{"id":33289,"date":"2023-07-09T07:36:07","date_gmt":"2023-07-09T11:36:07","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/the-reit-mousetrap-wheres-the-cheese\/"},"modified":"2023-07-09T07:36:10","modified_gmt":"2023-07-09T11:36:10","slug":"the-reit-mousetrap-wheres-the-cheese","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33289","title":{"rendered":"The REIT Mousetrap: Where\u2019s The Cheese?"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<figure class=\"getty-figure\" data-type=\"getty-image\"><picture>  <\/picture><figcaption> <\/figcaption><\/figure>\n<p>I just finished my newest book, <em>REITs For Dummies<\/em>, and I can\u2019t wait to get a copy of it in my hands (and yours too).<\/p>\n<p>It took me over six months to write it, but in reality, it took me over thirty<span class=\"paywall-full-content invisible\"> years\u2026<\/span><\/p>\n<p class=\"paywall-full-content invisible\">30 years, you ask?<\/p>\n<p class=\"paywall-full-content invisible\">Yes, this is the amount of time that I\u2019ve been investing in commercial real estate, starting with my first Advance Auto Parts (AAP) store in Laurens, South Carolina.<\/p>\n<p class=\"paywall-full-content invisible\">That one deal led to over $1 Billion in real estate deals in which I accumulated vast experience in property sectors such as net lease, shopping centers, warehouses, restaurants, office, apartments, and even golf.<\/p>\n<p class=\"paywall-full-content invisible\">As an investor, I\u2019ve now experienced four recessions including\u2026<\/p>\n<ul class=\"paywall-full-content invisible\">\n<li>The Early 1990\u2019s recession (8 months long)<\/li>\n<li>The Early 2000\u2019s recession (8 months long)<\/li>\n<li>The Great Recession (18 months long)<\/li>\n<li>The COVID-19<span class=\"paywall-full-content invisible no-summary-bullets\"> Recession (2 months long)<\/span> <\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">During these four recessions, peak unemployment hit\u2026<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>The Early 1990\u2019s Recession: 7.8% (June 1992)<\/li>\n<li>The Early 2000\u2019s Recession: 6.3% (June 2003)<\/li>\n<li>The Great Recession: 10.0% (October 2009)<\/li>\n<li>The COVID-19 Recession: 14.7% (April 2020)<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The average time frame between each recession was around 8.7 years.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">It\u2019s been just over 3 years since the end of the Covid-19 recession and debate continues over whether we\u2019re in a recession, as Mr. Market seems to believe that REITs have already priced in one.<\/p>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16888387631070862.png\" alt=\"A graph of red and black lines Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>Yahoo Finance<\/span><\/p>\n<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Against this backdrop, and while past performance is not an indicator of future results, it\u2019s possible that the current downturn could present a similar pattern to recessionary precedent.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In short, <strong>REITs have performed remarkably well after periods of downturns.<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As per Cohen &amp; Steers research, analyzing recessionary periods dating back to 1990 demonstrates that the best returns for REITs have been generated investing during the early cycle.<\/p>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16888387628010159.png\" alt=\"A screenshot of a graph Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>Cohen &amp; Steers<\/span><\/p>\n<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As viewed above, investing in REITs during the recession has generated forward returns on average of 10.8% which is above long-term averages. The forward REIT return of 10.8% outperforms the returns of the equity market of 4.5%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">More so, this solid outperformance continues as we move into the early cycle.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Again, as viewed above, REITs see even stronger relative outperformance in early cycle recovery periods: 20.4% versus U.S. Equities of 13.1% and Private Real Estate of 9.2%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">What about interest rates?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As a developer, I\u2019ve witnessed rate hikes before.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I financed my first Advance Auto Parts store (in the early 90\u2019s) with a bank loan in which the interest rate was around 8%. As you can see below, in all recessions (yellow line) going back to the 1950\u2019s rates fell (blue line).<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>Federal Funds Rate &#8211; 62 Year Historical Chart<\/strong><\/h2>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-1688838763100632.png\" alt=\"A graph with red and blue lines Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>macrotrends.net<\/span><\/p>\n<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>REITs have performed remarkably well when rate-hiking cycles have ended\u2026<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Not so fast\u2026<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The Fed isn\u2019t done yet as it continues to pursue its quantitative tightening program into July and talks of the need to keep moving its policy rate of interest upwards.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As of Friday, investors assigned a more than 92% chance that the Fed will raise rates in July, according to CME Group\u2019s FedWatch tool, which calculates the probability using futures contract prices for rates in the short-term market targeted by the Fed.<\/p>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-1688838762814469.png\" alt=\"A screenshot of a computer Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>CME Group\u2019s FedWatch tool<\/span><\/p>\n<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Clearly REIT underperformance year-to-date is a result of the Fed pushing back the end of the rate-hiking cycle in hopes of cooling economic demand and lessen wage pressures. Chris Rupkey, the chief economist at FWDBONDS, said.<\/p>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p><em>\u201cThe less than expected jobs data won\u2019t scuttle the Fed\u2019s plans for a rate hike on July 26. Bet on it.\u201d<\/em><\/p>\n<\/blockquote>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The Fed\u2019s updated projections that were released following its June meeting showed it expected two more rate increases over the next year, more than penciled in during the spring. Investors are now pegging about 23% odds that rates will go as high as 5.5% to 5.75%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Economic data remains strong, and many economists who have called for a recession are now in the uncomfortable position of pushing back the start date. One my favorite Barron\u2019s writers, Andy Serwer, said it like this,<\/p>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p><em>\u201cThere won\u2019t be a recession this year. Not with all the help-wanted signs plastered on storefronts, and friends telling me they can\u2019t find people to hire for their businesses. Not with some 2.5 million airline passengers a day filing through TSA checkpoints. Not with hotel room rates up 10% from pre-pandemic levels for most major U.S. cites. Not with the market cap up 14% year to date\u201d<\/em><\/p>\n<\/blockquote>\n<p class=\"paywall-full-content invisible no-summary-bullets\">All these points hit home for me.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I\u2019m trying to hire a few people to help run my U-Haul (UHAL) business and it\u2019s slim pickings. I\u2019ve been traveling across America (Chicago, NYC, West Palm, and SC) over the last few weeks and airports are packed.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">My best barometer are the Uber drivers and they\u2019re all upbeat.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">So, why are REITs singing the blues?<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>Could CRE Be the Next Black SWAN?<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In the same Barron\u2019s article, Andy Serwer said, \u201c<em>some sort of exogenous bird could crash the economy\u201d<\/em> and of course he\u2019s referring to a \u201cblack swan\u201d event.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Many pundits believe it\u2019s CRE, commercial real estate, and specifically recent banking headlines have created concerns that are weighing on REITs.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Specifically, there\u2019s increased focus on tightening lending conditions, especially in the office sector.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">However, contrary to common misconception, office exposure within the publicly listed REIT sector is less than 3.5% of the index\u2019s market cap.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Furthermore, there is a view that CRE is a highly levered asset class.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In the case of REITs, this simply isn\u2019t true.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">On average, REITs have leverage less than 35%, and 86% of their debt is fixed (for an average term of around 6 years).<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">These attributes, which appear not to be well understood among the general investor population, help insulate REITs against looming market pressures as growth slows and lending conditions tighten.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In fact, the weaker hands &#8211; primarily private developers and small cap REITs &#8211; could become catalysts for the higher-quality names we\u2019re recommending at iREIT\u00a9 on Alpha.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As the saying goes, \u201ccash is king\u201d and we suspect that the pressure on highly leveraged landlords will provide an opportunity set for large cap REITs to continue to consolidate, demonstrate synergies via economy of scale.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>So when should you buy?<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">At iREIT\u00a9 on Alpha we will continue to research REITs, thru various market cycles, as our primary goal is to find income-oriented businesses with wide moats.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">While we can\u2019t predict when the rate cycle will end, we do know that when it does it will be a very good environment for REITs. In fact, U.S. REITs have historically produced returns above 15% over the six months following the end of a Fed hiking cycle.<\/p>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16888387626394713.png\" alt=\"A graph of a number of people Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>March 31, 2023. Source: Cohen &amp; Steers calculations, Bloomberg, and Federal Reserve<\/span><\/p>\n<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Importantly, REIT fundamentals remain strong, the sector generated same-store net operating income (NOI) growth of 7.2% in Q1-23, compared with the historical average since 2000 of 2.4%. As seen below, cash flow growth remains strong, which supports continued dividend growth.<\/p>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16888387628277814.png\" alt=\"A graph of a number of years Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>March 31, 2023. Source: Cohen &amp; Steers calculations, Bloomberg, and Federal Reserve<\/span><\/p>\n<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Where\u2019s the cheese?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Most folks\u2019 own REITs because of dividends.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Some investors own them because of their high yield (REITs must payout at least 90% of their taxable income in the form of dividends).<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">And some investors own then because of the predictable income.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Personally, I like both of these attributes.<\/p>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-1688838764344587.png\" alt=\"A graph of a number of individuals Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>Nareit<\/span><\/p>\n<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\">At iREIT\u00a9 on Alpha, we consider dividend safety and reliability a big part of the value equation for REITs which is why we place heavy emphasis on the dividend in our iREIT\u00a9 quality scoring model.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In fact, I recently decided to design and construct a new REIT portfolio for my mother which I recently shares with members at iREIT\u00a9 on Alpha. In a few days I\u2019ll publish the entire portfolio, but I always provide our valued members with our research a few days in advance.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In this article today, I decided to provide two of the picks within the \u201ctechnology\u201d sector\u2026<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>American Tower (AMT)<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">American Tower is a cell tower REIT that specializes in wireless communications real estate. Their portfolio has a global reach with over 181,000 international cell towers and approximately 43,000 cell towers located in the United States and Canada. In total they have approximately 226,000 communication sites that are located in 26 countries and across 6 continents.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In addition to cell towers, AMT has a portfolio of more than 1,700 distributed antenna system networks and 28 data centers. In addition to the communication sites they lease, AMT also provides services that include structural analysis, zoning and permitting, and construction management.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">AMT has a BBB- credit rating and solid debt metrics with an interest coverage ratio of 7.13x and a net leverage ratio of 5.2x. Their debt has a weighted average term to maturity of 5.8 years and approximately 80% of their debt is fixed rate.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Over the last 10 years AMT has delivered an average AFFO growth rate of 11.09% and an average dividend growth rate of 20.70%. They pay a <strong>3.14% dividend yield<\/strong> that is well covered with an AFFO payout ratio of 60.04%.<\/p>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16888387642331498.png\" alt=\"A graph of stock market Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\"><span>FAST Graphs<\/span><\/p>\n<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\">AMT trades at a P\/AFFO of 20.15x which compares favorably to their normal AFFO multiple of 23.19x. They currently are trading in line with their net asset value with a P\/NAV ratio of 0.97x. If AMT trades back to its normal 5-year AFFO multiple it would result in a total annual rate of return of 24.68% by the end of 2024.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>At iREIT we rate American Tower a BUY.<\/strong><\/p>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16888387638255951.png\" alt=\"A screen shot of a graph Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\"><span>FAST Graphs<\/span><\/p>\n<\/figcaption><\/figure>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>Digital Realty Trust (DLR)<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Digital Realty is a data center REIT and is one of the largest owners of data centers with more than 310 data centers that have over 214,000 cross connects and serve approximately 5,000 customers worldwide. They have a global presence with data centers located in the U.S., Latin America, Canada, Europe, Australia, Asia, and Africa.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In total their data centers are located in 25 countries and span across 6 continents. DLR\u2019s data centers have a wide range of capabilities including co-location interconnection, enterprise hybrid solutions, and dedicated data halls to serve hyperscale customers. DLR\u2019s customers include business enterprises, network service, IT and cloud providers.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">DLR is investment grade with a BBB credit rating and has sound debt metrics including a net debt to adjusted EBITDA of 7.1x, a long-term debt to capital ratio of 52.57%, and a fixed charge coverage ratio of 4.4x. They have had an average AFFO growth rate of 5.37% and an average dividend growth rate of 5.29% over the last 10 years and currently pay a <strong>4.26% dividend yield<\/strong> that is covered with an AFFO payout ratio of 81.33%.<\/p>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-1688838764229.png\" alt=\"A screenshot of a graph Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\"><span>FAST Graphs<\/span><\/p>\n<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\">DLR currently trades at a P\/AFFO of 18.81x which is a slight discount to their normal AFFO multiple of 19.15x. They are priced right in line with their net asset value with a P\/NAV ratio of 0.99x. If DLR trades back to its normal 5-year AFFO multiple it would result in total annual rate of return of 16.51% by the end of 2024.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>At iREIT we rate Digital Realty a BUY.<\/strong><\/p>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16887774324527512.png\" alt=\"A screen shot of a graph Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>FAST Graphs<\/span><\/p>\n<\/figcaption><\/figure>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>What a Great Mousetrap<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As I explained at the outset, I\u2019m extremely excited to get my hands on a copy of my new REITs For Dummies book, and I\u2019m also planning to record a masterclass version for iREIT\u00a9 members soon.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Given where we are in this cycle (rates for longer, recession maybe in 2024) I consider it a terrific time to begin focusing on the sector.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Our collective research (for me over 30 years of boots on the ground experience) suggests that for the most part, REITs are on solid ground to deliver strong performance over the next 12 months.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Although REITs have their own basket within S&amp;P\u2019s Global Industry Classification Standard (\u2018GICS\u2019), Mr. Market is still unsure of the value they hold.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The fact that 150 million Americans (roughly 45% of American house- holds) are invested in REITs is a terrific sign and I\u2019m happy to say that my family, including my mother, has invested heavily in the REIT mousetrap.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Now, riddle me this, <strong>how much cheese have you invested in the REIT mousetrap!<\/strong><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4615902-the-reit-mousetrap-where-is-the-cheese?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I just finished my newest book, REITs For Dummies, and I can\u2019t wait to get a copy of it in my hands (and yours too). It took me over six months to write it, but in reality, it took me over thirty years\u2026 30 years, you ask? Yes, this is the amount of time that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":33290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-33289","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The REIT Mousetrap: Where\u2019s The Cheese? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"I just finished my newest book, REITs For Dummies, and I can\u2019t wait to get a copy of it in my hands (and yours too). 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