Sold some AT&T, replaced it with Omega Healthcare Investors

Last week I sold half of my shares in AT&T (NYSE:T) and replaced it with Omega Healthcare Advisors (NYSE: OHI).

I had bought shared of AT&T all through 2013, 2014 and 2015, and it was my biggest holding in most accounts I manage. With this move up my portfolios had become very overweight with this telecom giant. With AT&T passing its average ten-year valuation, and with dividend growth certain to be moderated by delevering, I went ahead and sold half of my AT&T.

I replaced it with Omega Healthcare Advisors, the biggest 'pure play' skilled nursing facility REIT. I did so because Omega is significantly undervalued, has a higher yield than AT&T, and because I could use to have more healthcare exposure in my portfolio. I've written an article about Omega on SA last month.