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In his balanced portfolio to provide income rather than growth. Not the greatest ride for REITs that last few years. Not seeing the pickup in turnover needed in multi-family residential, people need to leave so you can get higher rents. Lots of buildings are under rent control. Yet maintenance costs keep going up. Cleaned up balance sheet, sold some assets. Future depends on more turnover, which won't happen until interest rates are at a more attractive level (which encourages more people to start buying houses).
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