COLD - Finding A Better REIT

• The best equity REITs often trade at premiums to NAV.
• Equity REITs which persistently trade at large discounts to NAV are not a bargain. Those are cheap for a reason.
• One of our top picks is AMT. This infrastructure REIT invests in cell towers around the world.
• They recently made a splash with another acquisition. Cap rates are often useful, but they aren't the right tool for this specific job.
• Management's recent commentary confirms our expectations. We're maintaining a bullish outlook on AMT.

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