October 1, 2017

Silver Lining to Harvey & Irma: Surging REIT Fundamentals

Natural disasters are, unfortunately, part of life.  They are predictably unpredictable, which is an attribute that can influence population growth, job growth, and real estate.  The invention of insurance, provided by companies that can diversify their risk among multiple cities, has enabled cities that are prone to such disasters to […]
September 5, 2017

It’s a Great Time to Own a Warehouse

Supply chain innovation, e-commerce, and measured new supply have led to the best operating environment for industrial REITs that we can remember.  However, investor demand has also surged.  Industrial real estate is trading at record-high cash flow multiples in the public and private markets.  For the first time in our […]
August 1, 2017

REITerating our Conviction on High Quality Retail Real Estate: Strip Centers

It seems every day a negative news article is written about brick-and-mortar (B&M) retailers, questioning the future of retailers and retail real estate due to the impact of e-commerce (also read “Amazon” (NASDAQ: AMZN)).  As a result, the S&P Retail sector ETF (NYSE: XRT) is down 5.9% year to date, […]
July 5, 2017

REITerating our Conviction on High Quality Retail Real Estate: Malls

Stock performance over the long term should be based on fundamentals, but short term performance can be heavily influenced by sentiment.  Nearly impossible to quantify, sentiment can most certainly be felt, seen, and heard.  We believe the recent collapse in mall and shopping center REIT share prices may be the […]
June 1, 2017

Apartment REITs: A Deep Dive into Supply/Demand Forecasting

After 5 years of above average apartment REIT Same Store Revenue (SSRev) growth, concerns of increasing supply in 2016 threatened the outlook for the sector.  As a result, apartments (Bloomberg: FNAPTTR) underperformed the MSCI US REIT Index (Bloomberg: RMS G) by 570 basis points (or bps) in 2016.  Yet, in […]