In short: Harrington's favorite REIT: the land-bank spin-off from Lennar (last year), ~10% yield, "a great company, really well managed." Her broader REIT case — capital-starved for years (cap rates timed at 6–8% vs 4% five years ago), now a "halo trade" (heavy asset, light obsolescence) with AI cutting burdensome operations.
A REIT (real estate investment trust) owns income-producing property and passes most of its profit to shareholders as dividends. Harrington's favorite is Millrose Properties, a "land bank" that homebuilder Lennar spun off last year — it owns land and supplies it to builders — paying about a 10% dividend yield. Her broader case: REITs have been "starved of capital" for years, so almost no new buildings got constructed; that scarcity pushed up the returns available on property (cap rates — roughly the yield a property earns — rose from 4% to 6–8%). On top of that, AI is slashing the paperwork-heavy parts of running these properties (she cites apartment owner Mid-America and rental-home owner American Homes 4 Rent). She calls REITs a "halo trade" — heavy on hard assets, light on obsolescence risk — though after a 30% two-year run she expects steady gains, not a huge pop.
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