“We were able to lock in costs in early 2022, and because of that our development spread is looking very favourable, with leasing rates at 20 percent above initial forecasts”
Kevan Gorrie,
Granite Real Estate Investment Trust
“We’re not exposed to the debt market; we’re exposed to the cost of debt. We are extremely low leverage for the asset class”
Mark Kenney,
CAPREIT
In Partnership with
How leading REIT CEOs navigate markets
Middlefield REIT CEO round table: Real estate thought leaders explain why their companies are built to succeed in the current market environment
Read on
Dean Orrico
Middlefield
Kevan Gorrie
Granite Real Estate Investment Trust
Mark Kenney
CAPREIT
Industry experts
AS NEWS about Canadian and international markets continues to oscillate between doom and gloom, one investment vehicle is outperforming the status quo. With increasing inflation, rising interest rates, and a global economy on the cusp of recession, real estate investment trusts (REITs) can still be relied upon to add diversification and higher yield with comparatively low overall risk.
At a round table hosted by Middlefield president and CEO Dean Orrico, industry experts Mark Kenney, president and CEO of CAPREIT (Canadian Apartment Properties REIT), and Kevin Gorrie, president and CEO of Granite Real Estate Investment Trust (Granite REIT), shared their insights about current trends and discussed strategies for leveraging macro- and microenvironments across the residential and industrial sectors. CAPREIT and Granite REIT have been long-time core holdings of Middlefield’s award-winning real estate funds (ETF | Mutual Fund).
Canadian-based Granite REIT, specialists in the acquisition, development, ownership, and management of logistics, warehouse, and industrial properties throughout North America and Europe, combines a proactive management approach with strategic capital allocation to maximize total returns for unitholders. With 139 investment properties in their portfolio representing over 57 million square feet of leasable area, Gorrie says he’s bullish about industrial REITs in today’s climate.
“From a sector fundamental perspective and considering what Granite REIT focuses on, logistics and e-commerce still remain very strong,” says Gorrie. “The overall vacancy rate in Europe is three percent, the US vacancy rate is just under three percent as of the second quarter, and for the first time in history, Canada vacancy rates are averaging around one percent.”
Both Gorrie and Kenney agree undersupply raises questions around regulations and stymied zoning which they attribute to challenges across various levels of government.
Real estate – the great hedge against inflation
While real estate is often viewed as the great hedge against inflation, today’s market is seeing a pullback in REIT trading prices by close to 20 percent. Orrico puts this conundrum to fellow panelists, asking if investors will see a recovery.
“I firmly believe investors will be vindicated,” says Gorrie. “There’s a valid concern about the rise in the cost of borrowing, but we are not a highly leveraged buyer. While a lot of private equity firms leverage at 75 percent, we finished the second quarter at just under 28 percent.”
Gorrie explains that a pivot in the strength of the company’s liquidity and a focus on buying back units in lieu of pursuing acquisitions is making their current share price very attractive.
With interests in over 67,000 suites, townhomes, and land-leased community sites, and a total asset value exceeding $17 billion, growth at CAPREIT is equally robust.
“CAPREIT focuses on the mid-tier, mass market, under-three-dollar-per-foot monthly rent properties,” explains Kenney. “Fundamentals are rock-solid, and the underlying story is incredibly strong – but it’s not a story about demand; it’s a story around undersupply.”
This part of the equation is something Gorrie says is often ignored, noting that the best assessment approach amid inflationary markets is a focus on the fundamentals – a strong balance sheet that drives dividend growth and cash flow.
Kenney puts a finer point on this issue with a reminder that where residential buildings are concerned, the focus has been on yield growth. He advises investors to do their due diligence around NAV methodologies, noting that calculations are conducted differently among different management companies.
CAPREIT uses three different appraisers and conducts a management review every quarter, which Kenney says carries more weight than a discretionary NAV. “We’re moving in on $700
million to $1 billion in dispositions this year, and we’re selling assets at above IFRS value,” he says.
Undersupply, development charges, and the high cost of construction
Despite expansion into growth markets throughout Canada and internationally, Gorrie says the bulk of Granite industrial development right now will be in the US. “Of the five and a half million feet we’re developing this year, approximately four and a half million is in the US. We were able to lock-in costs in early 2022, and because of that our development spread is looking very favourable, with leasing rates at 20 percent above initial forecasts.”
At this, Kenney reiterates that CAPREIT are buyers and not builders. In other words, they’re in the business of raising equity and matching it to acquisitions that allow for value-added capital investment and unit price accretion.
“That’s why we issued over $1.4 billion in equity in an 18-month period. It’s because we don’t develop,” says Kenney. “We do, however, sit on Canada’s largest residential landbank, which is not fully factored into our IFRS valuation and doesn’t take into account development potential.”
Kenney adds that CAPREIT has been buying new assets in Kelowna and Victoria, BC as well as Ottawa and Quebec City, and always at the three-dollar-per-foot monthly threshold.
Interest rates and cap rates
Interest rates can cut both ways. When a portion of the balance sheet is borrowed, it is a drag on cashflow, but it also has an impact on valuations.
“We are in a very fortunate position in the apartment space to have guaranteed renewal of CMHC debt financing,” says Kenney. “We’re not exposed to the debt market; we’re exposed to the cost of debt. We are extremely low leverage for the asset class.”
Kenney says CAPREIT looks for quality non-institutional assets that are in potential development locations. “We are one of the
only REITS in the last quarter writing down our assets in the apartment space because there were no trades to compare to. We expected the suburban assets to get hurt, but so far there’s no evidence of that. They’re holding up remarkably well.”
Gorrie says the industrial space saw a difficult second quarter for the same reasons Kenney points out. “We were relatively confident the discount rates would move, so we adjusted our discount rate across the entire portfolio,” he says, noting the expectation for the third quarter is much the same.
What’s ahead
Panel members agree that judicious geographic diversification that includes a significant footprint in Germany, western Europe, and the US has buoyed REIT fundamentals. For Canada to measure up amid market volatility and zoning constraints, panelists say a lot must be done to improve municipal regulations and by educating government.
“All industries have an obligation to educate government on the issues their businesses face,” says Gorrie. “Politicians can’t be expected to be masters of all industry knowledge. We have an obligation to open discussions across all levels of government – federal, provincial, and municipal – because different aspects of real estate are within the purview of each.”
Building resilience into the supply chain is a worthy goal that panelists say depends on regulatory bodies taking a page from their international counterparts to help direct investment into domestic interests.
Meanwhile, diversified portfolios at both CAPREIT and Granite REIT are what’s placed the companies in enviable positions, and a key reason why they make up the largest weightings within the real estate strategies at Middlefield.
Logistics and e-commerce, Granite REIT
The overall vacancy rate in Europe is 3%, the US vacancy rate
is just under 3% as of the second quarter, and for the first time
in history, Canada vacancy rates are averaging around 1%
Middlefield is an asset management company founded in 1979 with the goal of creating innovative investment solutions. We are independently owned, answering only to our clients. The team is not burdened by the distractions faced by public companies, allowing them to focus on what matters most – the satisfaction of financial advisors and investors. With over 40 employees and over $2.5 billion in assets under management, Middlefield has a proven track record of providing investors with access to ever-evolving equity income investing trends.
Find out more
With over 30 years of experience in the multi-family sector and as president and chief executive officer, Mark Kenney is actively involved in creating and implementing the strategic vision for the organization through the direction of company policy and oversight of the crucial divisions within CAPREIT, including property management operations, marketing, procurement, development, and acquisitions.
president & CEO, CAPREIT
Mark Kenney
Kevan Gorrie joined Granite REIT as president and chief executive officer on August 1, 2018. With over 20 years of corporate real estate experience in Canada, the United States, and Germany, Mr. Gorrie most recently served as the president and chief executive officer of Pure Industrial Real Estate Trust (TSX: AAR.UN), where he successfully grew and led the business until its strategic sale to Blackstone Property Partners and Ivanhoé Cambridge for approximately $3.8 billion in May 2018.
president & CEO, Granite Real Estate Investment Trust
Kevan Gorrie
Dean Orrico brings over 35 years of investment experience to his role as president and chief executive officer of Middlefield Capital Corporation (MCC), and has been employed by MCC since 1996. Dean is a respected member of the investment management community, having spent many years educating financial advisors on the trends and developments in the capital markets in Canada and abroad. He is committed to excellence and integrity in funds management and is responsible for overseeing the business development and expansion of Middlefield's asset management business, as well as being lead manager of Middlefield's real estate strategies.
president & CEO, Middlefield
Dean Orrico
“We were able to lock in costs in early 2022, and because of that our development spread is looking very favourable, with leasing rates at 20 percent above initial forecasts”
Kevan Gorrie,
Granite Real Estate Investment Trust
“We’re not exposed to the debt market; we’re exposed to the cost of debt. We are extremely low leverage for the asset class”
Mark Kenney,
CAPREIT
In Partnership with
How leading REIT CEOs navigate markets
Middlefield REIT CEO round table: Real estate thought leaders explain why their companies are built to succeed in the current market environment
Read on
Mark Kenney
CAPREIT
Kevan Gorrie
Granite Real Estate Investment Trust
Dean Orrico
Middlefield
Industry experts
AS NEWS about Canadian and international markets continues to oscillate between doom and gloom, one investment vehicle is outperforming the status quo. With increasing inflation, rising interest rates, and a global economy on the cusp of recession, real estate investment trusts (REITs) can still be relied upon to add diversification and higher yield with comparatively low overall risk.
At a round table hosted by Middlefield president and CEO Dean Orrico, industry experts Mark Kenney, president and CEO of CAPREIT (Canadian Apartment Properties REIT), and Kevin Gorrie, president and CEO of Granite Real Estate Investment Trust (Granite REIT), shared their insights about current trends and discussed strategies for leveraging macro- and microenvironments across the residential and industrial sectors. CAPREIT and Granite REIT have been long-time core holdings of Middlefield’s award-winning real estate funds (ETF | Mutual Fund).
Canadian-based Granite REIT, specialists in the acquisition, development, ownership, and management of logistics, warehouse, and industrial properties throughout North America and Europe, combines a proactive management approach with strategic capital allocation to maximize total returns for unitholders. With 139 investment properties in their portfolio representing over 57 million square feet of leasable area, Gorrie says he’s bullish about industrial REITs in today’s climate.
“From a sector fundamental perspective and considering what Granite REIT focuses on, logistics and e-commerce still remain very strong,” says Gorrie. “The overall vacancy rate in Europe is three percent, the US vacancy rate is just under three percent as of the second quarter, and for the first time in history, Canada vacancy rates are averaging around one percent.”
In January, MPA held a roundtable discussion with four customer-owned banks: Heritage Bank, Beyond Bank, Teachers Mutual Bank Limited and Bank Australia. We were also joined by two brokers who use mutual banks for their clients’ business: Christopher Lee and David Merison.
As brokers such as these struggle with the greater scrutiny that has following the royal commission, customer-owned banks are stepping up to the plate, providing a service that highlights the value of human interaction. With questions around living expenses forcing a heavier workload on brokers, this personal touch can be vital.
During the roundtable, which took place at Otto restaurant in Sydney, the group discussed the unique value proposition that customer-owned banks offer, particularly with the lack of shareholders they have to cater for. While other
“The value proposition that mutual banks provide is getting some more attention,” he said. “We’ve known for a long time that the customer satisfaction that members get through mutual organisations is very high compared to the major banks. I think we’ve struggled to convert that into member growth, but more recently, with it being so front of mind with customers, it’s definitely starting to grow.”
Growth in the sector is giving the mutual banks their “time to shine”, said Beyond Bank head of third party Darren McLeod, adding that they had worked hard over the last two years on selling their proposition.
Referring to the previous year’s roundtable, when the catchphrase of the day was that the customer-owned banking sector was the industry’s “best-kept secret”, McLeod said, “I think that secret is finally getting out.”
“I don’t think we’re doing anything different,” he added. “We’re doing what we’ve always done, but there’s more customer uptake because the market’s in a place where people are now looking, and they’re willing to try it.”
Agreeing that the royal commission had had an effect on consumers heading to the mutual banks, Mark Middleton, head of third party at Teachers Mutual, said there was a growing groundswell. Not only were borrowers looking for alternative options but aggregators were adding more choice to their panels, he said.
Offering a different perspective, Middleton said consumers were becoming more aware of responsible lending and social responsibilities and asking about things like climate change. Teachers Mutual is not only carbon neutral but gives back around 6.8% of its net profits to community grants and other projects.
“It’s particularly topical right now, with the bushfires happening around the country, that people will start looking for who is doing things to make a difference, not just for this generation but future generations,” Middleton said.
“I think we’ve been actually ahead of the curve; no one’s been really aware of it, but the last 12 months it’s become more prevalent.”
Middleton also talked about the wider recognition the sector was receiving, as reflected in its high NPS scores.
“From all the mutuals around the table here, clearly when customers are being recommended by brokers to come to us, they’re voting with their feet,” he said.
McLeod agreed that a lot of the growth was coming out of the third party space.
“We’ve all been working hard in the broker space over the last couple of years as more brokers use customer-owned banks,” he said. “I think the growth is definitely in the broker channel and the work all of us have been doing in the business. The growth we’re talking about is definitely coming from brokers.”
Brokers have also been an important factor for Bank Australia. Senior relationship manager Fernando Lemos said the bank had been bolstering its support around the third party distribution space. He added that it was not only about diversification of products but also diversification of lenders, and this helped brokers cater for a wider client base.
“I think brokers are really starting to become aware of what we’re about and what we stand for,” Lemos said.
“There’s a marketing edge as well: they can go out there and promote themselves. They’re not just a line to a particular organisation; they can look after certain types of clients.”
Agreeing, McLeod added that the extra regulation, such as the caps on interest-only lending, had also had an effect on the sector.
“We all had to slow down for the caps,” he said. “But when it opened up, the brokers who used four lenders were now using a lot more, so it really gave us a chance because we’re in that larger group. So it’s really opened up the market, because it was so confusing in terms of who was doing what – who’s doing construction, who’s doing interest-only, who’s doing investment – so it’s opened up the market and it gives us a shot at getting the business."
One of two brokers joining the roundtable, David Merison from Vault Plus Mortgage and Finance Consultancy said the demographic of people looking to borrow money wanted choice, rather than relying on those who came straight out of the banks and were simply agents for those lender
“We’ve got to hold ourselves open and come up with some innovative solutions, and that means introducing some lenders they wouldn’t always think of,” he said.
Finsure Finance and Insurance broker Christopher Lee said his primary objective was to put the largest amount of money in his client’s pocket rather than the bank’s pocket, and the mutuals offered a cheaper alternative, as well as a more diverse product range.
Not just that but Lee simply enjoys dealing with the mutuals more.
“All industries have an obligation to educate government on the issues their businesses face,” says Gorrie. “Politicians can’t be expected to be masters of all industry knowledge. We have an obligation to open discussions across all levels of government – federal, provincial, and municipal – because different aspects of real estate are within the purview of each.”
Building resilience into the supply chain is a worthy goal that panelists say depends on regulatory bodies taking a page from their international counterparts to help direct investment into domestic interests.
Meanwhile, diversified portfolios at both CAPREIT and Granite REIT are what’s placed the companies in enviable positions, and a key reason why they make up the largest weightings within the real estate strategies at Middlefield.
Middlefield is an asset management company founded in 1979 with the goal of creating innovative investment solutions. We are independently owned, answering only to our clients. The team is not burdened by the distractions faced by public companies, allowing them to focus on what matters most – the satisfaction of financial advisors and investors. With over 40 employees and over $2.5 billion in assets under management, Middlefield has a proven track record of providing investors with access to ever-evolving equity income investing trends.
Find out more
Dean Orrico brings over 35 years of investment experience to his role as president and chief executive officer of Middlefield Capital Corporation (MCC), and has been employed by MCC since 1996. Dean is a respected member of the investment management community, having spent many years educating financial advisors on the trends and developments in the capital markets in Canada and abroad. He is committed to excellence and integrity in funds management and is responsible for overseeing the business development and expansion of Middlefield's asset management business, as well as being lead manager of Middlefield's real estate strategies.
president & CEO, Middlefield
Dean Orrico
Kevan Gorrie joined Granite REIT as president and chief executive officer on August 1, 2018. With over 20 years of corporate real estate experience in Canada, the United States, and Germany, Mr. Gorrie most recently served as the president and chief executive officer of Pure Industrial Real Estate Trust (TSX: AAR.UN), where he successfully grew and led the business until its strategic sale to Blackstone Property Partners and Ivanhoé Cambridge for approximately $3.8 billion in May 2018.
president & CEO, Granite Real Estate Investment Trust
Kevan Gorrie
With over 30 years of experience in the multi-family sector and as president and chief executive officer, Mark Kenney is actively involved in creating and implementing the strategic vision for the organization through the direction of company policy and oversight of the crucial divisions within CAPREIT, including property management operations, marketing, procurement, development, and acquisitions.
president & CEO, CAPREIT
Mark Kenney
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Tellus in penatibus condimentum malesuada ante vulputate nisi, arcu leo. Amet urna sapien purus vestibulum fermentum a. Cursus metus massa donec sed varius. Nunc enim sit morbi lacus, molestie et nunc. Nullam sed facilisi id malesuada. Ante purus velit, quam scelerisque ultrices scelerisque donec.
Velit egestas vel ornare pellentesque ridiculus. Mauris tempor augue quis mattis suspendisse feugiat commodo posuere. Faucibus massa adipiscing nullam elit, ac vel accumsan. Phasellus eget ac dignissim fermentum ac placerat elit, metus. Nulla porttitor ante egestas molestie quis quam. Pharetra magna sit mauris tellus gravida rutrum libero sit. Justo orci cras euismod proin massa lorem ut. In non tellus phasellus faucibus ullamcorper nullam odio dui et.
MFAA head credit adviser, Finsure Finance and Insurance
Christopher Lee
“We were able to lock in costs in early 2022, and because of that our development spread is looking very favourable, with leasing rates at 20 percent above initial forecasts”
Kevan Gorrie,
Granite Real Estate Investment Trust
“We’re not exposed to the debt market; we’re exposed to the cost of debt. We are extremely low leverage for the asset class”
Mark Kenney,
CAPREIT
In Partnership with
How leading REIT CEOs navigate markets
Middlefield REIT CEO round table: Real estate thought leaders explain why their companies are built to succeed in the current market environment
Read on
Dean Orrico
Middlefield
Mark Kenney
CAPREIT
Kevan Gorrie
Granite Real Estate Investment Trust
Industry experts
AS NEWS about Canadian and international markets continues to oscillate between doom and gloom, one investment vehicle is outperforming the status quo. With increasing inflation, rising interest rates, and a global economy on the cusp of recession, real estate investment trusts (REITs) can still be relied upon to add diversification and higher yield with comparatively low overall risk.
At a round table hosted by Middlefield president and CEO Dean Orrico, industry experts Mark Kenney, president and CEO of CAPREIT (Canadian Apartment Properties REIT), and Kevin Gorrie, president and CEO of Granite Real Estate Investment Trust (Granite REIT), shared their insights about current trends and discussed strategies for leveraging macro- and microenvironments across the residential and industrial sectors. CAPREIT and Granite REIT have been long-time core holdings of Middlefield’s award-winning real estate funds (ETF | Mutual Fund).
Canadian-based Granite REIT, specialists in the acquisition, development, ownership, and management of logistics, warehouse, and industrial properties throughout North America and Europe, combines a proactive management approach with strategic capital allocation to maximize total returns for unitholders. With 139 investment properties in their portfolio representing over 57 million square feet of leasable area, Gorrie says he’s bullish about industrial REITs in today’s climate.
“From a sector fundamental perspective and considering what Granite REIT focuses on, logistics and e-commerce still remain very strong,” says Gorrie. “The overall vacancy rate in Europe is three percent, the US vacancy rate is just under three percent as of the second quarter, and for the first time in history, Canada vacancy rates are averaging around one percent.”
“I firmly believe investors will be vindicated,” says Gorrie. “There’s a valid concern about the rise in the cost of borrowing, but we are not a highly leveraged buyer. While a lot of private equity firms leverage at 75 percent, we finished the second quarter at just under 28 percent.”
This part of the equation is something Gorrie says is often ignored, noting that the best assessment approach amid inflationary markets is a focus on the fundamentals – a strong balance sheet that drives dividend growth and cash flow.
Kenney puts a finer point on this issue with a reminder that where residential buildings are concerned, the focus has been on yield growth. He advises investors to do their due diligence around NAV methodologies, noting that calculations are conducted differently among different management companies.
CAPREIT uses three different appraisers and conducts a management review every quarter, which Kenney says carries more weight than a discretionary NAV. “We’re moving in on $700 million to $1 billion in dispositions this year, and we’re selling assets at above IFRS value,” he says.
In January, MPA held a roundtable discussion with four customer-owned banks: Heritage Bank, Beyond Bank, Teachers Mutual Bank Limited and Bank Australia. We were also joined by two brokers who use mutual banks for their clients’ business: Christopher Lee and David Merison.
As brokers such as these struggle with the greater scrutiny that has following the royal commission, customer-owned banks are stepping up to the plate, providing a service that highlights the value of human interaction. With questions around living expenses forcing a heavier workload on brokers, this personal touch can be vital.
During the roundtable, which took place at Otto restaurant in Sydney, the group discussed the unique value proposition that customer-owned banks offer, particularly with the lack of shareholders they have to cater for. While other
“The value proposition that mutual banks provide is getting some more attention,” he said. “We’ve known for a long time that the customer satisfaction that members get through mutual organisations is very high compared to the major banks. I think we’ve struggled to convert that into member growth, but more recently, with it being so front of mind with customers, it’s definitely starting to grow.”
Growth in the sector is giving the mutual banks their “time to shine”, said Beyond Bank head of third party Darren McLeod, adding that they had worked hard over the last two years on selling their proposition.
Referring to the previous year’s roundtable, when the catchphrase of the day was that the customer-owned banking sector was the industry’s “best-kept secret”, McLeod said, “I think that secret is finally getting out.”
“I don’t think we’re doing anything different,” he added. “We’re doing what we’ve always done, but there’s more customer uptake because the market’s in a place where people are now looking, and they’re willing to try it.”
Agreeing that the royal commission had had an effect on consumers heading to the mutual banks, Mark Middleton, head of third party at Teachers Mutual, said there was a growing groundswell. Not only were borrowers looking for alternative options but aggregators were adding more choice to their panels, he said.
Offering a different perspective, Middleton said consumers were becoming more aware of responsible lending and social responsibilities and asking about things like climate change. Teachers Mutual is not only carbon neutral but gives back around 6.8% of its net profits to community grants and other projects.
“It’s particularly topical right now, with the bushfires happening around the country, that people will start looking for who is doing things to make a difference, not just for this generation but future generations,” Middleton said.
“I think we’ve been actually ahead of the curve; no one’s been really aware of it, but the last 12 months it’s become more prevalent.”
Middleton also talked about the wider recognition the sector was receiving, as reflected in its high NPS scores.
“From all the mutuals around the table here, clearly when customers are being recommended by brokers to come to us, they’re voting with their feet,” he said.
McLeod agreed that a lot of the growth was coming out of the third party space.
“We’ve all been working hard in the broker space over the last couple of years as more brokers use customer-owned banks,” he said. “I think the growth is definitely in the broker channel and the work all of us have been doing in the business. The growth we’re talking about is definitely coming from brokers.”
Brokers have also been an important factor for Bank Australia. Senior relationship manager Fernando Lemos said the bank had been bolstering its support around the third party distribution space. He added that it was not only about diversification of products but also diversification of lenders, and this helped brokers cater for a wider client base.
“I think brokers are really starting to become aware of what we’re about and what we stand for,” Lemos said.
“There’s a marketing edge as well: they can go out there and promote themselves. They’re not just a line to a particular organisation; they can look after certain types of clients.”
Agreeing, McLeod added that the extra regulation, such as the caps on interest-only lending, had also had an effect on the sector.
“We all had to slow down for the caps,” he said. “But when it opened up, the brokers who used four lenders were now using a lot more, so it really gave us a chance because we’re in that larger group. So it’s really opened up the market, because it was so confusing in terms of who was doing what – who’s doing construction, who’s doing interest-only, who’s doing investment – so it’s opened up the market and it gives us a shot at getting the business."
One of two brokers joining the roundtable, David Merison from Vault Plus Mortgage and Finance Consultancy said the demographic of people looking to borrow money wanted choice, rather than relying on those who came straight out of the banks and were simply agents for those lender
“We’ve got to hold ourselves open and come up with some innovative solutions, and that means introducing some lenders they wouldn’t always think of,” he said.
Finsure Finance and Insurance broker Christopher Lee said his primary objective was to put the largest amount of money in his client’s pocket rather than the bank’s pocket, and the mutuals offered a cheaper alternative, as well as a more diverse product range.
Not just that but Lee simply enjoys dealing with the mutuals more.
Middlefield is an asset management company founded in 1979 with the goal of creating innovative investment solutions. We are independently owned, answering only to our clients. The team is not burdened by the distractions faced by public companies, allowing them to focus on what matters most – the satisfaction of financial advisors and investors. With over 40 employees and over $2.5 billion in assets under management, Middlefield has a proven track record of providing investors with access to ever-evolving equity income investing trends.
Find out more
With over 30 years of experience in the multi-family sector and as president and chief executive officer, Mark Kenney is actively involved in creating and implementing the strategic vision for the organization through the direction of company policy and oversight of the crucial divisions within CAPREIT, including property management operations, marketing, procurement, development, and acquisitions.
president & CEO, CAPREIT
Mark Kenney
Dean Orrico brings over 35 years of investment experience to his role as president and chief executive officer of Middlefield Capital Corporation (MCC), and has been employed by MCC since 1996. Dean is a respected member of the investment management community, having spent many years educating financial advisors on the trends and developments in the capital markets in Canada and abroad. He is committed to excellence and integrity in funds management and is responsible for overseeing the business development and expansion of Middlefield's asset management business, as well as being lead manager of Middlefield's real estate strategies.
president & CEO, Middlefield
Dean Orrico
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Tellus in penatibus condimentum malesuada ante vulputate nisi, arcu leo. Amet urna sapien purus vestibulum fermentum a. Cursus metus massa donec sed varius. Nunc enim sit morbi lacus, molestie et nunc. Nullam sed facilisi id malesuada. Ante purus velit, quam scelerisque ultrices scelerisque donec.
Velit egestas vel ornare pellentesque ridiculus. Mauris tempor augue quis mattis suspendisse feugiat commodo posuere. Faucibus massa adipiscing nullam elit, ac vel accumsan. Phasellus eget ac dignissim fermentum ac placerat elit, metus. Nulla porttitor ante egestas molestie quis quam. Pharetra magna sit mauris tellus gravida rutrum libero sit. Justo orci cras euismod proin massa lorem ut. In non tellus phasellus faucibus ullamcorper nullam odio dui et.
MFAA head credit adviser, Finsure Finance and Insurance
Christopher Lee
Share
Share
Share
Kevan Gorrie joined Granite REIT as president and chief executive officer on August 1, 2018. With over 20 years of corporate real estate experience in Canada, the United States, and Germany, Mr. Gorrie most recently served as the president and chief executive officer of Pure Industrial Real Estate Trust (TSX: AAR.UN), where he successfully grew and led the business until its strategic sale to Blackstone Property Partners and Ivanhoé Cambridge for approximately $3.8 billion in May 2018.
president & CEO, Granite Real Estate Investment Trust
Kevan Gorrie
Canada’s leading REIT by
market cap
CAPREIT issued over $1.4 billion in equity in an 18-month period
Companies
About us
Privacy
Terms of Use
RSS
People
Newsletter
Authors
External contributors
Copyright © 1996-2022 Key Media Pty Ltd
Contact us
News
Your Practice
iNVESTMENTS
bEST IN WEALTH
Resources
Subscribe
Companies
About us
Privacy Policy
Terms of Use
RSS
People
Newsletter
Authors
External contributors
Copyright © 1996-2022 Key Media Pty Ltd
Contact us
News
Your Practice
Investments
Resources
Best in Wealth
Subscribe
News
Your Practice
Investments
Resources
Best in Wealth
Subscribe
Companies
About us
Privacy
Terms of Use
RSS
People
Newsletter
Authors
Contact us
External contributors
Copyright © 1996-2022 Key Media Pty Ltd