Andrzej Rostek/iStock via Getty Images In the early 1990s, the Modern REIT Era commenced due to the abundance of overleveraged private real estate companies with no path to new equity other than to ‘sell’ shares to the public at a price below their perceived value. To quote Chilton REIT Strategy founder Bruce Garrison, “They had to decide whether they wanted to own 100% of something worth zero or ...
Andrzej Rostek/iStock via Getty Images In the early 1990s, the Modern REIT Era commenced due to the abundance of overleveraged private real estate companies with no path to new equity other than to ‘sell’ shares to the public at a price below their perceived value. To quote Chilton REIT Strategy founder Bruce Garrison, “They had to decide whether they wanted to own 100% of something worth zero or a lower percentage of something with actual value.” Over the next 30 years, public REITs proved that the public path was an avenue to create wealth for shareholders, as well as founders and management teams, compounding total returns at +7.9% from 1992 to 2021 using the FTSE NAREIT All Equity REITs Index (Bloomberg: FNER). However, selling 100% of a company is a different decision that mixes personal incentives with business incentives. A whole company sale usually results in job losses, sometimes for those making the decision to sell (or not). Therein lies the ‘principal-agent problem’ of investing. We believe that the public REIT market is ripe for mergers and acquisitions (M&A) and have thought so for several years. While 2026 is off to a good start due to a $10.7 billion public-to-public merger of National Storage Affiliates ( NSA ) into Public Storage ( PSA ) and a take-private of Veris Residential ( VRE ) for $3.4 billion, we are optimistic that more REIT management teams and boards of directors will put personal considerations aside and act in shareholders’ best interests in 2026. NAV: Irrelevant Until It’s Not Net Asset Value, or NAV, is the estimated private market value of a company. All else equal, in an efficient market, public REITs would have market prices that reflect current NAV plus or minus the public’s perception of future NAV growth. However, as of March 31, 2026, the median REIT trades at a 15% discount to NAV ( Figure 1 ), and the 86 public REITs we cover range from a 55% discount to an 87% premium. In fact, public REITs have traded at a discount on ro...
Agreement comes after Wellington halted millions in aid to its former colony after Cook Islands formed strategic partnership with Beijing New Zealand and the Cook Islands have signed a defence and security declaration, ending a year-long diplomatic row that erupted after the Cook Islands struck strategic agreements with China. The Cook Islands was a dependent New Zealand colony from 1901-65 but ha...
Agreement comes after Wellington halted millions in aid to its former colony after Cook Islands formed strategic partnership with Beijing New Zealand and the Cook Islands have signed a defence and security declaration, ending a year-long diplomatic row that erupted after the Cook Islands struck strategic agreements with China. The Cook Islands was a dependent New Zealand colony from 1901-65 but has since operated as a self-governing nation in “free association” with New Zealand. Its roughly 17,000 citizens hold New Zealand citizenship. There are obligations between the two nations to regularly consult on matters of defence and security. Continue reading...
Stocks fell and the dollar rose as markets stayed jittery after President Donald Trump warned the US would hit Iran “extremely hard” within two to three weeks, disappointing traders who had hoped for clearer signs of an end to the war. US futures slid while a gauge of Asia Pacific shares extended losses to as much as 1.6% shortly after Trump’s speech commenced. A Bloomberg Dollar gauge gained as m...
Stocks fell and the dollar rose as markets stayed jittery after President Donald Trump warned the US would hit Iran “extremely hard” within two to three weeks, disappointing traders who had hoped for clearer signs of an end to the war. US futures slid while a gauge of Asia Pacific shares extended losses to as much as 1.6% shortly after Trump’s speech commenced. A Bloomberg Dollar gauge gained as much as 0.3%. Here’s what analysts say: Nick Twidale , chief market analyst at AT Global Markets The market was craving some clarity on when the conflict will finish but this speech has just added more uncertainty. Investors are clearly unimpressed and I think we could see more downside for global markets today. I think we were hoping that he would announce an end today, and markets are disappointed that it did not happen. Overall I think that despite him saying it’s ending soon, that key update that he will hit Iran in the next few weeks is hugely negative for the markets. It means the war may continue. Dilin Wu , a research strategist at Pepperstone Group His speech is indeed disappointing. Trump announced victory while also threatening strikes on Iran’s energy and electricity facilities and saying he might deliver major blows over the next two to three weeks — so effectively it’s business as usual. The earlier talk about withdrawing from the Middle East now looks more like a way to calm markets while keeping pressure options open. He clearly still prefers a pressure‑first strategy rather than a clean de‑escalation. Jumpei Tanaka , head of investment strategy at Pictet Asset Management Japan Ltd. Trump’s speech was not what the market had hoped for — namely, signals pointing toward an end to the conflict. Instead, he suggested a potential escalation, stating that the U.S. could deliver extremely severe strikes against Iran within the next two to three weeks and warning that Iranian power plants would be targeted if no agreement is reached. As a result, the remarks are bein...