REIT Market Commentary

REIT Returns as of the Beginning of 2017

A below-standard year for exchange-traded Equity REITs was still better than their counterparts in the illiquid real estate market, while a stunningly successful year for exchange-traded Mortgage REITs wasn’t all that out of the ordinary. Read More

How Are Equity REITs Positioned for Higher Interest Rates?

How well are stock-exchange listed Equity REITs positioned for the interest rate environment ahead?  Read More

Renter Nation? Rising Home Ownership Gives Some Competition to Multifamily REITs

The apartment market has been riding a wave of robust demand and rapidly rising rents for the past several years, pushing multifamily into the leading ranks of commercial real estate. Recently, however, there have been some signs of softening. Read More

Understanding the Term Structure of Correlations

One of the most important investment metrics is the term structure of correlations between any two assets.  Correlation measures the degree to which the returns for a pair of assets move together. Read More

The Surprising Comparison of Diversification Benefits from U.S. REITs and International Assets

The bedrock of any investor’s portfolio—no matter how small, no matter how large—is an allocation to the broad U.S. stock market.  To go just the tiniest step further, most investors start with a mix of U.S. stocks and U.S. bonds.  The question is what to add to that basic portfolio. Read More

Using REIT Yield Spreads to Make Tactical Investment Decisions

As of the end of September 2016 the average dividend yield for stock exchange-traded Equity REITs was 3.70%.  That’s extremely low by historical standards: in fact, the average Equity REIT yield has been greater than 3.70% nearly 90% of the time stretching all the way back to the beginning of 1972.  Read More

Soft Jobs Numbers Pose Downside Risks to Real Estate, REITs

What happens if “two steps forward, one step back” turns into “two steps forward, two steps back”? Read More

Not Your Grandad’s REIT: Pictures of an Evolving REIT Industry

The REIT industry has evolved as it has expanded, and looks quite different today than it did a generation ago. Read More

Growth of REIT NOI: Signs of a Maturing Sector

Total NOI of stock-exchange listed Equity REITs has nearly tripled over the past ten years, to more than $20 billion each quarter since mid-2015.  Read More

REITs Post Robust Earnings and Dividend Payments In Q2

Equity REITs posted robust earnings in the second quarter, according to the NAREIT T-Tracker®, with total FFO of all listed equity REITs increasing 7.1 percent, representing a 10.3 percent gain from one year ago. Read More