TRADE ALERT - Core Portfolio December 2025
In case some of you missed it, here is the recording of our most recent members-only Q&A webinar:
About 100 of you joined us live, and I want to thank you for taking the time and asking such thoughtful questions.
Here is a list of topics with timestamps for your convenience:
0:45 - Whitestone REIT (WSR)
2:50 - EPR Properties (EPR)
6:05 - Alexandria Real Estate (ARE)
8:25 - Helios Towers (HTWS / HTWSF)
9:50 - Favorite Foreign REIT Markets
11:12 - International Workplace Group (IWG / IWGFF)
13:30 - My Favorite Property Sectors for 2026
21:27 - My Favorite Picks for 2026
24:20 - My Background
28:20 - REITs and Interest Rates
31:30 - Canadian Net REIT (NET.UN:CA)
33:53 - Blue Owl Capital (OWL) and Patria (PAX)
37:35 - How to Value REITs
39:03 - Core vs. Retirement Portfolio
40:54 - EPR Properties Preferred Shares (EPR)
42:10 - Helios Towers (HTWS / HTWSF)
43:35 - Gladstone Land Preferred Shares (LAND)
45:00 - Helios Towers (HTWS / HTWSF)
45:30 - How I Would Invest New Capital Right Now
46:46 - Inflation vs. Deflation
50:12 - My Favorite Strip Center REITs
52:00 - VICI Properties (VICI)
54:40 - European Self Storage REITs
56:40 - Sila Realty Trust (SILA) vs. Global Medical REIT (GMRE)
57:40 - Crown Castle (CCI)
59:24 - WeWork vs. IWG
1:01:52 - REITs vs. Private Real Estate
1:04:20 - Clipper Realty (CLPR) and NewLake Capital Partners (NLCP)
1:05:45 - Safehold (SAFE)
1:07:02 - US vs. European Self Storage REITs
1:08:40 - Deep Value vs. Quality Value REITs
1:10:30 - Debt Crisis
1:12:20 - How to Estimate NAVs
1:13:30 - Different Opinions Between HYL Analysts
1:14:42 - IWG US Listing
1:15:30 - My Favorite High-Yielding REITs
1:17:30 - OTC Stocks
1:18:20 - RCI Hospitality (RICK)
We plan to host similar webinars on a regular basis, so stay tuned for the next one!
TRADE ALERT - Core Portfolio December 2025
I think that one of the most overlooked direct beneficiaries of the AI revolution is cell tower REITs.
I have done additional work on this topic and continue to reach the same conclusion: data usage is likely to grow exponentially from here as a result of all the data-intensive AI applications, such as ChatGPT, self-driving vehicles, robotics, smart infrastructure solutions, and eventually humanoid robots. That “eventually” is not that far out in the future as many seem to think.
The higher data usage will increase the need for cell tower infrastructure and force their tenants to increase investments in equipment, resulting in higher rents over time. Even then, the market does not seem to have considered this narrative just yet.
Everyone is busy piling into data center REITs as if they were the only AI winners, when in reality, cell towers are clear winners as well, and yet, this is not reflected in their valuations, which remain historically low.
For this reason, we have decided to increase our exposure to cell towers, expecting them to surprise the market over the coming years as growth accelerates, resulting in significant upside when the narrative changes.
But which cell tower REIT is the best opportunity right now?
