Got rid of ARE[1] today and substituted it with an increased position in GIS.[2]
Typically when I sell I’m looking to replace the (dividend) cash flow that the sell generated with something equivalent that I buy at the same time. ARE and GIS match, yielding about the same at the moment.
I’m getting rid of ARE because they cut their dividend and because my thesis doesn’t hold up anymore: I thought they were a specialized office REIT (for healthcare related companies that use their facilities for research, etc) that is kind of shielded from the office REIT downturn. They were not shielded. They’ll probably do fine long term, but their growth is even more anemic than GIS’, and GIS’ business model seems more robust.
I hope I’m not buying into GIS with them cutting their dividend anytime soon … 
1 ARE:
2 GIS:
