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Return-Path: <bounce+4fe8cb.39b08c6-ds=e24.com.au@mg-d1.substack.com> Delivered-To: ds@e24.com.au Received: from myaccount8.wpcpanel.com by myaccount8.wpcpanel.com with LMTP id YFQAGeOkhGnfMgAAycIfzw (envelope-from <bounce+4fe8cb.39b08c6-ds=e24.com.au@mg-d1.substack.com>) for <ds@e24.com.au>; Fri, 06 Feb 2026 01:10:43 +1100 Return-path: <bounce+4fe8cb.39b08c6-ds=e24.com.au@mg-d1.substack.com> Envelope-to: ds@e24.com.au Delivery-date: Fri, 06 Feb 2026 01:10:43 +1100 Received: from v532.v5375b7fa.use4.send.mailgun.net ([159.112.244.32]:60628) by myaccount8.wpcpanel.com with esmtps (TLS1.2) tls TLS_ECDHE_RSA_WITH_AES_128_GCM_SHA256 (Exim 4.99.1) (envelope-from <bounce+4fe8cb.39b08c6-ds=e24.com.au@mg-d1.substack.com>) id 1vo046-000000003Tn-152c for ds@e24.com.au; Fri, 06 Feb 2026 01:10:43 +1100 DKIM-Signature: a=rsa-sha256; v=1; c=relaxed/relaxed; d=mg-d1.substack.com; q=dns/txt; s=k1; t=1770300590; x=1770307790; h=List-Unsubscribe-Post: List-Unsubscribe: List-Post: List-Id: List-Archive: List-Owner: Reply-To: In-Reply-To: References: Sender: Sender: Date: Message-Id: To: To: From: From: Subject: Subject: Content-Type: Mime-Version; bh=8XwJBY+rylTAsQE4zmil7POK4OuRY9KCKZg9qeCDe/g=; b=LMLswXWAAju6uGPZ6qJn5MrSrNBkylclgDAM+32YXIkFXIXXHbG23E3yUO7fkLvDgzfvKFQ6e9REBcPXUNigtIMuMgWLZ4Bz/Wz+Wq3pQs3vxSXq6bA9MF7vpHwfTx7iBY0/DpSUWzX2/cmccvbdScK8aTuhoDCrOpS4lmeso68= X-Mailgun-Sid: WyJmZjI3MiIsImRzQGUyNC5jb20uYXUiLCIzOWIwOGM2Il0= Received: by c66abac0525b79bd235b5cfb8c3e1564bb42aaacbdcf8b3d5bba43cfa91244f9 with HTTP id 6984a4aea460b99e9972dcf5; Thu, 05 Feb 2026 14:09:48 GMT X-Mailgun-Sending-Ip: 159.112.244.32 X-Mailgun-Batch-Id: 6984a4ad5561252d496edf21 Mime-Version: 1.0 Content-Type: multipart/alternative; boundary="26448b033983385fbedab37533e7e14c630d2a0f4fbfaf486e84d42c494d" Subject: REITs just got interesting (and deeply undervalued) From: Get Dividends <getdividends@substack.com> To: ds@e24.com.au X-Mailgun-Tag: post X-Mailgun-Track-Clicks: false Message-Id: <20260205140342.3.3260d6aeff156c48@mg-d1.substack.com> Date: Thu, 5 Feb 2026 14:03:42 +0000 Feedback-Id: post-186595761:cat-post:pub-6658155:substack Sender: Get Dividends <getdividends@substack.com> References: <post-186595761@substack.com> In-Reply-To: <post-186595761@substack.com> Reply-To: Get Dividends <reply+333e7l&6k42rq&&0b1cd3fccb5342443b901c80ea7eaab26e3a1f3361b85e4d169e8e82433c0064@mg1.substack.com> List-Owner: <mailto:getdividends@substack.com> List-Url: <https://getdividends.net/> List-Archive: <https://getdividends.net/archive> List-Id: <getdividends.substack.com> List-Post: <https://getdividends.net/p/reits-just-got-interesting-and-deeply> List-Unsubscribe: <https://getdividends.net/action/disable_email/disable?token=eyJ1c2VyX2lkIjozOTY1Nzk1OTAsInBvc3RfaWQiOjE4NjU5NTc2MSwiaWF0IjoxNzcwMzAwNTg2LCJleHAiOjE4MDE4MzY1ODYsImlzcyI6InB1Yi02NjU4MTU1Iiwic3ViIjoiZGlzYWJsZV9lbWFpbCJ9.Mfhp5F0cNOQYhWMhV_S6n9u8NPiavxMhZ1hyf-Lxs_o&all_sections=true> List-Unsubscribe-Post: List-Unsubscribe=One-Click X-Mailgun-Variables: {"category": "post", "email_generated_at": "1770300587875", "is_freemail": "true", "post_audience": "only_free", "post_id": "186595761", "post_type": "newsletter", "pub_community_enabled": "true", "publication_id": "6658155", "subdomain": "getdividends", "user_id": "396579590"} X-Spam-Status: No, score=3.1 X-Spam-Score: 31 X-Spam-Bar: +++ X-Ham-Report: Spam detection software, running on the system "myaccount8.wpcpanel.com", has NOT identified this incoming email as spam. The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: View this post on the web at https://getdividends.net/p/reits-just-got-interesting-and-deeply Hi, Real Estate Investment Trusts (REITs) took a hit in January, but that created something important: opportunity. Here_s the setup: What Happened Before January: REITs trading near NAV (no discoun [...] Content analysis details: (3.1 points, 4.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.8 BAYES_50 BODY: Bayes spam probability is 40 to 60% [score: 0.5000] -0.0 SPF_PASS SPF: sender matches SPF record 0.0 RCVD_IN_VALIDITY_SAFE_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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[159.112.244.32 listed in bl.score.senderscore.com] 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 1.9 RAZOR2_CF_RANGE_51_100 Razor2 gives confidence level above 50% [cf: 100] 0.9 RAZOR2_CHECK Listed in Razor2 (http://razor.sf.net/) 0.0 T_KAM_HTML_FONT_INVALID Test for Invalidly Named or Formatted Colors in HTML -1.0 MAILING_LIST_MULTI Multiple indicators imply a widely-seen list manager X-Spam-Flag: NO --26448b033983385fbedab37533e7e14c630d2a0f4fbfaf486e84d42c494d Content-Type: text/plain; charset="utf-8" Content-Transfer-Encoding: quoted-printable View this post on the web at https://getdividends.net/p/reits-just-got-inte= resting-and-deeply Hi, Real Estate Investment Trusts (REITs) took a hit in January, but that creat= ed something important: opportunity. Here=E2=80=99s the setup: What Happened Before January: REITs trading near NAV (no discount) January: Market repricing =E2=86=92 REITs sold off harder than the market Now: REITs trading at 10-15% discounts to NAV (significant opportunity)=E2= =80=8B Why This Matters When a REIT trades at a discount to NAV, you=E2=80=99re buying =E2=82=AC1 o= f real estate for 85-90 cents.=E2=80=8B Plus you=E2=80=99re collecting 5-7% yield while you wait for the discount t= o close.=E2=80=8B The math is powerful: Buy at 10% discount Collect 6% yield Wait 2-3 years for discount to close Sell at NAV Total return: 30-40%+=E2=80=8B Recent REIT Moves in the Database Recent examples from Get Dividends: Alpine Property Trust (PINE): Trading below book, offering 6.26% yield with= 11% AFFO growth history=E2=80=8B Realty Income (O): Solid 3.5% yield, =E2=80=9CThe Monthly Dividend Company,= =E2=80=9D trading at attractive valuations=E2=80=8B Dream Industrial (DIR): Just partnered with CPP Investments, trimmed cap ra= te expectations, now discounted=E2=80=8B Every REIT in our Database has been analyzed for: =E2=9C=85 NAV discount (opportunity size) =E2=9C=85 Payout coverage (safety) =E2=9C=85 Property portfolio quality (long-term value) =E2=9C=85 Management capital deployment (smart or reckless?)=E2=80=8B Inside Premium, you get: The full REIT sector breakdown with buy/sell recommendations for each subse= ctor (multifamily, industrial, healthcare, etc.) Right now, that means actionable picks in one of the most attractive entry = points of 2025-2026. 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.audio-player-substack-logo { display: block; } } @media (min-width: 350px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 25%; width: 25%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ= e { display: block; } } @media (min-width: 400px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 40%; width: 40%; } } @media (max-width: 400px) { .audio-player-wrapper-fancy .audio-player .btn-group { margin-top: 12px; } .audio-player-wrapper-fancy .audio-player .btn-group .button { font-size: 13px; padding: 6px 12px; height: auto; margin-top: 10px; } } @media (min-width: 600px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 55%; width: 55%; } } @media (max-width: 650px) { .poll-editor-modal { min-width: calc(100% - 20px); } } @media (max-width: 750px) { .poll-embed .poll-anchor-target .poll-anchor-copy-button { left: 8px; top: 45px; } }</style></head><body class=3D"email-body" style=3D"font-kerning: auto;--im= age-offset-margin: -120px;"><img src=3D"https://eotrx.substackcdn.com/open?= token=3DeyJtIjoiPDIwMjYwMjA1MTQwMzQyLjMuMzI2MGQ2YWVmZjE1NmM0OEBtZy1kMS5zdWJ= zdGFjay5jb20-IiwidSI6Mzk2NTc5NTkwLCJyIjoiZHNAZTI0LmNvbS5hdSIsImQiOiJtZy1kMS= 5zdWJzdGFjay5jb20iLCJwIjoxODY1OTU3NjEsInQiOiJuZXdzbGV0dGVyIiwiYSI6Im9ubHlfZ= nJlZSIsInMiOjY2NTgxNTUsImMiOiJwb3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJp= YXQiOjE3NzAzMDA1ODcsImV4cCI6MTc3Mjg5MjU4NywiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ= 9.VUmvJ86hsdkuyYSYwvHuQAixqr1Y-t5Qm0mXRZtPvhI" alt=3D"" width=3D"1" height= =3D"1" border=3D"0" style=3D"height:1px !important;width:1px !important;bor= der-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;m= argin-right:0 !important;margin-left:0 !important;padding-top:0 !important;= padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !impo= rtant;"/><div class=3D"preview" style=3D"display:none;font-size:1px;color:#= 333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidd= en;">NAV discounts are now significant</div><div class=3D"preview" style=3D= "display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;ma= x-width:0px;opacity:0;overflow:hidden;">͏   ­͏ =   ­͏   ­͏   = 3;͏   ­͏   ­͏ = 199; ­͏   ­͏   ­͏ &= nbsp;   ­͏   ­͏   ­= ;͏   ­͏   ­͏ Q= 99; ­͏   ­͏   ­͏ &n= bsp;   ­͏   ­͏   ­= ͏   ­͏   ­͏ ̳= 9; ­͏   ­͏   ­͏ &nb= sp;   ­͏   ­͏   ­&= #847;   ­͏   ­͏  = ; ­͏   ­͏   ­͏ &nbs= p;   ­͏   ­͏   ­&#= 847;   ­͏   ­͏  = ­͏   ­͏   ­͏  = ;   ­͏   ­͏   ­= 47;   ­͏   ­͏   = ­͏   ­͏   ­͏ =   ­͏   ­͏   ­T= 7;   ­͏   ­͏   &= #173;͏   ­͏   ­͏ =   ­͏   ­͏   ­͏= ;   ­͏   ­͏   &#= 173;͏   ­͏   ­͏ &= #8199; ­͏   ­͏   ­͏=   ­͏   ­͏   = 73;͏   ­͏   ­͏ &#= 8199; ­͏   ­͏   ­͏ =   ­͏   ­͏   = 3;͏   ­͏   ­͏ = 199; ­͏   ­͏   ­͏ &= nbsp;   ­͏   ­͏   ­= ;͏   ­͏   ­͏ Q= 99; ­͏   ­͏   ­͏ &n= bsp;   ­͏   ­͏   ­= ͏   ­͏   ­͏ ̳= 9; ­͏   ­͏   ­͏ &nb= sp;   ­͏   ­͏   ­&= #847;   ­͏   ­͏  = ; ­͏   ­͏   ­͏ &nbs= p;   ­͏   ­͏   ­&#= 847;   ­͏   ­͏  = ­͏   ­͏   ­͏  = ;   ­͏   ­͏   ­= 47;   ­͏   ­͏   = ­͏   ­͏   ­͏ =   ­͏   ­͏   ­T= 7;   ­͏   ­͏   &= #173;͏   ­͏   ­͏ =   ­͏   ­͏   ­͏= ;   ­͏   ­͏   &#= 173;͏   ­͏   ­͏ &= #8199; ­͏   ­͏   ­͏=   ­͏   ­͏   = 73;͏   ­͏   ­͏ &#= 8199; ­͏   ­͏   ­͏ =   ­͏   ­͏   = 3;͏   ­͏   ­͏ = 199; ­͏   ­͏   ­͏ &= nbsp;   ­͏   ­͏   ­= ;͏   ­͏   ­͏ Q= 99; ­͏   ­͏   ­͏ &n= bsp;   ­͏   ­͏   ­= ͏   ­͏   ­͏ ̳= 9; ­͏   ­͏   ­͏ &nb= sp;   ­͏   ­͏   ­&= #847;   ­͏   ­͏  = ; ­͏   ­͏   ­͏ &nbs= p;   ­͏   ­͏   ­&#= 847;   ­͏   ­͏  = ­͏   ­͏   ­͏  = ;   ­͏   ­͏   ­= 47;   ­͏   ­͏   = ­͏   ­͏   ­͏ =   ­</div><table class=3D"email-body-container" role=3D"presenta= tion" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbod= y><tr><td></td><td class=3D"content" width=3D"550"></td><td></td></tr><tr><= td></td><td class=3D"content" width=3D"550" align=3D"left"><div style=3D"fo= nt-size: 16px;line-height: 26px;max-width: 550px;width: 100%;margin: 0 auto= ;overflow-wrap: break-word;"><table role=3D"presentation" width=3D"100%" bo= rder=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td align=3D"righ= t" style=3D"height:20px;"><table role=3D"presentation" width=3D"auto" borde= r=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertica= l-align:middle;"><span class=3D"pencraft pc-reset reset-IxiVJZ tw-font-body= tw-text-ssm tw-text-substack-secondary" style=3D"font-family: SF Pro Text,= -apple-system, system-ui, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Hel= vetica, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symb= ol;font-size: 13px;color: unset;list-style: none;text-decoration: unset;mar= gin: 0;"><div class=3D"pencraft pc-reset align-right-VJbKw5 size-12-mmZ61m = reset-IxiVJZ" style=3D"list-style: none;color: unset;text-align: right;font= -size: 12px;line-height: 16px;text-decoration: unset;margin: 0;"><span clas= s=3D"pencraft pc-reset reset-IxiVJZ" translated=3D"" style=3D"list-style: n= one;color: unset;text-decoration: unset;margin: 0;">Forwarded this email? <= a class=3D"pencraft pc-reset decoration-underline-ClTkYc reset-IxiVJZ" href= =3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9nZXRkaXZpZGVuZHMubmV= 0L3N1YnNjcmliZT91dG1fc291cmNlPWVtYWlsJnV0bV9jYW1wYWlnbj1lbWFpbC1zdWJzY3JpYm= Umcj02azQycnEmbmV4dD1odHRwcyUzQSUyRiUyRmdldGRpdmlkZW5kcy5uZXQlMkZwJTJGcmVpd= HMtanVzdC1nb3QtaW50ZXJlc3RpbmctYW5kLWRlZXBseSIsInAiOjE4NjU5NTc2MSwicyI6NjY1= ODE1NSwiZiI6dHJ1ZSwidSI6Mzk2NTc5NTkwLCJpYXQiOjE3NzAzMDA1ODYsImV4cCI6MjA4NTg= 3NjU4NiwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.vyyAowLr2miHL_MKR1= Mydpc6Z9Ywdj5cQadHnkHrvD0?" style=3D"list-style: none;color: unset;text-dec= oration: unset;margin: 0;-webkit-text-decoration-line: underline;text-decor= ation-line: underline;">Subscribe here</a> for more</span></div></span></td= ></tr></tbody></table></td></tr></tbody></table><table class=3D"header grap= hic-header" role=3D"presentation" style=3D"border-spacing: 0;padding: 16px = 0 32px;"><tbody><tr><td align=3D"center" style=3D"text-align: center;paddin= g: 0;"><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9nZXRka= XZpZGVuZHMubmV0L3AvcmVpdHMtanVzdC1nb3QtaW50ZXJlc3RpbmctYW5kLWRlZXBseT91dG1f= Y2FtcGFpZ249ZW1haWwtaGFsZi1wb3N0JnI9Nms0MnJxJnRva2VuPWV5SjFjMlZ5WDJsa0lqb3p= PVFkxTnprMU9UQXNJbkJ2YzNSZmFXUWlPakU0TmpVNU5UYzJNU3dpYVdGMElqb3hOemN3TXpBd0= 5UZzJMQ0psZUhBaU9qRTNOekk0T1RJMU9EWXNJbWx6Y3lJNkluQjFZaTAyTmpVNE1UVTFJaXdpY= zNWaUlqb2ljRzl6ZEMxeVpXRmpkR2x2YmlKOS42Q05jVk42TXIwYjRPdk5rVUt4TXV4QV9KV1pu= WFFDVU42S0p0OEtJYXAwIiwicCI6MTg2NTk1NzYxLCJzIjo2NjU4MTU1LCJmIjp0cnVlLCJ1Ijo= zOTY1Nzk1OTAsImlhdCI6MTc3MDMwMDU4NiwiZXhwIjoyMDg1ODc2NTg2LCJpc3MiOiJwdWItMC= IsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.vvOVWtsMFte9I1u1XhVbOsUvtP6MgRvT48Mtqq3mb2= g?"><img class=3D"header-image" role=3D"presentation" width=3D"550" height= =3D"110" src=3D"https://substackcdn.com/image/fetch/$s_!ncyQ!,w_1100,c_limi= t,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media= =2Es3.amazonaws.com%2Fpublic%2Fimages%2= Ff4cc339e-7527-4d0b-97e1-5dc3d63a13d0_= 1100x220.png" style=3D"border: none !important;vertical-align: middle;max-w= idth: 550px;display: block;margin: 0 auto;height: auto;width: 100%;"></a></= td></tr></tbody></table><div class=3D"post typography" dir=3D"auto" style= =3D"--image-offset-margin: -120px;padding: 32px 0 0 0;font-size: 16px;line-= height: 26px;"><div class=3D"post-header" role=3D"region" aria-label=3D"Pos= t header" style=3D"font-size: 16px;line-height: 26px;"><h1 class=3D"post-ti= tle published title-X77sOw" dir=3D"auto" style=3D"direction: auto;text-alig= n: start;unicode-bidi: isolate;color: rgb(54,55,55);font-family: 'SF Pro Di= splay',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'S= egoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Em= oji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiase= d;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibili= ty;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margi= n: 0;line-height: 36px;font-size: 32px;"><a href=3D"https://substack.com/ap= p-link/post?publication_id=3D6658155&post_id=3D186595761&utm_source=3Dpost-= email-title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D6k42rq&to= ken=3DeyJ1c2VyX2lkIjozOTY1Nzk1OTAsInBvc3RfaWQiOjE4NjU5NTc2MSwiaWF0IjoxNzcwM= zAwNTg2LCJleHAiOjE3NzI4OTI1ODYsImlzcyI6InB1Yi02NjU4MTU1Iiwic3ViIjoicG9zdC1y= ZWFjdGlvbiJ9.6CNcVN6Mr0b4OvNkUKxMuxA_JWZnXQCUN6KJt8KIap0" style=3D"color: r= gb(54,55,55);text-decoration: none;">REITs just got interesting (and deeply= undervalued)</a></h1><h3 class=3D"subtitle subtitle-HEEcLo" dir=3D"auto" s= tyle=3D"direction: auto;text-align: start;unicode-bidi: isolate;font-family= : 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacS= ystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji',= 'Segoe UI Emoji','Segoe UI Symbol';font-weight: normal;-webkit-font-smoothi= ng: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: op= timizelegibility;-moz-appearance: optimizelegibility;appearance: optimizele= gibility;margin: 4px 0 0;color: #777777;line-height: 24px;font-size: 18px;m= argin-top: 12px;">NAV discounts are now significant</h3><table class=3D"pos= t-meta" role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0"= cellpadding=3D"0" style=3D"margin: 1em 0;height: 20px;align-items: center;= "><tbody><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" c= ellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td><table role=3D"presentati= on" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody>= <tr><td style=3D"vertical-align:middle;"><div class=3D"pencraft pc-reset co= lor-primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx we= ight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA cust= om-css-email-post-author" style=3D"list-style: none;font-size: 11px;line-he= ight: 20px;text-decoration: unset;color: rgb(54,55,55);margin: 0;font-famil= y: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'S= egoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Em= oji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-sp= acing: .2px;"><a class=3D"pencraft pc-reset color-primary-zABazT line-heigh= t-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-= uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style=3D"list-style: none;color:= rgb(54,55,55);margin: 0;font-size: 11px;line-height: 20px;font-family: 'SF= Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe U= I',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','= Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing:= .2px;text-decoration: none" href=3D"https://substack.com/@getdividends">Ge= t Dividends</a></div></td></tr></tbody></table></td></tr><tr><td><table rol= e=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpaddin= g=3D"0"><tbody><tr><td style=3D"vertical-align:middle;"><div class=3D"pencr= aft pc-reset color-secondary-ls1g8s line-height-20-t4M0El font-meta-MWBumP = size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ= meta-EgzBVA" style=3D"list-style: none;font-size: 11px;line-height: 20px;t= ext-decoration: unset;color: rgb(119,119,119);margin: 0;font-family: 'SF Co= mpact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',= Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Seg= oe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2= px;"><time datetime=3D"2026-02-05T14:06:21.749Z">Feb 5</time></div></td></t= r></tbody></table></td></tr></tbody></table></td><td align=3D"right"><table= role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpa= dding=3D"0"><tbody><tr><td style=3D"vertical-align:middle;"><a href=3D"http= s://substack.com/@getdividends"><img class=3D"custom-css-email-avatar avata= r-QIQ5yR" src=3D"https://substackcdn.com/image/fetch/$s_!WD94!,f_auto,q_aut= o:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.= com%2Fpublic%2Fimages%2Fa5e87027-b003-4c6f-8a80-cd2e33250054_352x352.png" s= tyle=3D"box-sizing: border-box;max-width: 550px;border: none;vertical-align= : middle;width: 40px;height: 40px;min-width: 40px;min-height: 40px;object-f= it: cover;margin: 0px;display: inline;border-radius: 50%" width=3D"40" heig= ht=3D"40"></a></td></tr></tbody></table></td></tr></tbody></table><table cl= ass=3D"email-ufi-2-top" role=3D"presentation" width=3D"100%" border=3D"0" c= ellspacing=3D"0" cellpadding=3D"0" style=3D"border-top: 1px solid rgb(0,0,0= 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style=3D"min-width: 8px"></td><td style=3D"vertical-align:middle;"><tabl= e role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" cellpad= ding=3D"0"><tbody><tr><td align=3D"center"><a class=3D"email-icon-button" h= ref=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9vcGVuLnN1YnN0YWNr= LmNvbS9wdWIvZ2V0ZGl2aWRlbmRzL3AvcmVpdHMtanVzdC1nb3QtaW50ZXJlc3RpbmctYW5kLWR= lZXBseT91dG1fc291cmNlPXN1YnN0YWNrJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW= VtYWlsLXJlc3RhY2stY29tbWVudCZhY3Rpb249cmVzdGFjay1jb21tZW50JnI9Nms0MnJxJnRva= 2VuPWV5SjFjMlZ5WDJsa0lqb3pPVFkxTnprMU9UQXNJbkJ2YzNSZmFXUWlPakU0TmpVNU5UYzJN= U3dpYVdGMElqb3hOemN3TXpBd05UZzJMQ0psZUhBaU9qRTNOekk0T1RJMU9EWXNJbWx6Y3lJNkl= uQjFZaTAyTmpVNE1UVTFJaXdpYzNWaUlqb2ljRzl6ZEMxeVpXRmpkR2x2YmlKOS42Q05jVk42TX= IwYjRPdk5rVUt4TXV4QV9KV1puWFFDVU42S0p0OEtJYXAwIiwicCI6MTg2NTk1NzYxLCJzIjo2N= jU4MTU1LCJmIjp0cnVlLCJ1IjozOTY1Nzk1OTAsImlhdCI6MTc3MDMwMDU4NiwiZXhwIjoyMDg1= ODc2NTg2LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.XXJK5wGpZVbVwR6b= 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" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"= vertical-align:middle;"><table role=3D"presentation" width=3D"auto" border= =3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td align=3D"center">= <a class=3D"email-button-outline" href=3D"https://open.substack.com/pub/get= dividends/p/reits-just-got-interesting-and-deeply?utm_source=3Demail&redire= ct=3Dapp-store&utm_campaign=3Demail-read-in-app" style=3D"font-family: syst= em-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sa= ns-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: in= line-block;font-weight: 500;border: 1px solid rgb(0,0,0,.1);border-radius: = 9999px;text-transform: uppercase;font-size: 12px;line-height: 12px;padding:= 9px 14px;text-decoration: none;color: rgb(119,119,119);"><div class=3D"ema= il-button-spacer" style=3D"font-size: 16px;line-height: 26px;display: inlin= e-block;vertical-align: middle;max-width: 0;min-height: 18px;"></div><span = class=3D"email-button-text" style=3D"vertical-align: middle;margin-right: 4= px">READ IN APP</span><img class=3D"icon text-icon" src=3D"https://substack= cdn.com/image/fetch/$s_!ET-_!,w_36,c_scale,f_png,q_auto:good,fl_progressive= :steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideArrowUpRight%3Fv%3D4%26hei= ght%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"1= 8" height=3D"18" style=3D"min-width: 18px;min-height: 18px;border: none;ver= tical-align: middle;margin-right: 0;margin-left: 0;max-width: 18px" alt=3D"= "></a></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody= ></table></td></tr><tr height=3D"16"><td height=3D"16" style=3D"font-size:0= px;line-height:0;"> </td></tr></tbody></table></div></div><div class= =3D"post typography" dir=3D"auto" style=3D"--image-offset-margin: -120px;pa= dding: 32px 0 0 0;font-size: 16px;line-height: 26px;"><div class=3D"body ma= rkup" dir=3D"auto" style=3D"text-align: initial;font-size: 16px;line-height= : 26px;width: 100%;word-break: break-word;margin-bottom: 16px;"><p style=3D= "margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;= margin-top: 0;">Hi,</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);= line-height: 26px;font-size: 16px;"><span>Real Estate Investment Trusts (RE= ITs) took a hit in January, but that created something important: </span><s= trong>opportunity.</strong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54= ,55,55);line-height: 26px;font-size: 16px;">Here’s the setup:</p><div= style=3D"font-size: 16px;line-height: 26px;"><hr style=3D"margin: 32px 0;p= adding: 0;height: 1px;background: rgb(0,0,0,.1);border: none;"></div><h2 cl= ass=3D"header-anchor-post" style=3D"position: relative;font-family: 'SF Pro= Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont= ,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI= Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antiali= ased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegib= ility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;ma= rgin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1= =2E625em;"><strong>What Happened</stro= ng></h2><p style=3D"margin: 0 0 20px 0;= color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Before Janua= ry: REITs trading near NAV (no discount)</span><br><span>January: Market re= pricing → REITs sold off harder than the market</span><br><span>Now: = REITs trading at 10-15% discounts to NAV (significant opportunity)​</= span></p><div style=3D"font-size: 16px;line-height: 26px;"><hr style=3D"mar= gin: 32px 0;padding: 0;height: 1px;background: rgb(0,0,0,.1);border: none;"= ></div><h2 class=3D"header-anchor-post" style=3D"position: relative;font-fa= mily: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,Blink= MacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emo= ji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoot= hing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: = optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimize= legibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em= ;font-size: 1.625em;"><strong>Why This Matters</strong></h2><p style=3D"mar= gin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Wh= en a REIT trades at a discount to NAV, you’re buying €1 of real= estate for 85-90 cents.​</p><p style=3D"margin: 0 0 20px 0;color: rg= b(54,55,55);line-height: 26px;font-size: 16px;"><strong>Plus</strong><span>= you’re collecting 5-7% yield while you wait for the discount to clos= e.​</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);lin= e-height: 26px;font-size: 16px;">The math is powerful:</p><ul style=3D"marg= in-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format= : bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom= : 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Bu= y at 10% discount</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-for= mat: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bot= tom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"= >Collect 6% yield</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-for= mat: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bot= tom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"= >Wait 2-3 years for discount to close</p></li><li style=3D"margin: 8px 0 0 = 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-hei= ght: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-si= ze: 16px;margin: 0;">Sell at NAV</p></li><li style=3D"margin: 8px 0 0 32px;= mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: = 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 1= 6px;margin: 0;"><strong>Total return: 30-40%+</strong><span>​</span><= /p></li></ul><div style=3D"font-size: 16px;line-height: 26px;"><hr style=3D= "margin: 32px 0;padding: 0;height: 1px;background: rgb(0,0,0,.1);border: no= ne;"></div><h2 class=3D"header-anchor-post" style=3D"position: relative;fon= t-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,B= linkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color= Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-s= moothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearan= ce: optimizelegibility;-moz-appearance: optimizelegibility;appearance: opti= mizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.= 16em;font-size: 1.625em;"><strong>Recent REIT Moves in the Database</strong= ></h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px= ;font-size: 16px;"><strong>Recent examples from Get Dividends:</strong></p>= <p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-= size: 16px;"><strong>Alpine Property Trust (PINE):</strong><span> Trading b= elow book, offering 6.26% yield with 11% AFFO growth history​</span><= /p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;fo= nt-size: 16px;"><strong>Realty Income (O):</strong><span> Solid 3.5% yield,= “The Monthly Dividend Company,” trading at attractive valuatio= ns​</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);lin= e-height: 26px;font-size: 16px;"><strong>Dream Industrial (DIR):</strong><s= pan> Just partnered with CPP Investments, trimmed cap rate expectations, no= w discounted​</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,= 55,55);line-height: 26px;font-size: 16px;"><span>Every REIT in our Database= has been analyzed for:</span><br><span>✅ NAV discount (opportunity s= ize)</span><br><span>✅ Payout coverage (safety)</span><br><span>Ϧ= 9; Property portfolio quality (long-term value)</span><br><span>✅ Man= agement capital deployment (smart or reckless?)​</span></p><div style= =3D"font-size: 16px;line-height: 26px;"><hr style=3D"margin: 32px 0;padding= : 0;height: 1px;background: rgb(0,0,0,.1);border: none;"></div><p style=3D"= margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"= ><strong>Inside Premium, you get:</strong></p><p style=3D"margin: 0 0 20px = 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">The full REIT se= ctor breakdown with buy/sell recommendations for each subsector (multifamil= y, industrial, healthcare, etc.)</p><p style=3D"margin: 0 0 20px 0;color: r= gb(54,55,55);line-height: 26px;font-size: 16px;">Right now, that means acti= onable picks in one of the most attractive entry points of 2025-2026.</p><p= class=3D"button-wrapper" data-attrs=3D"{"url":"https://getd= ividends.net/subscribe","text":"Subscribe to Premium&qu= 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