Today, 1/28/13, US equity REITs reached an average earnings multiple of around 16.5. In such an overbought market, it is becoming increasingly difficult to find cheap opportunities. Winthrop Realty (FUR) remains as a beacon of value - untouched by the market's hysteria. This article will demonstrate that it has strong upside from its sound fundamentals and minimal tail-risk. Before we get to that, let us see how it became so cheap.
Over the past 3 years, FUR has gotten left in the dust
Why is nobody buying it?
Well, certain aspects of Winthrop Realty preclude portions of the investment community from considering it.
- Its credit is unrated, so the rules and regulations of many
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