Is Real Estate Dead Money? This Investor Says Absolutely Not | In the Money with Amber Kanwar

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Is Real Estate Dead Money? This Investor Says Absolutely Not| In the Money with Amber Kanwar

Rising interest rates have punished real estate stocks and left investors wondering: Is real estate dead money?

Jeff Olin, President & CEO and Portfolio Manager at Vision Capital Corporation, says absolutely not. While higher rates matter, he argues that supply and demand ultimately matter more—and that today’s disconnect between public and private real estate markets is creating opportunities. With billions of dollars of private capital still looking for deals, Olin expects the wave of M&A in real estate to continue.

Olin explains why Vision has increased its net long exposure, where he sees the best supply-and-demand fundamentals and why investors need to stop treating real estate as one homogeneous sector. He breaks down the strength in grocery-anchored retail, why he’s becoming more constructive on industrial real estate again and where he sees opportunities in apartments, seniors housing and data centres.

In the Mailbag, Olin tackles the controversial proposed transaction involving H&R REIT (HR.UN) and GO Residential REIT (GOR.UN), including why both stocks fell after the deal was announced, the potential value he still sees in GO and the questions surrounding H&R’s process and governance. He also revisits Allied Properties REIT (AP.UN) after warning about the company on his last appearance.
Plus, Olin weighs in on Dream Office REIT (D.UN), BSR REIT (HOM.U), Mainstreet Equity (MEQ), Nexus Industrial REIT (NXR.UN) and Plaza Retail REIT (PLZ.UN).


Before revealing his new Pro Picks, Olin revisits last year’s picks: Dream Industrial REIT (DIR.UN), First Capital REIT (FCR.UN) and Chartwell Retirement Residences (CSH.UN). For this year’s Pro Picks, Olin returns to Chartwell Retirement Residences (CSH.UN), pointing to powerful demographic tailwinds, limited new supply and rising occupancy. He also picks Brookdale Senior Living (BKD), the largest operator of retirement communities in the U.S.and Csquare (CSQR), a newly public company he calls a “screaming value” with exposure to the less-hyped co-location side of the data-centre boom.

Timestamps
00:00 Trailer
02:15 Intro
03:20 Is Real Estate dead money?
05:23 U.S. REIT Balance Sheets and Debt
06:42 Canadian REITs: Valuations and Leverage
09:32 Real Estate M&A and Takeover Premiums
11:01 How Higher Rates Affect Deal Flow
13:27 The Case for Grocery-Anchored Retail
15:24 Slate Grocery REIT: What Went Wrong?
18:57 ITM Mailbag: H&R REIT and GO Residential: The Deal Explained (GO.U, HR.UN)
27:32 Dream Office REIT and BSR REIT (D.UN, BSR)
33:21 Main Street Equity’s Long-Term Growth Story (MEQ)
37:41 Nexus Industrial REIT and Data Centre Claims (NXR)
39:19 Allied Properties: Governance and Capital Allocation
44:11 Should Allied Properties Eliminate Its Dividend? (AP.UN)
46:17 Plaza REIT and Potential M&A (PLZ.UN)
48:49 Jeff’s Past & Pro Picks ( DIR.UN, FCR.UN, CSH.UN, BKD, CSQR)
62:59 Closing Bell: Jeff Olin on Skiing and Family

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DISCLAIMERS
The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.