Why invest in REITs today?

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If Big Yellow Group $BYG gets bought out by Blackstone $BX, I will likely reallocate the proceeds into $SHUR and $SAFE. European self-storage is a big opportunity and I want to remain invested in it.

It is rumored that $BX may soon make a buyout offer for $BYG. I have held it for over 10 years, first buying it following the Brexit crash, and I don’t want to let it go:

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It is a tough time to be a capitalist in NYC right now. My unkie is afraid to wear his breeches and tophat when he rides the subway.

My favorite REITs to buy in November 👇🏻

$FRT owns the best assets in the retail peer group. Others are not even close. Even then, it is not priced at its typical premium valuation today.

$REXR is unlikely to get pushed into a privatization out by Elliott. It is just too big. However, I would expect them to put pressure on them to sell more assets and buy back more stock.

$WSR is one of just a few retail REITs to have issued long-term guidance for same property NOI growth. They expect 3-5% annual growth through 2029 and break down their math on this slide. The REIT has gone from being a turnaround story to becoming an undervalued growth play.

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Warren Buffett invested in Lamar Advertising $LAMR via Berkshire Hathaway. Its billboards are a classic example of a moated business with attractive long-term growth prospects. Even then, I prefer many other “moated” REIT opportunities, such as $EGP and $SBAC.

Hard for me to understand why the market is still pricing a blue-chip REIT like $NNN at a near 6% dividend yield even as short-term rates are going to the low 3s within a year from now:

Strong statement from $MPW's CEO. They believe that their balance sheet is now safe enough to shift to buybacks: “Our recently transitioned portfolio continues to ramp cash rents as expected. Following the successful re-tenanting of our California hospitals, we have increased

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My latest thoughts on $ARE

Over $7 trillion in money market funds. Surely, some of that will make its way into REITs as interest rates are cut another 100 basis points over the next year:

$SRC earned us great returns under the leadership of Jack Hsieh, who oversaw its transformation into a higher-quality REIT and later sold the company to Realty Income (O) for a large gain. We expect more of the same from $MAC, now under the leadership of the same CEO.

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I expect these REITs to crush the returns of the $VNQ ETF going forward (see comments):

$MAC is on a path to $30 per share by the end of 2028. That’s based on $2 of FFO per share and a 15x multiple post-transformation, in-line with $SKT’s current multiple. Even if I am off a bit, the risk-to-reward remains attractive.

$MAC has already made significant progress in deleveraging its balance sheet. As it becomes more comparable to $SPG and $SKT, I expect its multiple to expand.