I’ve given plenty of analysis on company-specific REIT opportunities on Seeking Alpha, highlighting several of my favorite plays publicly (RPT Realty(RPT) as a recent example). Today, I’m going to put on a different hat: we’re going to talk macro. Macroeconomic trends and sector-wide valuations play a large part in every trade I make and while I include broader thoughts in bottom-up research notes on REITs, trends in commercial property deserve its own dive. What I’m going to hit today is what drives publicly-traded REIT benchmark performance and, perhaps most importantly, what the environment looks like today going forward. My hope here is that this data helps explain why the market has acted like it has towards certain subsectors of property and how investors can best position themselves in 2019 and beyond.
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