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Hedge Fund Sours on Data Center REITs – COR, DLR, DFT

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Although the entire real estate investment trust (REIT) sector has come under pressure recently, data center REITs have the added negative of a hedge fund manager questioning the industry’s outlook. That may present a buying opportunity for a sector that has years of growth ahead. Hedgies Barron’s recently reported that hedge fund manager Jonathon Jacobson of Highfields Capital Management is not only questioning the accounting of data center REIT giant Digital Realty (NYSE: DLR), but is also suggesting that the entire sub-sector is facing strong headwinds. The accounting concerns are a specific negative for Digital Realty, which has fallen from the high seventies to the low sixties over the last few months. The broader fear, however, may be overblown. The Cloud The data center REIT model is based on the trend toward increased use of the Internet. Since computers can be accessed over vast distances, there’s little need for every company to have their ... Read More »

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