DON'T BUY
It was a diversified REIT in the US and Canada and then there was board transition an activist shareholder has taken control to sell off the assets and reinvest the capital into other publicly traded REITs. He questions this business strategy. Choose the REITs they invested in for yourselves.
property mngmnt / investment
BUY
Industrial focused REIT which he likes due to secular changes post-pandemic involving re-shoring and on-shoring - getting goods as close to the end user as possible. The portfolio is in the EU, US and Canada and is one of the best ways to play Europe. It has a wide discount to net asset value and a nice yield. It remains a buy for him.
REAL ESTATE
HOLD
65% Walmart. It is retail, anchored primarily by Walmart. It comes with very low rent growth but an attractive distribution growth that is quite safe. He can find growth and value elsewhere, however.
investment companies / funds
WATCH
Focused on the US sunbelt. Office industrial. There is a nice discount. The catalyst could be in the next quarter where they announce a spinout of at least one of their sectors. The new entity could have a better cost of capital or have a better growth rate.
property mngmnt / investment
STRONG BUY
One of his top holdings. A great holding because it focuses on single family dwellings. They have a more affordable rent for those in the sunbelt. They have seen great rent growth (19%). They are fueled to double their portfolio over the next three years.
REAL ESTATE
PAST TOP PICK
(A Top Pick Sep 29/20, Up 55%) It is a great blend of internal and external growth. It has a 15-20% loss-to-lease embedded in their portfolio. You will see market rent growth from here but they don't need it. It is easily worth more than $19 dollars based on cap rate.
REAL ESTATE
PAST TOP PICK
(A Top Pick Sep 29/21, Up 52%) All of its business is in the US. It owns multi-family in Dallas, Austin, and Oklahoma City. They are affordable rents. It is one of the cheapest residential stocks. The price should be north of $20.
REAL ESTATE