CLPR - Our Biggest Equity REIT Position

• Some of the best managed REITs have efficiently issued new equity at premium valuations.
• They use the cash to continue growing the portfolio in a manner that drives further returns for existing shareholders.
• Many investors overlook the best REITs as being “expensive”. Instead, they buy garbage because “it looked cheap”.
• If you think FFO or AFFO multiples are going deep enough in REITanalysis, you’re doing yourself a disservice by quitting early.

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