Raj Rehan

Raj Rehan, head of real estate securities, Americas at BlackRock, participated in a video interview during Nareit’s REITwise: 2024 Law, Accounting & Finance Conference held March 19-21 in Hollywood, Florida.

Rehan discussed the current state and future outlook of real estate capital markets. He described the markets as "thawing," indicating a gradual recovery from a period of limited activity.

Rehan also emphasized the significance of public debt and equity markets leading this thawing process, with spreads tightening and notable activity in REIT equity issuance.

Looking to 2024 and beyond, Rehan anticipated the market's performance would be influenced by broader economic factors such as equities and fixed income. While acknowledging short-term volatility, he expressed optimism about the attractiveness of REIT sectors. "It may not be this calendar year, but [we see] high single-digit returns" on the horizon, reflecting a cautiously optimistic outlook for the sector.

Rehan also highlighted the ongoing debate around sustainability within the investment landscape and pointed out the significance of SEC climate disclosure rules. Despite legal challenges and potential impacts from the election cycle, most REITs are already aligning with the proposed rules, reflecting a broader trend towards environmental transparency, he said.