I do not want a REIT to be my largest holding.
I sold 33 shares LTC Properties (LTC) at $37.37/share + commissions. I decided to to prune back the position since it has increased in value immensely and has overtaken PM as the top holding in my portfolio. I never meant for LTC to be a top holding, it more or less happened by accident. The original purchase was made in March 2011 at around $28 and I averaged down last August when it was trading around $23 (I couldn't resist). I then dripped the shares for 6 months until it recovered to the original purchase price. Using the average cost basis I booked a 53% total return profit.
I plan to use the proceeds to buy shares in a different REIT. I like SNH specifically at this point in time. I need to spend time researching the sector, I'm looking to find a decent yield.