HITR Flash Q1 2024 The Next Big Thing Investors are often trapped in a myopic position of looking at markets and investment returns on a day-by-day and monthly basis. It’s easy to get caught up in the crisis of the moment as media talking heads and their expert guest enablers jockey to say something more sensational and more headline grabbing than the last expert. Welcome to the world of soundbites and social media. As investment … [Read more...]
REIT Flash 2024 Q1
April 18, 2024 by
1Q24 REIT Flash - pdf click here 1Q24 REIT Review/Outlook Executive Summary REITs underperformed the broader market during the quarter. Publicly traded REITs continue to trade at a substantial discount to their net asset value (NAV) versus the private market values of their portfolios. It is our forecast that these discounts are bottoming and will begin to narrow as REIT valuations move up and private market values adjust to the generally higher cost of capital and … [Read more...]
REIT Whitepaper – Unsecured Debt Issuance
February 22, 2024 by
REIT Whitepaper - pdf click here REIT Unsecured Debt Issuance – Advantage Public REITs There has been a flurry of Unsecured Bond issuance by the Publicly Traded REITs YTD. This has strengthened corporate balance sheets and provides the REITs with a competitive advantage at a time when other CRE borrowers are struggling to access new/refinance existing debt. The collective public REIT balance sheet is in excellent shape with record low levels of leverage and ample … [Read more...]
REIT Outlook 2024
December 11, 2023 by
REIT Outlook 2024 - Pdf Click Here REIT Outlook 2024 Brighter Prospects Ahead After Two Disappointing Years 2024 Return expectations –We expect REITs will generate 8-10% total returns in 2024, approximately half comprising of a cash dividend yield of ~4%. REITs are on track to generate about 3% total returns over 2023. This is slightly below our forecast of +5-7% for Y23 a year ago as the REIT sector and capital markets have declined as the Federal Reserve has raised interest rates to curb inflation. In 2024, we assume there will be an economic … [Read more...]
Micro Cap Mid Q2 2024 Flash Report
Uniplan Micro Cap Portfolio Flash Report - pdf click here "Every virtue carried to the extreme, is a vice." ~Aristotle At our investment policy committee meeting in 1Q23, we summarized the relative valuation disparity between Micro Cap stocks and their larger S&P 500 brethren. Our conclusions were as follows: Executive Summary: The Equity Risk Premium looks unattractive for large stocks but highly attractive for small stocks. Historically, small stocks have provided higher returns than large … [Read more...]