This one is similar to CAPREIT. It's had pretty much a dead 18-20 months or so price wise here because of the current real estate environment so it's starting to look more attractive.
However, where it differs is CAPREIT is a REIT, whereas Mainstreet is a corporation. It applies the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat).
Effectively, it buys fixer-uppers. Property that something like CAPREIT wouldn't have any interest in. They're too large and don't really want the hassle. They purchase a ton of property below replacement cost because they're in rough shape, fix them up, and profit. Once that property is worth more, they'll pull the equity out to fund the next purchase.
My main issue with this company has been their focus on Western Canada, where real estate really hasn't gone up that much. However, it has also been a lot more stable, which has been a net benefit over the years.
The company is promising, but not without risk. Interest coverage ratios are tight and debt is very high ($1.9B in debt, larger than their market cap). Obviously with this being a real estate play, the debt isn't all that surprising but that doesn't mean it isn't concerning.
High margin, high leverage business. Should continue to do well if housing in Western Canada continues to flourish.