,Part 1 : Real Estate and Bitcoin > Inflation Inflation is quickly becoming a major problem as the cost of living is increasing and the world's governments continue to print money to fund never-ending deficits.  To preserve and grow purchasing power, investors must  strategically select assets to protect their economic energy from monetary inflation. Michael Saylor, Chairman of MicroStrategy, estimates monetary inflation is 8%, even though consumer inflation is measured at only 2%.  Consumer Inflation is the cost of a basket of goods and services measured over ..read more

Bitcoin has gotten off to quite a bang in 2023 increasing its USD price by 62% YTD from $16,617 --> $26,800 USD. In addition to the increase in the price, bitcoin has already achieved several significant milestones in 2023 and has impressive fundamentals and momentum. The hash rate continues to grow setting new highs in 2023 highlighting the increased utility, adoption, growth of mining and the amount of energy dedicated to the network. The fundamentals of the network are growing and Bitcoin is gaining momentum as both a new technology and as an emerging asset class. Sovereigns including B ..read more

Company Background and Strategy RioCan is one of the largest real estate companies in Canada with approximately 38.6 million of leasable square footage in 221 retail and mixed-use properties including 15 development properties. The company has 42.7Million SQFT in its development pipeline. RIO CAN represents the largest position in my portfolio and I strongly believe in the long term value of the company and the durability of the $1.44 dividend per share dividend. This dividend represents a 9+% dividend yield at the current price of $15.50. The dividend is paid in monthly $0.12/share installme ..read more

We are more than halfway through 2021 and I have made some fairly large changes to the Hard Reit Portfolio that I posted about in January 2021. This portfolio performed quite well with performance currently at +50% year to date. The return has been enhanced by 33% leverage. I have made some significant changes to the design of the Hard Reit Portfolio Smartcenters Reit (SRU.UN) replaced with Dream Office Reit (D.UN) Gold and Silver replaced with Bitcoin Introducing the new Portfolio: Selling Smartcenters I sold Smartcenters (SRU.UN) for $29.28/share vs an average cost of $17.79/share repres ..read more

Dream office is a high-quality real estate investment trust focused on AA office buildings in downtown Toronto, primarily in the financial district. The financial district is the heart of Canada’s finance and banking industries and includes Union Station, multiple subway stops and the PATH underground network (30KM of underground walkways and 1200 shops.) This location is the bullseye in the centre of Canada’s largest city and provides Dream Office REIT with a durable competitive advantage and defensive moat over alternative office space outside the downtown core. Development height restrict ..read more

I have taken a large (33%) position in Dream Unlimited $DRM.TO and wanted to take a closer look at the complex business model and portfolio holdings of this undervalued and often overlooked Canadian Real Estate Asset Manager and Developer. The Dream Unlimited business is currently priced at $25.50/share, has a book value of $33.97/Share and a net asset value of $60/Share. The book value was recorded when the assets were originally purchased resulting in a large gap between book value and current fair market value. Some of the value is also hidden beyond the Dream Unlimited balance sheet. Expl ..read more

SmartCentres is a Canadian retail real estate investment trust (REIT) specializing in unenclosed retail shopping centres listed on the TSX symbol SRU.UN and CWYUF OTC. SmartCentres owns and manages 34.2 million square feet of income producing real estate and 3500 acres of land in Canada. It is developing its properties through intensification projects to take them from primarily retail developments into mixed use communities diversifying into the residential sector through its Smart Living division. SmartCentres offers an attractive 7.4% annual dividend yield in addition to capital appreciati ..read more

Dividend Cut Dream Impact has slashed the 0.40 cent dividend down to 0.16. The dividend cut is not a huge surprise given MPCT's combination of high yield, over extended payout ratio, creative cashflow strategies (DRIP/Management Fee Share Dilution) and the fact that the dividend was a return of capital and not generated by cash-flowing properties. The high yield was slowly cannibalizing/diluting the equity and supressing NAV growth. Investors received a high tax deferred yield but the NAV has been flat/declining for a long time. The book value of MPCT has declined from $9.5 in 2014 to $8.25 i ..read more

Here we are in the middle of a bear market with high volatility, rising interest rates, a tightening US FED, War in Ukraine, high oil prices, high inflation, bad sentiment, a liquidity crunch, a crypto meltdown and a potential recession on the horizon. Looking at the Hard Reit Portfolio I am thinking about how each position will respond to inflation, a recession, rising interest rates and higher volatility. Completing this process led me to make a Defensive Strategy Shift and sell both Dream Office Reit and Primaris Reit and move the capital into Riocan Reit and HR Reit. The 40% discount to N ..read more

Dream Impact Trust (MPCT.UN) is a Canadian real estate development firm with assets in Toronto and Ottawa focused on three ESG impact themes: climate change, affordable housing and increasing social inclusion. At first glance Dream Impact looks like a high risk investment: it offers a high 9.34% yield, has a small $280M market cap, and has an aggressive 91% payout ratio and a small daily volume of shares traded. The risk level for Dream Impact is not as high as it initially appears and is worthy of a closer examination. Dream Impact is composed of two parts : Recurring Income Assets $321M ..read more