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3 Once-In-A-Decade REIT Buying Opportunities

Sep. 21, 2023 8:05 AM ETBSRTF, BX, CCI, CPT, HOM.UN:CA, HR, MAA, TMUS, VNQ, VTR, WELL86 Comments


  • REITs offer a once-in-a-decade opportunity according to Principal Asset Management.
  • Some high-quality REITs offer 50%+ upside potential.
  • We present 3 of our favorite REIT buying opportunities to profit.
  • High Yield Landlord members get exclusive access to our real-world portfolio. See all our investments here »

Opportunity Ahead Road Sign Post Over Blue Sky


One of the biggest and most sophisticated investment firms in the world, Principal Asset Management, recently came out with a presentation making the case for investing in real estate investment trusts, or REITs (VNQ).

They explain that:


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This article was written by

Jussi Askola, CFA profile picture

Jussi Askola is the President of Leonberg Capital, a value-oriented investment boutique that consults hedge funds, family offices, and private equity firms on REIT investing. He has authored award-winning academic papers on REIT investing, has passed all three CFA exams, and has built relationships with many top REIT executives.

He is the leader of the investing group High Yield Landlord, where he shares his real-money REIT portfolio and transactions in real-time. Features of the group include: three portfolios (core, retirement, international), buy/sell alerts, and a chat room with direct access to Jussi and his team of analysts to ask questions. Learn more.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of HOM.U; ARE; HR either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (86)

Hey Jussi, are you fond of NTST, BNL and LAND during this REIT sell-off?
Jussi Askola, CFA profile picture
@Gladiator321 I like all of them, but I prefer some other REITs at these prices
Nice ideas, I especially like CCI. I have some exposure to it through my RNP & RQI holdings but it might be time to buy some shares outright..
Jussi Askola, CFA profile picture
@me66 I agree. CCI is one of the most compelling in today's market.
@Jussi Askola I think CCI positioned themselves for small cells and fiber between them. I don't think that will play or for many years, with the new midband frequency allocations. I will probably stay away.
@Jussi Askola You said the same about WPC.
lgcallahan profile picture
you might want to bone up on the cl B units of BSR REIT as well. Canadian accounting means you ain't in Kansas anymore
galicianova profile picture
Jussi@, would it be fair to say that you prefer HR over Ctre??
galicianova profile picture
Jussi@ my bad i meant HR vs GMRE
Jussi Askola, CFA profile picture
@galicianova Different type of opportunities, but yes, if I had to pick one, it would be CTRE.
galicianova profile picture
@Jussi Askola THANKS! my intention is replacing MPW with CTRE (or GMRE)
I have been eating dirt with CCI. The timing of the purchase is important, and I am sure not a timing expert! I am way into the red. Oh well. I have the dividend on DRIP so I will be lowering my cost basis by purchasing at these depressed prices but I am not running out and adding.
Jussi Askola, CFA profile picture
@Dr. LouX I keep adding to it. I think that it is one of the best opportunities in today's market
@Jussi Askola I suspect there will be some tax loss selling over the next few weeks (October, November ???) presenting better buying opportunities.
Guraaf profile picture
I recently bought $CCI at $102 and $98 again. Time will tell if I caught a falling knife or something nice.
@Guraaf looks like a falling knife and buying driven by FOMO … why not wait until you see a bottoming structure in the chart
I am interested in having exposure to medical office REITs. How do you think $HR compares to $DOC and the smaller $CHCT? Is $MPW investable yet?
Weather Man profile picture
Holy cow, the buy REIT's now articles are at record clip. That means it is exactly the wrong time to buy.
Jussi Askola, CFA profile picture
@Weather Man We said the same thing after the crash of the pandemic. REITs then doubled in the following year.
Weather Man profile picture
@Jussi Askola That statement applies to almost every company, the covid bump, and now many many companies are giving the covid bump back, as expected.

The recession boot hasn't fallen, hard to believe the pain is factored, because many believe the boot won't fall. I'll go with the inverted yield curve being right.
Picked a bad day to recommend $CCI. This stock just fell through a support area. Now it's headed to about $82.
Jussi Askola, CFA profile picture
@idahoradm I cannot time the market. I focus on the next 5-10 years
@Jussi Askola The same thing you said about WPC.
Jussi what about the impact that AI has on crown castle. Would they need to invest in capex to upgrade their cell towers and fiber infrastructure.
Jussi Askola, CFA profile picture
@Sureesh It benefits them. It grows the usage of data.
RZel profile picture
BSRTF? Isn't it the one you have recommended when it was above $16? Or RICK around $90? I've lost money with your recommendation.
Jussi Askola, CFA profile picture
@RZel We first bought BSR at around $11 and my first investment into RICK was between $10-20, but nice try!
Once in a decade opportunity? Weren't REITs even cheaper back in 2020 a mere 3 years ago?
Jussi Askola, CFA profile picture
@MojoRisin1 No these REITs were not this cheap back in 2020, especially relative to stocks. They are now cheaper
jakefountain profile picture
@Jussi Askola WB did say "be fearful when others are greedy" but i doubt he was saying that about REIT's in today's world.

BTW, What percentage of WB portfolio is in REIT's? Hardly any.
@jakefountain More like zero.
@jakefountain and be greedy when others are fearful.... like now
Jussi Askola, CFA profile picture
@jakefountain REITs are too small for WB's portfolio. Not enough liquidity. But back when Berkshire was smaller, he owned quite a few.
Do you think $HR is better than $ARE? $ARE is really crashing today, market hates REITs.
Hey Jussi, Im looking to buy LAMR and WPC. Are you fond of them at these prices?
Jussi Askola, CFA profile picture
@Gladiator321 Yes, I think that those are attractive as well
lgcallahan profile picture
do you have the details of the BSR convertible debentures- are they dilutive to nav?
Jussi Askola, CFA profile picture
@lgcallahan The impact wouldn't be significant even if they were converted
lgcallahan profile picture
@Jussi Askola so you don’t know the details of the converts?
lorddarley profile picture
Worth reading. Thanks. For Crown and Tower generally, I am a bit leary.
Until recently, Wireless seemed to be the only way to go, which was good for Crown. However, Government is now plowing money into cable access.

Case in point. I own a ton of land in the southeast, and they are now digging for fiber access to a small community with, at most, 5 or 6 houses which might switch. They are doing this all through the County, and I have to believe in rural USA. It's a bizarre deployment of federal funds, but this aggressive competition is a concern. Add in Musk's low flying sattelites (StarLink) and towers may not be as essential as in the past. I would love to own Crown, but am watching.
As for low cost apartment in Houston/Austin, I'll take a pass. I can get a better deal by buying private participation, so this is just a John Q Public"opportunity" and I'd recommend going to bigger players in this space.
Jussi Askola, CFA profile picture
@lorddarley That's a common misconception. Satellites are for a nice use. It is about 5% of the market. Too expensive and too slow. Even Musk has made it clear
lorddarley profile picture
@Jussi Askola There is a 2 year wait list for StarLink where I live part of the year.
@lorddarley satellites will never replace towers
Jussi, wondering why we are not seeing insider buying in CCI???
@078956 Probably need to look on the sell side!!
Jussi Askola, CFA profile picture
@078956 There are lots of companies that are opportunistic and have massively outperformed over the long run without any major insider purchases. Many reasons for that. Perhaps the insiders are already heavily invested
I own HR and think it has good long term prospects. However, in the near term, the inflation rate of "property operating expenses" could be a real headwind.
"Higher for longer" - until that changes, "bargins" will get cheaper.
Jussi Askola, CFA profile picture
@SteveInAtlanta I don't buy into that. I don't understand why people give so much credit to what the Fed is saying. Everything that they said over the past few years was wrong in the end
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