Green Street Advisors

 

 

REITs on the Rebound: Where to Shop Now

Green Street’s Mike Kirby sizes up mall operators, the New York real estate market, and red-hot unicorn WeWork.

Few people are better equipped to assess real estate investment trusts, or REITs, than Mike Kirby, chairman and director of research at Green Street Advisors, the leading independent research firm focused on the sector. Kirby co-founded Newport Beach, Calif.–based Green Street in 1985. Today, the company has 46 analysts following 83 North American and 45 European real estate companies.

Green Street has an outstanding long-term record. Its Buy recommendations have returned 23% annually since 1993, against 11% for all companies in its coverage universe and 1% for its Sell choices. Kirby, 56, has been interviewed several times by Barron’s, mostly recently in 2013, when he offered a bullish assessment of REITs. In a recent interview at Barron’s office, he discussed REIT valuations, the controversial mall sector, the New York commercial real estate scene, the hot unicorn WeWork, and a trailer-park operator.

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