Transcription of US Real Estate Indicators Report
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US Real Estate Indicators Report
Lazard Global real Estate SecuritiesUS real Estate Indicators ReportRD22659 Since initial price weakness in January and February, in which real Estate investment trusts (REITs) were down by as much as 12%, REIT performance has steadily improved, gaining year to date. The performance recovery is certainly welcomed by real Estate investors as many thought the early year swoon was unwarranted from both a valuation and fundamentals perspective. However, the trifecta of potentially higher rates, an aging real Estate cycle, and the market s focus on growth over value have kept REITs perennially chasing broader equity returns (the sector has underperformed broader equities by 12% over the last year and 5% year to date). Domestic real Estate fundamentals remain decent, if not improving slightly in many sectors, as the economy strengthens (at least for now). In addition, the latest second quarter earnings season seems to confirm those fundamentals: real Estate pricing remains firm, REIT balance sheets are arguably in the best shape since the start of the modern REIT era, and the REIT merger and acquisition (M&A) environment is providing a strong mark-to-market.
Lazard lobal Real Estate Securities US Real Estate Indicators Report RD22659 Since initial price weakness in January and February, in which real estate investment trusts (REITs) were down by as much as 12%, REIT performance
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