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Articles by Jason A. Yablon
A new market regime for REITs
For more than a decade following the global financial crisis (GFC), low inflation and supportive central banks encouraged investors to eschew diversification and embrace equity risk and leverage. More recently, investors have been concerned about allocating money to listed real estate in an environment of ‘higher for longer’ interest rates. In fact, real estate has not been this under-owned since the global financial crisis.
Some REITs are poised for a post-recession peak
There was a dramatic performance difference between listed and private real estate in 2022. While REITs, as measured by the FTSE Nareit All Equity REITs Index, were down 27.9% through September and 21% through November, the NCREIF ODCE index, a measure of private real estate that is calculated quarterly, was up 13% through September on a total return basis. Based on history, however, we believe this gap in performance will not persist.
Guest view: Why we see favourable entry points emerging for REITs
Investors have priced in a negative, forward-looking view of listed real estate. Slowing growth and higher inflation have created a stagflationary backdrop that has been especially challenging for REITs. The result is that there has been a dramatic performance difference between listed and private real estate in 2022.
Where to? Recession and the road map for listed and private real estate
Real estate is being repriced as investors come to grips with a new cost of capital and slowing growth. We see the economic regime shift creating the potential for strong vintage returns. The turning of the economic cycle to a decelerating growth or contracted environment, higher financing costs and tighter availability of financing are shifting the private and listed real estate landscape under our feet.
Recession and the roadmap for listed and private real estate
Index definitions and important disclosures An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment. Data quoted represents past performance, which is no guarantee of future results. The views and opinions presented in this document are as of the date of publication and are subject to change.
REITs: Answering the call for DC plan diversification
Index definitions / important disclosures An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment.
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