CTO - Hidden Vaccine Value In Diversified REITs

• We identify several undervalued REITs in the oft-ignored Diversified sector that should provide exposure to the 'reopening' trade.
• The focused REITs in the shopping center, lodging, and regional mall sectors have had an incredible run since the Pfizer vaccine announcement on November 9, 2020.
• We concede that these properties will have some of the best cash flow growth in the near term as they attempt to regain pre-COVID rent and occupancy levels.
• But, the valuations do not fit the Chilton REIT investment criteria.
• Instead, we have been adding exposure to these property types through diversified REITs, which should also experience similar cash flow growth but can be bought at more attractive valuations.

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