Market. Real estate is not about location, location, location; it is about supply and demand. The Toronto market is seeing massive immigration. There is an artificial greenbelt that means no new supply of single family dwellings. He loves the rental residential market as there is a huge imbalance in Toronto. He is agnostic to rates. It is all about supply and demand. It is all about jobs. If you have a job you can shop in a mall and rent an apartment. He tries to find imbalances. He is focused on the US sunbelt. Dallas and Houston are in a low cost state, a low tax state. This is very bullish for rental housing. They have very defensive characteristics.

The Quebec economy is doing quite well. It has been going through a strategic change. He likes the new CFO. Retail today is a tough sector but they seem fully equipped to deal with it. They have a diversified asset base. It is a safe hold.

He likes it. It is sponsored by CAP REIT. They are transferring that kind of management to the Netherlands. It is also a very regulated market. Their market is one of the most densely populated countries globally. There is no new supply in the market. They turn regulated apartments into unregulated apartments. It is a high margin business.

He likes the management and the location. Management is highly aligned and are good at putting capital into their buildings and get 15-20% returns on that capital. They are all along the highway 401 in Ontario. (Analysts’ price target is $16.50)

He likes this company and its management. They are into residential in the US -- single family homes for rent as well as the apartment business. They just purchased a company for residential apartments and there are now a lot of new shareholders into their stock, causing some indigestion and he saw this as a great buying opportunity. You should still see a couple of dollars of upside in the net asset value of this company.

He thinks highly of the management team there. They own and operate and fix up retail real estate in Eastern Canada. He is not a bull in retail real estate. Retail vacancies have been persistent ever since Target left Canada. We are going to have record bankruptcies globally this year. But plaza is more necessity based retail, more plaza based.

It mimics the REIT index. You have to know what you own. This is monthly dividend. Everyone should have a real estate component in their investments.

It is the global real estate vehicle for Brookfield Asset Management. You are buying malls and office buildings. You can buy this at a 5.9% cap rate. You can buy others at a better cap rate. This is a great management team but he sees better options than this.

We have such a tight market in the Toronto market where they operate, they can move rents materially. He sees a lot of upside in the stock.

Vision Capital's Philosophy. He buys stocks in Real Estate. He operates long and short. He thinks like a private equity investor. He spends a lot of time trying to understand the value of the properties and then compares net asset value to the stock price. If it is trading at a premium then there is an opportunity to short the stock. He tries more so to find those stocks trading at a discount. He is about 60% south of the boarder. He likes industrial and multi-family apartments. He likes both on both sides of the boarder. Everything bad about the mall is positive for the warehouse. Residential is very defensive. It includes trailer parks. Seniors housing has massive demand. There are demographic tailwinds. In Canada supply in only meeting demand in certain areas.

Car dealerships across Canada. It is a high yielding stock because they have longer leases with the dealerships. You have to think about the space (car industry) and credit. Two thirds of the company is leased to one auto group so there is a lot of credit risk. That company is a private company so he thinks there is too much credit risk.

It is operating in a very difficult space and he is short in that space. These leases reset every night. Revenue per available room at best is going be flat over the next year. They have too much debt and don’t cover their distribution.

It is a diversified REIT going through a strategic process. He cautions that there will be tax leakage in this. They have been operating out west. Don’t jump in today.

It is a very safe investment and he likes it. They operate seniors homes as well as nursing homes. He thinks it could worth $22 or higher. It is very defensive and a has a very supported distribution yield.