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It seems to me that the capitalization rate you are willing to pay is very dependent on many factors including quality of management, quality of the real estate itself, type of retail being bought, whether there is opportunities for upgrade and rent increase.

OK. Personally I will penalize bad management but good management is not a big game changer in REIT's. within retail REIT's if you see there is a different between KIM and BRX on cap rate, even though I think BRX has much better prospect to increase its FFO for the next 3 years (I know I am saying this for sometime). Some of KIM overvaluation can be attributed the quality.

But BRX deserves 5x multiple, like Single family? Do anyone see's anything that is interesting?

I am afraid most REIT investors have abandoned the ship and went with AMC.
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