Real Estate Split Corp | Middlefield Group

Fund Description

The Real Estate Split Corp. invests in a diversified, actively managed, high conviction portfolio of Real Estate Issuers engaged in e-commerce, data infrastructure as well as the multi-family, retail, office and healthcare sectors.

Real Estate Split Corp. offers two type of shares, i) Class A shares that pay monthly distributions representing a yield of 8.0% per annum on the issue price of $15.00 and offer the opportunity for capital appreciation potential; and ii) preferred shares that pay a quarterly distribution representing a yield of 5.25% per annum on the issue price of $10.00.

Key Reasons to Invest:

exposure to the underlying performance of a high conviction portfolio of real estate issuers in a unique split share structure
the Preferred Shares provide investors with a stable stream of tax efficient income paid quarterly and have a priority claim on the assets of the Fund ahead of the Class A shares
the Class A Shares provide investors with all of the capital appreciation potential of the Fund’s assets as well as a targeted monthly distribution generated by capital gains and excess dividend income after the preferred share distributions have been paid

RS

Closing price Ways To Invest Fact Sheet Prospectus (English) Prospectus (French) All Fund Documents

Featured Insights

Fund Overview

Ticker/CUSIP (Class A Shares):
RS / 75602C107
Ticker/CUSIP (Preferred Shares):
RS.PR.A / 75602C206
Inception Date:
November 19, 2020
Monthly Distribution (Class A Shares):
$0.13000
Quarterly Distribution (Preferred Shares):
$0.13130
Advisor:
Middlefield Capital Corporation
Eligibility:
RRSPs, DPSPs, RDSPs, RRIFs, TFSAs and RESPs
Management Fee:
0.85%
Risk Rating:
Not Rated
Exchange:
Toronto Stock Exchange

Fund Managers

Dean Orrico

President and Chief Executive Officer

Robert Moffat

Portfolio Manager

Performance (Class A)

AS OF	1 MONTH	3 MONTHS	6 MONTHS	YEAR-TO-DATE	1 YEAR	3 YEARS	5 YEARS	10 YEARS	SINCE INCEPTION	2021	2020	2019	2018
December 31, 2022	-5.33%	13.96%	-1.98%	-27.06%	-27.06%	-	-	-	5.30%	54.78%	-	-	-

Performance (Preferred)

AS OF	1 MONTH	3 MONTHS	6 MONTHS	YEAR-TO-DATE	1 YEAR	3 YEARS	5 YEARS	10 YEARS	SINCE INCEPTION	2021	2020	2019	2018
December 31, 2022	0.44%	1.31%	2.63%	5.33%	5.33%	-	-	-	5.33%	6.01%	-	-	-

Distributions (Class A)

Total NAV & Distributions (since inception)

RECORD DATE	PAYMENT DATE	PAYMENT AMOUNT
January 31, 2023	February 15, 2023	0.13
December 31, 2022	January 13, 2023	0.13
November 30, 2022	December 15, 2022	0.13
October 31, 2022	November 15, 2022	0.13
September 30, 2022	October 14, 2022	0.13
August 31, 2022	September 15, 2022	0.13
July 31, 2022	August 15, 2022	0.13
June 30, 2022	July 15, 2022	0.13
May 31, 2022	June 15, 2022	0.13
April 30, 2022	May 13, 2022	0.13
March 31, 2022	April 15, 2022	0.13
February 28, 2022	March 15, 2022	0.13
January 31, 2022	February 15, 2022	0.13
December 31, 2021	January 14, 2022	0.13
November 30, 2021	December 15, 2021	0.13
October 31, 2021	November 15, 2021	0.13
September 30, 2021	October 15, 2021	0.13
August 31, 2021	September 15, 2021	0.13
July 31, 2021	August 13, 2021	0.1
June 30, 2021	July 15, 2021	0.1
May 31, 2021	June 15, 2021	0.1
April 30, 2021	May 14, 2021	0.1
March 31, 2021	April 15, 2021	0.1
February 28, 2021	March 15, 2021	0.1
January 31, 2021	February 12, 2021	0.1
December 31, 2020	January 15, 2021	0.1

Distributions (Preferred)

Total NAV & Distributions (since inception)

RECORD DATE	PAYMENT DATE	PAYMENT AMOUNT
December 31, 2022	January 13, 2023	0.13125
September 30, 2022	October 14, 2022	0.13125
June 30, 2022	July 15, 2022	0.13125
March 31, 2022	April 15, 2022	0.13125
December 31, 2021	January 14, 2022	0.13125
September 30, 2021	October 15, 2021	0.13125
June 30, 2021	July 15, 2021	0.13125
March 31, 2021	April 15, 2021	0.13125
December 31, 2020	January 15, 2021	0.06135

Fund Details

Sector Allocation (%)

As Of	December 31, 2022
Retail REITs	37.40%
Industrial REITs	27.80%
Residential REITs	19.00%
Diversified REITs	6.80%
Office REITs	3.30%
Health Care REITs	3.10%
Specialized REITs	2.60%

Geographic Allocation (%)

As Of	December 31, 2022
Canada	93.40%
U.S.	6.60%
International	0.00%

Top 10 Holdings

1	Dream Industrial REIT	8.10%
2	Summit Industrial Income REIT	7.90%
3	Granite REIT	7.80%
4	H&R REIT	6.80%
5	Choice Properties REIT	6.40%
6	RioCan REIT	6.30%
7	Crombie REIT	6.20%
8	SmartCentres REIT	6.00%
9	Canadian Apartment Properties REIT	5.90%
10	First Capital REIT	5.80%

Real Estate Split Corp.