If you look at the Highland Gate development it appears to me that investing with Rai does not require patience.   It looks like he doesn't want to "share" the profits in the land with his 20% shareholders.    The cost basis in the land purchased many many years ago was near ZERO at the time the JV was formed to build the houses with Geranium.   

Look at it another way,   Heron Bay is a straight forward land sale deal,  we made a small fortune. 

EVERYONE can see the gross and after tax profit and follow it on the company books.

If we did Woodlands the same way then we would all see that too!

But Rai wants to do some kind of JV in Woodlands with 13th floor,  and then we invested last Q about $10M in a partnership in Florida that we have NO IDEA what or who it's invested with or in.  

The disclosure about Woodlands JV and how 13th floor is involved is about ZERO.  Ditto for Katana.  These are the material assets of the company and their redevelopment potential is way more material than the age of the members or the new memberships being sold or all the information they provide you about GOLF.     

RAI doesn;t want you to make money at TWC.    That's why he buys more Auto REIT,  with the Heron cash,  instead of TWC.    He wants you to go away: with the TWC investment.   IF you start a NCIB at TWC and buyback zero and then buy $5M of Automotive,  when EVERYONE knows that TWC is more undervalued that Automotive,  then the message to the minority shareholders  is fu and don't look here and go away.  

IMO Rai is greedy and measely,  just look at the dividends in the MRC or MRT or TWC.   They are all run about the same.   Very limited disclosure about what you own,  and close to zero with buybacks and returns of capital and dividends.