Land lease communities where you buy a prefabricated factory house and put it on their land. They charge you rent, operating costs and realty taxes. 2.9% yield. Sees it trading at 30% discount to its NAV. He is looking for capital gains.

Apartments. Grown from 300 units to 6500 units with a net equity contribution of $10 million. Focus on mid-market properties, above “Ma and Pa” but below institutions. Properties are beat up and need physical or operational improvements, which they do, and then take their equity out. NAV of $16-$18 and have $15 million of unencumbered properties. Sees it trading at 40% discount to its NAV.

Specialized area. Nursing care. 75% operations in the US, very volatile market with Medicare and Medicaid. Formulas change and a very litigious environment. Would favour a Canadian business such as Leisureworld Senior Care (LW-T) instead.

Senior care. Recent IPO. 9% dividend yield so you get the dividend tax credit. A much less risky way to play the nursing care space.

Just raised $40 million. They are a consolidator of the childcare industry in Canada and are buying at 6X EBITDA with the real estate. Sees a 5-10 times return on investment. Outstanding world-class management.

Strong management team. Western Canadian-based commercial. Diversified. High growth. Attractive yield and relatively attractive valuation because of their exposure to the Calgary office market, which is a soft spot in real estate.

Focused in the retail arena. Have a lot of Wal-Mart anchored centres. Good management. Very high stability. Reasonable yield at 7.2%. Concerns on debt refinancing have been put to bed with the recent new equity issue.