It has been three years since we published our September 2023 REIT Outlook titled ‘Warren Buffett Should Buy the Cell Tower REITs’.  In the three years from September 1, 2023, to August 31, 2026, the straight average total return of the three cell tower REITs was -3.8%, or a disappointing -1.4% annualized.  This compares to […]

Following two years of underperformance, lodging REITs surged to the top property type of 2026.  Part of the strength reflects improving industry fundamentals.  Accordingly, Smith Travel Research revised its 2026 US revenue per available room, or RevPAR, forecast from +0.6% in the February release to +2.8% in the June 2026 release.  The upgrade owed little […]

AI’s rapid evolution is producing substantial productivity gains, and we fully expect gains to continue.  The expectation for exponential growth into perpetuity is driving volatility across the broader market, but, more importantly, we are seeing the early stages of a rotation into HALO asset classes (Heavy Assets, Low Obsolescence, introduced by Josh Brown on CNBC).  […]

In the early 1990s, the Modern REIT Era commenced due to the abundance of overleveraged private real estate companies with no path to new equity other than to ‘sell’ shares to the public at a price below their perceived value.  To quote Chilton REIT Strategy founder Bruce Garrison, “they had to decide whether they wanted […]

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 […]