This entry treats public REITs from the capital-deployment angle: an allocator deploying capital into exchange-traded REITs as a deliberate, liquid real estate strategy to earn returns from REIT dividends and share-price appreciation.
Log in to followReading the management agreement on a smaller externally managed REIT and the incentive structure is pointed the wrong way for what I want to do with it. Base fee is 1.5% of stock…
I look at debt more than equity, so when I see the valuation gap argument I want to know whether it reaches the paper side. The names I follow hold agency MBS and some whole loans…
I have been building spreadsheets for months instead of buying anything, and part of it is that I cannot pin down the running cost of doing this properly. What I think I understan…
Working through a supplemental for a mid-cap industrial name and the headline story (REITs implying 6.3% against private appraisals around 5.1%) keeps shrinking as I strip things…
I have a target allocation of about 12% to listed real estate and roughly $400k to move into it. My default is a slow build, equal tranches over eight quarters, because I do not t…
Everything I read frames the REIT-to-private valuation gap as a reason to deploy into listed. My underwriting keeps producing the other resolution. Concretely: my private open-end…