TOP PICK

Very low debt: 23% of market cap. They sold a bunch of Mexican assets. Tons of cash. Last transaction was in the Netherlands. They can expand without coming to market. Debt rates they get in Europe come with a 2% handle. The spread is fantastic, but it is not recognized in the stock price.

TOP PICK

Industrial. Mostly Ontario and Alberta properties with a cap rate of 6.75. The stock is very inexpensive. Their properties have a courier that handles all the Amazon shipments.

WEAK BUY

Canadian way to invest in US real estate, mostly in Texas and a little in Atlanta. Low rent apartments whose market sees a lot of growth. Externally managed structure which he is not a huge fan of. He might own it short term. They have grown very strongly, however. If you are paying $800 a month you are less likely to move into a house. Prefers high quality REITs when investing in the US.

DON'T BUY

US senior care as well as a portfolio in the Calgary region. The risk on the property level is with the operator as they just write one lease. He has questions about funding of growth in the US as well as focus of management who are focusing on growing their private company.

STRONG BUY

A big name for him, top 5 holdings. A little known REIT that is now available in Canadian dollars. Highest growth markets in Texas. Debt is manageable as is payout ratio. Over time people will realize how good it is and prices will continue to go up.