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No. of Recommendations: 14
The NSC sector is a fertile place for new REIT investments; many of these are very well-run and have modest debt leverage, they are leasing up vacant properties, SS NOI growth has been quite good, and new supply is not an issue at all (after the huge supply problems in the wake of the housing bust in 2008-2010).

So I own a bunch of these, including (in order of weight) ROIC, AKR, KIM, and REG. I also own a lot of the RPT convertible pfd, and would add FRT and WRI if I had more free cash.

ROIC is humming along doing its thing (SS NOI growth was a bit disappointing in Q1, perhaps causing a bit of underperformance), while AKR has an excellent track record of adding value. KIM will have a new CEO (Conor Flynn) in January, when David Henry retires. Conor is very impressive. REG is also doing quite well; they have always done a fair amount of development, which adds an extra risk, but I think it's very early in the development cycle so I don't expect any near-term problems.

Ralph
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