Realty Income is a well-run Real Estate Investment Trust (REIT), but we suspect that the quest for yield during these final (?) days of Quantitative Easing has pushed its stock price to the upper end of its valuation range.
This is the first time we have ever tried to apply our model to a REIT, and it has gotten us interested in real estate investments in general. We will be posting various articles related to real estate over the upcoming weeks.