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 […]

Seniors Housing (SH) REITs are on a historic run.  Typically, average SSNOI (same store net operating income) growth is 3-4% for all REITs.  In contrast, Welltower (NYSE: WELL), the largest SH owner, is on track for its fourth consecutive year above 20%, and Ventas (NYSE: VTR) is pacing for four years well into double digits. […]