Demographic shifts have long influenced REIT performance, often acting as early indicators of real estate demand.  In 2025, key demographic trends – including an aging population, migration shifts, affordability constraints, and income disparities – are shaping sector allocations and investment strategies as they have for years.  However, while demographics provide valuable context, we recognize that […]

Historically, following periods of rising interest rates, REITs have outperformed the S&P 500 over the subsequent 90-, 180-, and 365-day periods as shown in Figure 1 below.  We discussed this phenomenon in great detail in our May 2024 REIT Outlook titled An Interesting Time to Invest in REITs.  From its May 1st release through September […]

We recently attended the annual REITWeek conference, where we conducted 36 meetings with REIT CEOs and CFOs.  We also attended four organized dinners, one property tour, and a run around Central Park with a REIT management team to maximize our time in New York City with REIT executives. – The key themes were: 1) a […]

Following a spectacular year of total returns and relative outperformance in 2021, multifamily REITs have underperformed the MSCI U.S. REIT Index (Bloomberg: RMZ).  The underperformance for multifamily REITs has been a product of both the macro environment (rising interest rates) and record high apartment deliveries, especially in Sun Belt markets.  While the fears are for […]

We recently embarked on a three-day expedition to Los Angeles for the annual REITWorld conference.  We conducted 29 meetings, including 10 exclusive one-on-one sessions with REIT CEOs and CFOs.  Additionally, we attended two property tours organized by companies with properties in the area, for which we were able to not only meet with the CEOs […]