Today I sold off two of my REITs: Ventas (NYSE: VTR) and Public Storage (NYSE: PSA). These REITs are all up on lower interest rates more than they are up for fundamental reasons. Both REITs are well above their historical price/FFO ratios. I had 20%-30% gains on both of these and I decided to cash those in.
I took the proceeds from both and plowed them into AT&T (NYSE: T), which is yielding a healthy 5.6% and is below its average price to earnings. AT&T is now the largest holding in an IRA which I manage for a family member (Kinder Morgan Inc. is #2).
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