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A major chunk of SIR assets is land owned in Hawaii and leased to credit tenants who build and own the buildings. Land is scarce, demand is high, and these leases reset periodically to current market rates. During 2012 and the first three quarters of 2013 the increases in rent were 50%. Not a typo. http://www.fool.com/investing/general/2013/12/05/why-this-dividend-stock-is-a-rule-breaker.aspx
SIR is an REIT comprised mostly of Hawaii based properties. I believe that we are coming out of the bottom of the housing bust with possibly a good new ten year property bubble starting. REITs should do VERY well as long as the housing recovery continues to gain momentum.
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