Episode Details

In this episode of In the Money with Amber Kanwar, real estate investor Michael Missaghie of Arch Corporation isn't just waiting for the real estate market to turn, he's actively making it happen. His firm was behind pushing for the sale of InterRent. And he says that's just one of many REITs poised for a takeover. He names who could be next! 

Missaghie gives a behind-the-scenes look at the InterRent (IIP.UN) deal, where his firm took an activist stake to push for change. He breaks down how the transaction unfolded, why it cleared the market, and what it signals about the next wave of REIT consolidation.

He also weighs in on the brewing trouble in Canada’s condo market and how distress in that space could get a lot worse before the next wave of opportunity.

In the mailbag, Amber and Michael tackle some of the most talked-about real estate names: H&R REIT (HR.UN), First Capital (FCR.UN), Minto (MI.UN), Mainstreet (MEQ), Allied Properties (AP.UN), and the recent Go Residential IPO. He weighs in on who’s in play, where value is being missed, and why office REITs are still a tough bet despite return-to-work trends.

To close the show, Michael shares his top three REIT picks right now: BSR REIT (HOM.U), a TSX-listed U.S. apartment play; Chartwell Retirement Residences (CSH.UN), a premium seniors housing name with M&A appeal; and Brookdale Senior Living (BKD), a U.S. turnaround story trading at a deep discount.

If you're watching REITs, real estate, or M&A trends, this episode is packed with insight.

Timestamps
00:00 Show Intro
02:20 Michael’s approach to real estate investing 

04:20 What did staring during the crisis of 2008 teach him?
05:35 Investing in public and private real estate
08:45 How does the private market inform investing in the public market
10:00 Is the market turning? Signs of inflection
11:00 There’s trouble in the condo market, and there’s more to come
14:50 Missaghie talks about his push for the sale of InterRent
20:00 M&A and opportunity in the sector
22:20 Should we expect to see more activism from Arch & Anson?
23:30 What’s Michael’s long-short book? What’s the characteristic of things he’s shorting?
25:00 ITM Mailbag: H&R REIT stock (HR.UN.TO)
29:30 First Capital REIT stock (FCR.UN.TO)
32:20 Minto REIT (MI.UN.TO)
36:40 Mainstreet Equity stock (MEQ.TO)
39:10 Dream Office REIT & Allied Properties REIT (D.UN.TO, AP.UN.TO) 

42:50 Go Residential IPO (GO.UN.TO)
44:00 Pro Picks (HOM.UN.TO, CSH.UN.TO, BKD)

Sponsors

This episode is sponsored by BMO InvestorLine. Learn more at https://wealth.bmo.com/wealth/onboard/onlineinvesting/#/set-expectation?lang=en&ecid=pr-2886232INV1-JNBMO20

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. Visit ATB.com/inthemoney for more information. 

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The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views