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 […]