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Patience and REITs: Best of Kass

The names are: Chambers Street Properties (CSG), American Residential Properties (ARPI), New Residential Investment (NRZ), Aviv REIT (AVIV), Gladstone Land (LAND) and Cole Real Estate Investments (COLE).

I wrote about COLE yesterday and still want to give that one another few days of trading here, as it has been weak. I do know the company is looking to tender some shares in the $12.25-13 range. This one is worth a look. It operates in the single-tenant retail, office and industrial space.

Another diversified REIT that also just did a tender recently at $10.10 is CSG. This one sits a dollar less than that currently. In the new, single-family REIT space, companies acquiring single-family properties and renting them to individuals/families, there is ARPI and NRZ, a spinoff of NewCastle (NCT). Both of these should offer high dividends, plus a participation in any housing recovering and strengthening. If you are bullish on housing, then these are definitely worth a look.

The last two help with the diversity, with LAND owning farmland and AVIV in the health care space. GLAD does have an outside manager, but one that comes with a lot of experience, while AVIV is in the senior care space, which is probably my favorite. There is a huge growing need and as the population ages we'll see an increasing need. I would anticipate about a 6-7% yield from this group over the next year based on the current prices. This is well above many more popular names we see out there. I am not implementing anything today, but will be looking to start building these next week.

At the time of original publication, Collins had no positions in the stocks mentioned.
Doug Kass is the president of Seabreeze Partners Management Inc. Under no circumstances does this information represent a recommendation to buy, sell or hold any security.

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