid, however.

He really likes this one. It is heavily weighted toward retail. 95% of its retail centers are anchored by a grocery store or Shoppers Drug Mart. They are almost going at a premium from pre-pandemic values. This tells you how resilient the cash flow is. They have an office portfolio but he likes that their typical tenant is smaller and it is the larger ones that will reduce rented space. It is a great combination of safety plus growth.

They just announced a business transformation plan. There is quite a bit of tax leakage as a result of a recent acquisition. The portfolio is half office, a third industrial and 20% retail. They are selling industrial, to be left with retail and office. Their goal is to invest in publicly traded securities. He thinks there will be conflicts of interests.

It is a tough sector to be in. It is hard to make a business case for privately owned prisons. Earnings visibility is not there. The stock got into trouble with market perception. There is a lot of company risk. He would not want to make a bet on this company today. There are better plays out there.

He is very bullish on it. It still trades below its pre-pandemic levels. Immigration has paused and there is a question about foreign students returning in the fall. We never saw a dip in occupancy in their products.

It is a smart management team doing many smart deals. They have a growing fee stream focused on real assets. This is the sector you want to be in over the next 10 years.

He is very bullish on it. It operates solely in the US. Canadian investors don't value these stocks appropriately and US investors don't typically come north of the boarder to buy real estate exposure. He thinks we are in the early innings of the industrial warehouse cycle. They have a growing fee income stream.