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Investment Q&A

Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.

Q: A few questions about the blog article "The Bigger Short" by The Intercept. Do you concur with the thesis that there could be a crisis in U.S. commercial real estate due to the overstatement of the retail borrowers ability to repay loans and mortgages and the repackaging of such loans into trusts (similar to residential mortgages before 2008)? If I read it right U.S. banks and other lenders could be in jeopardy. Would there be a similar situation in Canada and would companies such as BAM.A be susceptible. No rush on answering and take as many credits as necessary. Thanks.
Read Answer Asked by J on May 04, 2021
Q: CRT.UN is my only real estate exposure in my current unregistered portfolio (5% of the unregistered, 1.8% of the total, portfolios). Exploring replacing that with BAM.A (which you answered for me a few weeks ago, not part of this question) or with NWH.UN.
Re: CRT -- pro: better debt level than NWH (?); con: I already have similar exposure to CTC
Re: NWH -- pro: I currently have no other health care exposure (except the tiny portion of Telus); slightly better global diversification; higher dividend; con: higher debt; no historic dividend increases
Any other considerations? What are your thoughts on this potential swap?
Thanks again for all your comments and service.
Read Answer Asked by Lotar on May 03, 2021
Q: Hi Peter and 5i,
The below is from a CHP's press release from it's latest quarterly earnings on 4/29.
"Choice Properties had a net loss of for the first quarter of 2021 as compared to net income of in the first quarter of 2020. The decrease was mainly due to an unfavorable change of in the adjustment to the fair value on the Exchangeable Units, partially offset by a favorable change in the fair value of investment properties, including properties held within equity accounted joint ventures."
I do not understand the Exchangeable Units. Will you please explain what the Exchangeable Units and what they mean?
Thanks as always for your valuable information.
Read Answer Asked by Dennis on May 03, 2021
Q: As a hedge against inflation would you think some real estate investing would make sense?
What would be your favorites here,tricon?
Any US stocks like LAND ?
Would you have any other ideas as a good protection against inflation?
Read Answer Asked by Josh on April 29, 2021
Q: Hi group need more exposure to real estate and health care - could you recommend a few in each sector also a few ETF would be helpful. I have some ready cash to deploy but am a bit queasy about investing into todays market feels oversold? also India , South America are struggling with COVID what's you thoughts (leaning towards waiting until Virus is better controlled. Wait or jump in Appreciate your thoughts
Read Answer Asked by Terence on April 28, 2021
Q: I am looking to more real estate to protect from massive inflation from money printing everywhere. I already have PM's and already have a bunch of Canadian Reits . I am looking to buy more in the US. I already have STOR and SPG ,I am thinking about COLD and Gladstone land corporation LAND mainly because I am from agriculture and Michael Bury has taken an interest in this company.I know it's out of your scope but any opinion would be appreciated.
Read Answer Asked by lynn on April 28, 2021
Q: Hi 5i,

Just looking for your opinion on the dentures of SOT.un. This would be part of my higher risk bond portfolio. It’s a 5.25% debenture (SOT.DB) due 28/02/23 currently trading around par.

The balance sheet seems strong enough to handle the repayment in 2023. I don’t think the conversion price of $10.53 will enter into the conversation.

Any concerns and your opinion would be most helpful.
John
Read Answer Asked by John on April 26, 2021
Q: I noticed in a question you answered on April 21st you stated that you prefer NWH.UN over CSH.UN. My question is would you make the switch from Chartwell to Northwest Healthcare. In my case I can sell 1600 shares of Chartwell and get 1475 shares of Northwest Looks like my month dividend would also increase over 116 dollars a month too. Thoughts?

Thanks
Read Answer Asked by Jimmy on April 22, 2021
Q: Hi Guys
In regard to Tricon obviously most of the homes they bought in the USA after the 2008 crisis have gone up significantly in value. On Tricon's balance sheet would the original cost be reflected or what they are now all worth? Just trying to get an idea of possible upside in terms of book value. Also in regard to Tricon it seems over the years management have bumped around a bit in terms of what the company focuses on in terms of real estate investments. Do you think going forward they have found a focus that should deliver results? Also in comparison to the Industrial REIT's, like Dream or Summit, how would you rate Tricon - better or worse value and upside?

Thanks so much
Stuart
Read Answer Asked by Stuart on April 15, 2021
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