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Broadly speaking, yes, it does increase borrowing costs. But at the other end of the spectrum, you have to think about what's happening in credit spreads. Since 2023, credit spreads have contracted about 50%. So he thinks it's actually a pretty conducive market for financing costs right now, for both private and public markets.

He thinks transactions will pick up in 2025, which would be a great catalyst for publicly traded companies.

Broadly speaking, a sustained commercial real estate recovery is underway. Likes sectors that can act defensively, as well as those that offer growth. In the office space, he's looking for companies with trophy buildings, compelling supply/demand fundamentals, trading at discounts, growing cashflows.

The data centre sector is one he really likes, with really compelling demand factors and supply trying to keep up. Industrial warehouses are also a favourite, and the biggest sector allocation in his fund. Some slowing rent stats, but the gap between in-place rents and market rents is still very wide. Many positive secular demand forces on industrial fundamentals. Pockets of residential that he's positive on, such as manufactured housing communities. Grocery-anchored shopping centres have very defensive cashflows, with the most compelling supply/demand characteristics we've seen in many years.

Office REIT, with 3/4 of its portfolio in Philadelphia and 20% or so in Austin TX. Far off pre-pandemic highs. Office market is challenged. Very high yield of over 10%, which attracts certain investors; but paying out more than it earns. Dividend sustainability is in question.

Doing the best it can, but fundamentals have been really difficult. Vacancy rates are quite high. Sold off data centre assets to build up balance sheet, but then acquired more assets. Distribution coverage not what it once was. Yield is ~10%.

Doing the right things, but public market is not rewarding it. Selling assets piecemeal until the REIT is liquidated, now about 50%, and distributed income to investors. Hold on, still lots of value. Could buy comfortably here as it's trading below $2.50 per share, but assets arguably are worth $3.

Very defensive, trades at nice discount. Loblaw is a safe and secure tenant. Growing part of portfolio is industrial warehousing, a sector he's bullish on. Safe distribution. Very comfortable owing for next 12-18 months, as a broader REIT recovery should be near.

Future looks good. Never raises equity. Over half of the portfolio is in Alberta, with another big chunk in BC. Undervalued. Alberta is seeing record migration from elsewhere in Canada. Discount to NAV, likes the sector.

Performed well, but up against a lot of new construction in their markets. Difficult to raise rents in 2024. Trades at discount to NAV. If you like a stock levered to the US economy and US dollar, not a bad name. If you own it, hold. Earnings won't necessarily inflect materially this year, but over the long term you should be in a good spot.

Yes, in much better position today than previously. Management transition. Hard to see it going back to $10 levels anytime soon. Decent job allocating capital (ie. selling assets) to pay down debt. Enough to pay March debentures. Risk/reward not that compelling.

Good job on capital allocation. Trades at wide discount to private market value. Macro for Canadian apartment fundamentals has been somewhat lackluster. Lots of competitive new supply. Housing costs are unaffordable, so low rental turnover. Rent controls limit increases. Very safe distribution. Need patience for Canada's economic picture to improve.

Great run up to his target price of $90, so he trimmed. Buying back now at attractive levels. Strong earnings results continue. Alberta is affordable and seeing migration.