The third quarter proved difficult for the markets, as tighter monetary policies globally were utilized to combat ongoing inflation. Shares of REITs globally are trading at historical trough levels of discounts to private real estate values, even after considering more conservative underwriting assumptions for a structurally higher interest rate environment.
While private real estate markets have begun to see some price correction, listed REITs globally are already discounting a materially more difficult economic environment with elevated cost of financing.
We continue to position our portfolio in companies that can demonstrate strong top line growth, with limited wage inflation risk and trade at reasonable valuations. There remains an opportunity for active real estate managers to add alpha as technology and mobility impact the way people live, work and play.
Public REIT Securities
Diversified portfolios of publicly traded real estate companies designed to meet a wide range of investor objectives
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