The PHD LEIT® Fund blends the land equity component with investment in urban renewal projects. The Growth Plan for the Greater Golden Horseshoe area —the Province of Ontario’s expansion plan for the Toronto region adopted in 2006—requires all municipalities to promote growth by first looking inward to already-urbanized areas before pursuing greenfield development. We acquire underutilized property destined for development under the plan, which has made greater population densities, residential intensification and gentrification a new and exciting reality that promises to multiply valuations many times over.