Videos and Interviews
Jan 7, 2019
FlowTracker Helps Explain Disconnect in Public and Private Pricing
Dave Bragg discusses the relationship between public and private market real estate values. While REITs have, on average, traded in line with the underlying value of their assets over the last three decades, they have traded at least 10% above or below NAV about half the time. One explanation is that public pricing often leads private pricing. However, the public market periodically “predicts” changes in pricing that never transpire.
Dec 20, 2018
Office Cap-Ex Load Among Highest in its Property Universe
Analyst Danny Ismail shares perspective on the office sector and bright spots at the market-level. “The amount of tech companies that still want to locate in the city of San Francisco continues to be high,” he said, adding that Nashville, Austin, and Atlanta are also thriving. Ismail also said that co-working companies have had a lot of success the past few years, noting that WeWork did not exist 10 years ago, but today is the largest private tenant in Manhattan.
Dec 5, 2018
Retail Real Estate Gaining Validation from Digitally-Native Brands
While at Nareit's REITworld: 2018, retail analyst, Spenser Allaway highlighted the efforts underway by retail landlords to remain competitive in the current evolving environment. Allaway also discussed net lease REITs and the benefits they are seeing from portfolio diversification and more service-oriented concepts.
Nov 21, 2018
The Growth of REITs Around the Globe
Justin Brown, Senior Vice President, Advisory & Consulting, explains how REIT markets are “poised for growth” around the world. India, for example, recently finalized REIT legislation, offering investors the chance “to invest in stabilized, institutional-quality real estate.” Justin describes some of the challenges global REIT portfolio managers face when comparing the relative attractiveness of REITs across borders including tax structures, the treatment of capital expenditures, and sovereign risk.
Jul 18, 2018
European Real Estate Returns Outpace U.S. Returns Compared to Local Bond Rates
Cedrik Lachance, director of REIT research, compares real estate returns in Europe and in the U.S. and finds Europe more attractive. Although comparing real estate valuation globally is widely challenging, Cedrik leans on Green Street’s unique ability to spot investment opportunities to identify three sectors that stand out as having the best risk-adjusted return expectations.
Jun 21, 2018
Craig Leupold Expects Increased M&A, Privatization Activity
In a recent interview, CEO Craig Leupold shares views on valuation, interest rates, and activism. He describes Green Street’s evolving valuation approach with the addition of implied IRRs made possible by the new Real Estate Analytics product line. On the topic of rising rates, Craig notes that while real estate can be a decent inflation hedge, higher rates have recently proven to be a relative headwind for REITs and real estate. Finally, Green Street sees rising M&A and privatization activity reducing the number of REITs in the short-term.