I'll admit I've never been a big fan of Diversified REITs and neither has Mr. Market. One of the primary reasons that I like REITs is because I can hand pick REIT sectors with management teams that have a "core of competence". Coined as "pure play" REITs, I like many of these sector-focused companies that specialize in certain core operating strategies.
Case in point is Healthcare Trust of America (HTA), a "pure play" health care REIT that commands a tightly focused "circle of competence" in medical office buildings. Another example is Tanger Factory Outlets (SKT) that operates a very specialized strategy of owning and investing in outlet centers.
History speaks loudly; many of the...
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