We have Amy Price joining us in this episode. She is the Managing Partner, Co-Head of US for BentallGreenOak. Given her position, Amy is able to provide us with a look at how real estate investing looks amidst the COVID-19 pandemic in the US and trends that might follow in Canada.

BentallGreenOak is active in many countries, but Amy explains why the US is of particular importance. She gives details on some of the biggest transactions that BGO has completed during the pandemic and discusses shifts that she has seen in demand for various asset classes. We also hear comparisons between the US and Canadian markets.

Topics covered include:

• The increase of investment activity in Canada and the US in Q4 2020.
• Seeing a pullback in leasing occupancy in the largest US markets.
• BGO’s rationale for purchasing a hotel during the pandemic.
• The merger of Bentall and GreenOak and why they complement each other well.
• Aspects that the US provides to BGO that other markets do not.
• Private market versus public market values for real estate.
• Giving prospective clients a choice in investments.
• Why BentallGreenOak is not driven by scale.
• Different strategies for investing in different asset classes.
• Fundamental changes in the demand for industrial real estate.
• Opportunities to access the debt markets.
• Amy’s career with Morgan Stanley.
• Continuing to see cap rate compression for industrial in the US.
• Trends that Amy sees in the US that might be on the horizon for Canada.

More about our guest….

Amy Price has responsibility for the operating and financial performance of BentallGreenOak’s US business and has direct oversight of transactions, asset management, and portfolio management. Amy focuses her time on the Core, Core Plus and Development parts of the business. Amy chairs the US Investment Committee for BGO Diversified and Separate Account Clients, co-chairs the US Management Committee, and is a member of the BGO Global Coordination Committee.

Prior to joining BentalGreenOak in 2012, Amy was a Managing Director and Head of Real Estate Investing for the Western United States at Morgan Stanley, where she was an Investment Committee member and built the real estate investment management business in San Francisco. Amy also spent time in Morgan Stanley’s New York and Hong Kong offices.

Amy is member of the Board of Directors of the National Association of Real Estate Investment Managers (NAREIM) and member of the Urban Land Institute (ULI) Global Board of Directors in addition to being a Governing Trustee of the ULI.

Amy holds an MBA with Distinction from The Wharton School of the University of Pennsylvania and graduated magna cum laude from Colgate University.

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The largest event of  the year just took place virtually, and Peter Altobelli is welcomed back to discuss the top five highlights from the Toronto Real Estate Forum. Peter is Vice President of Yardi Systems and a regular guest on the podcast.

With so much good content, it’s hard to narrow it down to just 5 highlights. Aaron, Adam, and Peter focus heavily on thoughts expressed by the industry-leading guests in attendance and why 2021 is poised to be a great year for real estate.

Topics covered include:

• #5: Benjamin Tal (the Chief Economist of CIBC) and his outlook on 2021.
• Why he feels that the second half of 2021 will be very strong.
• The high amount of spending the Canadian government does on its people.
• #4: Thomas Friedman (The New York Times) on the intersection of technology, globalization, and climate change.
• Taking care of the world as it globalizes.
• The relation between educator, innovator, and regulator.
• #3: Stephen Poloz (9th Governor of the Bank of Canada) on how market delays are very costly, and the solution is to spend.
• Central banks thinking differently than anyone else.
• The management of debt after the second World War.
• #2: Senior leaders in the industry discussing risks, challenges, and opportunities post-pandemic.
• Where they wanted their organizations to go in the next 6 to 12 months.
• The melting between logistics and retail.
• #1: Jon Love (Founder and CEO of KingSett Capital) and his intelligent, opinionated recaps.
• Being open to change and the opportunity it brings.
• Why the industry is in a much better position than 2008.

More about our guest….

Peter Altobelli is Vice President of Sales and General Manager for Yardi Canada Ltd. Yardi develops industry-leading property and investment management software for all real estate asset classes.

Peter has worked in the technology industry for more than 30 years, with a foundation in software development for the healthcare sector in the 1980s. His first role involved transforming existing software for an outpatient clinic scheduling system and introducing innovative PC technology for what has now become Hamilton Health Sciences.

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John Love on LinkedIn: https://ca.linkedin.com/in/jonlovekingsett

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In a Canadian Real Estate Forum webinar, Aaron and Adam are interviewing Colin Lynch today. Colin is Head of Global Real Estate Investments at TD Asset Management. He is responsible for the execution of his company’s global real estate strategy across 120 cities.

We hear about Colin’s unique background that provides him with a meaningful perspective in the real estate industry. After talking about the effects of the pandemic this year, Colin explains what it is like being in this space as a black person and the diversity he is advocating to see in the future.

Topics covered include:

• Colin’s unconventional background that led him to real estate.
• Leveraging diverse gender and racial talent in real estate.
• Working abroad and then deciding to come back to Canada.
• Differences working in Canada versus the US from a black perspective.
• The Black Opportunity Fund and the momentum behind it.
• Benefits of not being involved in real estate during Colin’s early career.
• Why it is so exciting to invest in real estate now.
• Trends that the COVID-19 pandemic have accelerated.
• How the world has bounced back from previous pandemics.
• Voicing dissent instead of silently going along with a decision.
• Other countries that Colin is excited about.
• Looking as far and wide as possible to find the best people.
• What Colin has learned about the Indigenous experience in Canada.
• Challenging people to find their passion.
• Making Canada more innovative and ambitious.
• Moving away from platitudes to improve outcomes.

More about our guest…..

Colin Lynch is the Head of Global Real Estate Investments at TD Asset Management.  Working closely with the Alternative Investments team, Colin is responsible for the execution of the TD Asset Management Global Real Estate Strategy overseeing fund design and structuring, implementation, and oversight of acquired assets for the Global Real Estate Strategy.  In this role, Colin manages investments in over 650 properties located in 120 cities worldwide.

Colin joined TD Asset Management in October 2015 working with TD Asset Management’s senior executive team on corporate strategy. He transitioned to the Alternative Investments team in July 2017 and was responsible for creating business plans related to the development of an internal Real Estate Asset Management capability for our Canadian Real Estate Strategy, and the growth of our Alternative Investments platform through the development of a global real estate product.

Colin brings a global perspective with his experience at Aimia (formerly Groupe Aeroplan), McKinsey & Company and Morgan Stanley. He has worked globally at the CEO and Board level to develop strategic plans and to design and implement growth and cost management programs for a number of large and medium-sized companies in several industries. Colin’s work in the Investment Banking Division at Morgan Stanley involved, among other duties, advising Morgan Stanley’s Real Estate Funds on investment transactions and Marc Carney (then Governor of the Bank of Canada) on Canada’s financial stability during the financial crisis.

Colin holds an MBA from Harvard Business School, a Bachelor of Commerce and a Bachelor of Arts from Queen’s University. All were received with distinction. He also holds an ARCT (honours) from the Royal Conservatory.

Colin is a member of the Board of Directors of the Sunnybrook Health Sciences Centre, the Toronto Symphony Orchestra, the Toronto Investment Board and Queen’s University’s Board of Trustees Investment Committee, where he oversees the university’s endowment and investment funds.  He is also a co-founder of the Black Opportunity Fund.   He was also recently Vice Chair of the Board of Directors of Toronto Community Housing Corporation where he served as Chair of its Building, Investment, Finance and Audit Committee.

Black Opportunity Fund: https://www.blackopportunityfund.ca/

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Mark Fieder is our guest in this episode. He is President, Canada at Avison Young and has been with the company for 31 years. With such a long tenure in real estate, Mark is no stranger to market crashes like the one experienced in 2020.

After providing a history of his time with Avison Young, Mark explains how his company has performed throughout the coronavirus pandemic and initiatives they have implemented. We hear about why Mark is positive about the 2021 real estate market as well as his prediction for office space.

Topics covered include:

• How Avison Young started and the vision they had.
• The full-service approach that got Avison Young through the difficult early 90s.
• Why the company’s growth started taking off in 2009.
• Different roles that Mark has taken on at Avison Young.
• What Mark has done to carry his team through the COVID-19 pandemic.
• Supporting the mental health of Avison Young’s staff.
• Getting back to business and what Mark thinks Q1 2021 will look like.
• Damage being done to businesses because of the pandemic.
• Becoming the best but not necessarily the biggest.
• The sentiment of office space tenants.
• Mark’s anticipation for brokerage volumes in 2021.
• Global expansion of Avison Young and which markets are focused on.

More about our guest…..

Mark is President of Avison Young Canada. He is a Founding Principal and has 30 years of history with the Company. A Principal since 1989, he became Chief Operating Officer, Canadian Operations in July 2015. Prior to being promoted to that position, he was Managing Director of the company’s Eastern Canada and Ontario operations following a 14-year tenure as Managing Director of Avison Young’s Ontario offices. Fieder joined Avison Young in 1989 upon receiving a Bachelor of Arts Honours Degree in Urban Development from Western University in Ontario, in 1984. Mark serves on the Global Leadership Committee as well as the Executive Committee which together with the Board of Directors contributes to the strategic direction and growth at Avison Young’s Canadian and Global Platform.

As President, he is a strategic executive responsible for overseeing a comprehensive portfolio of global real estate services, focused primarily on the delivery of excellence that leads to growth of the organization. He contributes to the development of AY’s strategic goals and objectives as well as the overall management of the organization. He also leads the market’s teams in managing real estate and provides executive level gravitas to assist in closing of relevant large transactions. Recruiting the next generation of leadership and revenue generators to continuously expand the platform of the Company into additional markets, adding service lines in existing markets, and facilitating merger/acquisition targets to closing, are few of his primary roles. Mark is a leader and champion of the unique and strong culture of the organization on a national level. He promotes a culture of, high performance, collaborative cross-functional teams, continuous learning and high standards for quality. He is, innovative, with a vision of the future of the Company; has strong leadership and mentoring skills with the ability to inspire people to action through their influence.

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The Founder and CEO of Allied Properties REIT, Michael Emory, is welcomed by Aaron and Adam in today’s show. The Allied portfolio is centred around “distinctive urban workspace” and Michael has brought his signature asset sub-type to markets across Canada.

After discussing how he got into real estate and the formation of Allied, Michael explains the importance of ESG and his company’s inaugural ESG report. We also hear his thoughts on REIT during 2020 and why he believes they will recover to reflect their underlying value.

Topics covered include:

• The insight to real estate that Michael gained from working in law.
• The collapse of real estate in 1990, shortly after Michael started his private company.
• Where Michael searched for his very first capital raise for real estate.
• The recovery of office space after the COVID-19 pandemic.
• Correlations between financial success and environmental initiatives.
• The Well project in Toronto, a collaboration between Allied and RioCan.
• What was difficult about Allied’s IPO.
• Working with Westbank on KING Toronto and its unique design.
• An office tower in Montreal that Allied is excited about.
• Allied’s new ESG report.
• Staying at the forefront of serving knowledge-based organizations.
• The performance of real estate stocks during the pandemic.
• Stock prices of REITs reconnecting with their underlying value.

More about our guest…

Michael Emory is a graduate of Queen’s University (BA, Hons., 1977) and the Faculty of Law, University of Toronto (JD, 1982). Prior to entering the real estate business in 1988, Michael was a partner with the law firm of Aird & Berlis, specializing in corporate and real estate finance.

Michael is the founder, a Trustee and the President & CEO of Allied, a leading owner, manager and developer of (i) distinctive urban workspace in Canada’s major cities and (ii) network-dense urban data centres in Toronto that form Canada’s hub for global connectivity. Allied’s business is providing knowledge-based organizations with distinctive urban environments for creativity and connectivity.

Allied went public in February of 2003 with assets of $120 million, a market capitalization of $62 million and a local urban-office portfolio of 820,000 square feet. Allied now has assets of $9 billion, a market capitalization of $5 billion and a national urban-office platform of 14 million square feet.

Michael is also a Director of Equitable Group Inc. and Equitable Bank.

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Anthony Lanni, Executive Vice President, Residential with QuadReal, is with Adam and Aaron today for another Canadian Real Estate Forum webinar in the Thought Leadership series. Anthony represents a portfolio valued at over $4 billion plus more than 30,000 suites in development in 9 cities across Canada.

QuadReal has assets in 17 countries, but Anthony explains why the Canadian market excites him the most. He also talks about how the coronavirus pandemic has affected the multi-residential space and what amenities are becoming more relevant to tenants.

Topics covered include:

• A breakdown on QuadReal’s portfolio and their global presence.
• The reasons for Anthony’s excitement about the Canadian market before, during, and after the pandemic.
• Enhancing the quality of life for residents with technology.
• Amenities that will be sought after over the next ten years.
• Healthy competition for residential assets.
• Making the decision on condo versus multi-residential.
• QuadReal’s management of British Columbia Investment Management Corporation’s portfolio.
• The rising average age in senior living facilities.
• QuadReal’s recent investment in student housing.
• Rent controls inhibiting supply growth.
• The impact of COVID-19 on vacancy rates and rent collection.
• Comparing the importance of occupancy and rent growth in 2021.

More about our guest….

Anthony Lanni joined QuadReal in February 2017. As Executive Vice President, Residential, he is responsible for the overall leadership and strategic direction of QuadReal’s Canadian Residential and Seniors Housing portfolios, including responsibility for the sector’s integrated investment management, technical services and property management functional areas.

With demonstrated leadership in acquisitions, development and construction, Anthony brings a deep understanding of markets and design to the QuadReal leadership team. Anthony was formerly a Vice President with Bentall Kennedy, where he led multi-family asset management activities in Canada. Previously, he was a partner with a Canadian development company with responsibility for the firm’s investment and development programs. Earlier, Anthony worked in corporate finance in both New York and Toronto with a global financial institution.

Anthony holds an MBA in Real Estate & Finance from the Schulich School of Business at York University, a BES from York University, and is a Professional Land Economist.

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Today, Frank Magliocco is back for his third appearance on the podcast. He is the National Real Estate Leader at PwC Canada. Frank is here to discuss key insights from the Emerging Trends in Real Estate 2021 report that was recently published by PwC and the Urban Land Institute.

Unsurprisingly, this year’s trends have been impacted greatly by the COVID-19 pandemic and yet some of the core fundamentals remain unchanged. Frank touches on why investor sentiment was so divergent for 2021, along with the positives and negatives of investment in Montreal, Toronto, and Vancouver.

Topics covered include:

• Uncertainty in the marketplace and its effect on buy/hold/sell ratings.
• Why interviewees for the report felt positive overall.
• Changes to equity and debt availability in real estate.
• Opportunities in alternative assets, including life sciences.
• Migration out of Montreal, Toronto, and Vancouver.
• Genuine action regarding environmental, social, and governance.
• Maintaining business continuity in a crisis.
• The impact COVID-19 has had on digitizing businesses and the use of proptech.
• Real estate disrupters.
• Using big data to make better investment decisions.
• Issues for real estate in 2021 that weren’t in the report last year.
• E-commerce penetration rates in Canada.
• Looking at secondary markets to invest in.
• Closing thoughts on the overall theme of the report.

More about our guest…

Frank Magliocco is a partner in the Audit and Assurance Group of PwC Canada working in the Toronto office. He is also the national leader for the Canadian Real Estate practice.

Frank specializes in auditing, accounting and regulatory matters for real estate companies. He provides advice to clients in the broad real estate sector including property developers, residential construction companies, large national office, industrial and retail property owners, and property managers. In addition, Frank’s experience in the real estate sector includes instructing courses at the Real Property Association of Canada (RealPac), where he is a member of RealPac’s Financial Best Practices Committee.

Frank began his career at PwC in 1989 and became a partner in 2001. Prior to focusing on real estate, he provided assistance with acquisitions, reorganization and debt and equity offerings to a number of private and public companies. He has significant experience with Canadian securities regulation, and has provided assistance with public filings.

Frank is a CA and holds a BComm from the University of Toronto.

Click here to access the Emerging Trends in Real Estate 2021 report.

Check out Courtney Cooper’s episode here.

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President and CEO of Tricon Residential, Gary Berman, is joining Aaron and Adam in this episode. The third representative from Tricon to appear on the podcast, today we get to hear about how Tricon was grown from a small business to a multi-billion-dollar operation.

Gary discusses the large investment that has recently been made in his company, along with why Tricon’s stock has recovered so quickly amidst the COVID-19 pandemic. He also shares what Tricon is doing to nurture a more diverse workplace and real estate industry.

Topics covered include:

• Showing integrity to investors.
• How Gary ended up in real estate after working on Wall Street.
• Blackstone’s recent $395,000,000 investment in Tricon.
• An existential threat that Tricon overcame early in Gary’s time with the company.
• Why Tricon is well-positioned to ride out this pandemic.
• Differences between Tricon’s pitch at the beginning versus now.
• Opportunities that Tricon took advantage of during the 2008 recession.
• Proprietary underwriting software that Tricon uses and how they fine tune it over time.
• Self-showings and their rising popularity due to COVID-19.
• The stock recovery of Tricon since the March 2020 crash.
• Why diverse companies will be the most successful.
• What the next five years will look like for Tricon.

More about our guest….

Gary Berman is responsible for Tricon’s overall operations, including strategic planning, investment decisions, capital commitments, relationship management and private fundraising. Since joining Tricon in 2002, Mr. Berman has helped transform Tricon from a private provider of equity and mezzanine capital to the for-sale housing industry to a publicly-listed company focused on rental housing. Under his leadership, Tricon has established itself as a diversified residential company with a growing portfolio of single-family rental homes, multi-family properties, development projects, and build-to-rent communities. Mr. Berman is a member of the Company’s Board of Directors as well as its Investment Committee and Executive Committee.

Mr. Berman is a Trustee of the Urban Land Institute, a member of the University of Toronto Real Estate Advisory Committee, and a Governor of the Corporation of Massey Hall and Roy Thomson Hall, where he also serves on the Massey Hall Revitalization Committee. He is the co-founder of the Pug Awards, an online awards and education-based charity that, for a decade, helped to increase architectural awareness and elevate planning and design standards in Toronto.

Mr. Berman holds a Master of Business Administration degree from Harvard Business School, where he was designated a Baker Scholar, and a Bachelor of Commerce degree from McGill University, where he graduated first overall in the Faculty of Management.

Check out the episode with John English of Tricon here.

Check out the episode with Andrew Joyner of Tricon here.

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Continuing their coverage of the Canadian real estate forums, Aaron and Adam have Peter Altobelli on the podcast again today. In this episode, they will be discussing the top five takeaways from the Alberta Real Estate Forum.

Alberta had begun remodeling itself before the COVID-19 pandemic began, which is integral in how the province will look for years to come. Peter explains why both primary and secondary cities are set up for success, along with trends that align with the rest of Canada.

Topics covered include:

• #5: The retail market is not as battered and bruised as most people think.
• Why retail needs to pivot and why the future is positive.
• Adam and Aaron’s experiences with retail stores in 2020.
• #4: The industrial market is dynamic and continues to present growth opportunities.
• Building to suit clients’ needs rather than building and trying to fill.
• #3: Secondary markets in Alberta are not seeing the same investment activity as in years past.
• Positive things about doing business in a secondary market.
• #2: Edmonton and Calgary are placing their bets on the downtown core.
• Why downtown builds are so important.
• Alberta’s history in surviving market downturns.
• #1: The need for Alberta to reposition itself and how they’re going to do it.
• A well-spoken politician speaking at the forum about what must change in Alberta.
• Reducing red tape for businesses.

More about our guest….

Peter Altobelli is Vice President of Sales and General Manager for Yardi Canada Ltd. Yardi develops industry-leading property and investment management software for all real estate asset classes.

Peter has worked in the technology industry for more than 30 years, with a foundation in software development for the healthcare sector in the 1980s. His first role involved transforming existing software for an outpatient clinic scheduling system and introducing innovative PC technology for what has now become Hamilton Health Sciences.

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Our guest today is Brad Cutsey, President of InterRent REIT. After covering the oil and gas sector for TD Securities after university, a merger brought Brad into the real estate sector and he hasn’t looked back since. Brad now oversees all of InterRent’s capital markets activities and shares how he interacts with REIT Analysts and investors. 

Brad discusses the reasons why he joined InterRent, with their organizational culture being a key driver. He explains how he believes the real estate recovery will emerge in Canada and other implications of the coronavirus pandemic, including real estate opportunities.

Topics covered include:

• Getting involved in capital markets after university.
• The process of gaining exposure to industry leaders.
• Reasons why Brad left his previous role to join InterRent.
• Some leaders in the REIT space that Brad looks up to.
• What REITs were like when Brad got first involved and how they have changed.
• Why the market overlooks future activity of REITs when pricing them.
• Having a balance sheet that allows for flexibility.
• A challenging and rewarding project that InterRent undertook in Ottawa.
• Brad’s predictions for the next 3 years.
• Opportunities that have been presented because of the COVID-19 pandemic.
• How InterRent is internalizing what’s going on in the market.
• Implications of Canada’s immigration numbers being low in 2020.

More about our guest….

Mr. Cutsey is currently President of InterRent REIT where he is responsible for overseeing the company’s corporate development and capital markets activities. Brad has over 20 years of experience in the real estate and capital markets industry, including roles as Group Head of Real Estate Investment Banking and also as a top ranked Equity Research Analyst. Throughout his career, Brad has advised on several billion dollars in real estate transactions, equity and debt financings and has played a key role in the birth of a number of publicly listed REITs. He was recognized as the #1 stock picker (all sectors) in the Canadian 2012 StarMine Analyst Awards. Mr. Cutsey currently is a member of the Board of Trustees of NEXUS REIT and Chair’s the Audit committee. Mr. Cutsey is a Chartered Financial Analyst (CFA) and a graduate of the Bachelor of Business Administration (Finance concentration and Economics Major) program at Bishop’s University.

Listen to the Mark Rothschild episode here.

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