RioCan REIT

Yep

... name you and your audience will recog- will recognize, RioCan REIT.

Yep.

Uh, one of the oldest REITs in Canada.

Can you explain, because Barhaven has grown so big so quickly, where is the distinction between you and the other wards?

Yeah, so my ward is Fallowfield Road, the Rideau River, the Jock River, and then Greenbank Road, except the Rio Can.

So, you know, just take a little bite out of that southwest corner of the ward.

But if you basically think about Old Barhaven plus Longfields plus Chapman Mills, that is more or less my ward.

And then The biggest difference will actually be if you look out of the ward, right? If you look south of the ward, we have the Barhaven downtown, the Barhaven town center, whatever you want to call it.

That's been zoned and ready for development.

So that's sort of the existing Rio Cane Plaza and everything south of it.

That's going to look really different in about 10 years.

Right.

Riocan.

Um, what's going on? Because you did talk about, like, the real estate is not really location, location, location.

It's just supply and demand.

This is my pick for grocery-anchored shopping centers now that the REITs, the units of First Capital, will be going away.

So, RioCan is the only shopping center REIT in Canada of size that has no parent company or sponsoring retailer.

It is truly independent.

And it owns a great portfolio of grocery-anchored shopping centers across the country.

We think this is attractive.

We think the stock is trading at a nice discount to net asset value in and around that price target of street consensus today.

You're basically buying the units of RioCan at 6.2%, 6.3% implied cap rate.

Choice Properties just bought their portfolio from First Capital at a 4.9% cap rate.