While underlying fundamentals are improving across most property types, REITs (measured by the MSCI US REIT Index (Bloomberg: RMZ)) underperformed the S&P 500 for the fourth straight year in 2025. With technology stealing headlines due to the incredible potential of AI, investor interest in public REITs continues to languish, ignoring what we view as an […]
January 1, 2026
After we discussed triple net REITs in our June 2021 REIT Outlook, rising interest rates turned spread math into a moving target. From 2022 to 2024, higher weighted average cost of capital (or WACC), a slower transaction environment, and shifting acquisition cap rates made value creation difficult to underwrite. In 2025, the pieces are finally […]
