Andrew Moffs

Volatility's impact on real estate. There's certainly a wall of worry out there. The public market's already priced in a lot of the risk. He looks to the private markets to see what's really going on. And what he sees is that in those sectors where there is pricing power, fundamentals and pricing are still robust. Yesterday, the CRE reported that cap rates in Canada are lower in nearly every single sector in real estate; the lower the cap rate, the higher the value.

Will Canadian REITs catch up to US ones soon? Yes. For a while, he's been positive on industrial warehouse REITs globally. Looking to US earnings, they've been quite strong, a nice outperformance. He expects the same for Canada, especially in the tightest markets in Canada, namely Toronto and Montreal.

Vancouver also has high real estate prices. Indeed. It's all about supply and demand, and Vancouver is a supply-constrained market across every kind of property type. You're seeing demand in multi-family, industrial, and even office. Unfortunately on the public side, there isn't always a great REIT to take advantage of that strength.

A good one to hold. A definite buy. Focus in Texas, where there's tremendous population and job growth. In the affordable part of the market, which is where you want to be at this part of the cycle. Trades at 18% discount to NAV (intrinsic value). Lots of growth ahead, really great management.

Value stock with a great growth profile. In Netherlands, subject to rent control. High population with growth, and job growth. Defensive. 10-12x discount to NAV. Margin expansion during inflation, as all costs such as snow clearing fall to tenants.

In Ontario, Quebec, and now BC. Value and growth. Great management team. Usually trades at a premium, now at 52-week lows. Great chance to buy, as government's stifling supply has affected the public markets. Provides affordable housing for population growth in Canada and from immigration.

Bullish on the macro for industrial warehousing. Likes the focus in Toronto. Likes management. A show-me story, small. An opportunity. He's confident in their ability to grow. A bit expensive, so it's a bet on management and growth. On his radar for attractive entry points.

One of the world's premier asset managers. Lots of ways to create value. He'd never bet against the CEO. Headwind of rising rates, but volatility always creates a better entry point. Be very tactical in finding spots to buy. Review past investor days to track progress.

Suffering from the macro lens of government policy concerns, which is a great opportunity to take advantage of. Risk/reward is to your favour. Sees return of demand and increasing rents. Wide discount to NAV.

Great management and sector. Affordable homes in the US sunbelt, growing demand. Premier provider. Trades on par with peers. Still discount to NAV, but not as wide. Good growth profile.

(A Top Pick Mar 30/21, Down 3%) He lightened up on price strength. Market worries about renovictions. 17.5% discount to NAV, an opportunity to buy at these levels.

(A Top Pick Mar 30/21, Up 12%) Great setup with the Silver Tsunami. Stabilization in occupancy since the pandemic. Now it's a show-me story, still lots of risk. Pandemic shut down construction. Sector has lots of value.

(A Top Pick Mar 30/21, Up 46%) Likes the self-storage space, especially in Canada. The market leader. Has scale. Recession-resilient, as revenue relies on life events that happen irrespective of the economic cycle. Think death, divorce, dislocation, disaster. Discount to NAV, especially compared to its growth profile.

Very wide discount to NAV. Its assets are not in sectors that investors are looking to add more capital to today. Exposure to industrials, multi-family, hotels. Seen as a value trap. Probably a safe hold, but more growth elsewhere.

Largest self-storage in the US. Premium to NAV in a great space. Likes its capital allocation decisions. The dividend percentage doesn't matter as much as whether cashflow can sustain the dividend. He likes a lower dividend that allows capital retention for repairs and investing in growth.