Download the PDF version. – When we last wrote about multifamily in our February 2024 REIT Outlook, the story felt simple: a 50-year peak in deliveries, collapsing starts, the Fed nearing the end of its hiking cycle, and a rent recovery on the other side. While the supply call was right, apartment rents have been […]
October 1, 2026
Download the PDF version. – 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 […]
August 1, 2026
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). […]
May 1, 2026
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 […]
April 1, 2026
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
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. […]
