June 1, 2018

Cell Towers: Mission Critical for the Future

We have long considered the cell tower business model as one of the most attractive, boasting consistent cash flow growth with low maintenance capital expenditures.  As such, the cell tower REITs, consisting of Crown Castle (NYSE: CCI), American Tower (NYSE: AMT), and SBA Communications (NASDAQ: SBAC), produced average annualized total returns of 15% […]
May 1, 2018

Lodging REITs: Poised to Outperform

Since President Trump was elected on November 9, 2016, the lodging REIT sector (Bloomberg: BBREHOTL Index) has outperformed the MSCI US REIT Index (Bloomberg: RMS G) by over 2,350 basis points (bps) through April 16, 2018. The strong stock performance has likely been in anticipation of the pro-growth and pro-business […]
April 2, 2018

Negative Prognosis for Healthcare REITs

When we last discussed the healthcare REIT sector in our May 2014 Outlook, the sector was riding high.  Citi had it consistently trading at a large premium to its net asset value (or NAV) since early 2009.  Our recommendation that investors avoid the sector was a bold call, but it […]
March 1, 2018

Equity REITs at Bargain Prices: An Asymmetric Opportunity

A ‘correction’ is defined as a decline of 10% or more from a recent high. As of February 23, 2018, the MSCI US REIT Total Return Index (Bloomberg: RMS G) was trading 11% below its recent high on December 18, 2017. Some pundits assert that a correction can be healthy […]
February 2, 2018

Single-Family REITs: Consolidating a Fragmented Industry

Single-family rental homes (or SFRs) have historically been dominated by local “mom and pop” investors considering they own 99% of the 16 million rental homes in the United States. In fact, until the Global Financial Crisis of 2008-09, institutions avoided the asset class due to the lack of available scale […]

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