Real estate, alternative real assets and other diversions


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The Green Line - February 2019

Once a month we will bring you an interesting chart with a short commentary. Our aim is to illuminate the corners of financial markets. TINA turning? Rising returns on cash may cause investors to withdraw from riskier assets such as equities and corporate bonds Ever since the authorities cut interest rates around the globe to zero (or near zero) in the aftermath of the credit crisis there has been a strong incentive for savers to hold risky assets. With cash in the bank effectively... Read More >

Recent Articles:

REIT VIEW: EUROPEAN REITS OUTLOOK A closer look at REITs in the European continent
Having completed another satisfying, successful year as a U.S.-based REIT analyst, I found myself again curious and wanting a closer look at REITs in the European continent – which is geographically slightly larger than the U.S., but sports a Read More >
Ruffer Investment Review The purpose of this review is to present a balance between the acknowledgement that we have let people down in 2018, and to state that we are fully prepared for the battles ahead – which we are.
“I thought you chaps at Ruffer said that you’d never lose money for me – what’s gone wrong?” The weakness in markets reflects the passing of an inflexion point of mood: from a sensation that we’ve been living through extremely Read More >
Triple B or not triple B? That is the question… Growing risks in corporate debt markets spell big trouble – and big opportunities
For income-hungry investors that have hoovered-up corporate debt in recent years, this really matters. Call me nostalgic, but investment grade (IG) credit just isn’t what it used to be. Theoretically, IG bonds and borrowers are highly Read More >
Consilia Capital Real Assets Monitor Annual Performance for 2018
The report is divided into the following sections: 1)       A summary of 2018  performance  The table below, shows the average 2018 performance per mandate, and is ranked by 2018 returns with 2017 and 2016 figures for comparison.  Read More >
2019 STRATEGIES: WINNING WITH REITs & INFRASTRUCTURE Investors would be wise to recognize REITs’ valuable and defensive nature
As we ended 2018, I noticed a quite compelling place that REITs serve in a well-balanced diversified portfolio. While Real Estate Investment Trusts (commonly referred to as REITs) tend to get attention due to their yields, investors would be wise Read More >
President Trump’s EO is yet another boost for the US economy Brad Thomas' view on the investment initiative designed to create new “opportunity zones”
The American economy is booming thanks to President Trump’s pro-growth policies, and now the President can set his sights on ensuring that prosperity reaches every nook and cranny of the country. In a move designed to help underperforming Read More >
Singapore REITs #6 The market update for December
FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) has increased from 767.98  to 783.05 (+1.96%) compared to my last post on Singapore REIT Fundamental Comparison Table on 5 November 2018. Currently the index is trading in a Read More >
What The Trade War Means For REIT Investors A look at what could happen to REITs should current negotiations fail and the trade war escalate well into 2019
The U.S. hasn’t seen a large and protracted trade war since the early 1930s, which coincided with the Great Depression. With the U.S./China trade war escalating through most of 2018 it has been a confusing and scary time for all investors. Read More >
Peering REIT into the Future A look at five technology REIT favourites and where they could be heading
Last week, in these pages, I talked about what I’ve discovered over several decades in Real Estate. Not only these days as a U.S.-based writer, covering Real Estate Investment Trusts (REITs), but also in my time as a developer, investor, and Read More >
Singapore REITs #5 The market update for November
The Singapore REIT sector has broken down from a consolidation pattern and starts a down trend. Let’s look at the technical analysis and fundamental analysis for the Singapore REIT sector in this month’s update. Technical Analysis of FTSE Read More >
Lessons From A Battle-Tested REIT Analyst Reflections on the dark days of the financial crisis
In 2009, prior to becoming a REIT analyst, I was a real estate developer. This means that I was working in the trenches trying to develop sites for companies like CVS, Dollar General and Advance Auto Parts. It wasn’t easy to grasp the impact of Read More >
Demand For Data Fuelling Communications-Based REITs Where automated-driving technology might be taking us
Recently I was reading an article by LBX Investments explaining that “autonomous vehicles are expected to eventually have a transformative impact on our economy, our society, and numerous industries, including commercial real estate and by Read More >
REIT Investing Around The Globe A look at British Land Company, one of UK’s oldest property groups
In a recent interview with NAREIT Scott Crowe said that “year-to-date the global real estate market has been relatively flat; however Europe has been relatively strong”. He explained that “in Europe, for the moment at least, the European Read More >
12 of the Greatest Moat-Worthy REITs An analysis of what gives some REITs a competitive advantage
For today’s look into REITs, we’ll uncover the meaning and benefit of a “moat” surrounding a given investment. I’ll also offer my list of the 12 most “moat-worthy” REITs. Let’s start upstream. In a Harvard Review article, Read More >
A REIT way to invest Competitive advantage in the REIT market
As a committed, passionate, and experienced REIT analyst, part of my steadfast research includes observing principles I can rely on time after time, to deliver alpha and deliver results - and then, share my findings. That’s part of why I Read More >
Retire Rich With These 5 Highly Predictable REITs Picking attractive dividend-paying stocks on sale
Retirement satisfaction is positively correlated with income, net worth, health, and stable income streams. Reports state that investors, who record the lowest levels of worry, don’t have the highest income prior to retirement. However, Read More >
Understanding REITs: The DAVOS Way DAVOS as an acronym helps me narrow down the world of REITs into an index, to make a point.
Just over a thousand kilometers southeast of London sit the mountainous, chilled vistas of Davos, Switzerland. And while I’ve never skied there, I’ve enjoyed invitations to the major economic gatherings in that beautiful, small, yet Read More >
Singapore REITs #4 A market update
So far, in my previous articles, I have introduced the 3 most important financial ratios for analysing and shortlisting REITs, and also the FTSE ST REIT index to gauge the Singapore REITs market sentiment. Moving forward, I will give an overall Read More >
Consilia Capital Real Assets Fund Monitor Listed RE Pension Fund Performance
This monthly report from Consilia Capital on fund performance looks at a number of different topics. August performance  - which strategies performed best? Global real estate securities funds returns August 2018 Source: Consilia Read More >
Thinking Like An Intelligent REIT Investor Is the thrill of victory worth the agony of defeat?
In 2016, my co-author and I decided to publish a book called The Intelligent REIT Investor. The book was published just in time, as U.S. REITs were elevated to a new real estate sector in the closely watched Global Industry Classification Read More >
Trump Tariffs and REITs The Art Of The Chinese Tariff Deal
President Trump announced new tariffs this week on around $200 billion in Chinese goods, and Mr. Market just shrugged it off, as The Art of The Deal was old news. In fact, tough negotiation was a common thread running through President Read More >
All change in UK REIT Land In the last 25 years, the US has moved from under parity to be 11 times the size of the UK market
Returning recently from the EPRA (European Public Real Estate Association) conference in Berlin I was struck by the accelerating pace of change that is now (finally) underway within the UK REIT sector.  A sector, it is fair to say, that has not Read More >
Singapore REITs #3 The three most important financial ratios when analysing and shortlisting REITs
In this article I will share the three most important financial ratios when analysing and shortlisting REITs. I call them the three musketeers of REITs. The 1st musketeer’s name is Yield, he gives you money; the 2nd musketeer’s name is Read More >
Debt Funds – The Balance of Benefits A balanced view of this market shift and how risks and benefits are shared. 
Raising capital for real estate funds has been tougher over the past two years – declining to $124bn in 2017 from $128bn in 2016 and $137bn in 2016 and 2015. By contrast, however, real estate debt managers are seeing allocations increase.  In Read More >
Report on Real Estate Fund performance for July 2018 Consilia Capital Real Assets Funds Monitor - Focus: 10 years on from Lehmans
Most retail (i.e. non-institutional) investors tend to hold their real estate allocation through a collective investment vehicle, or fund. For listed real estate Read More >
U.S. REITS AT A GLANCE: THE RIGHT RISKS WITH BLUE-CHIPS Being realistic about your ability and readiness to stomach big swings in the value of your investments
First, let me offer up my thanks. It’s been over a week since my introductory article appeared here, and I’ve been hearing the response was very good. I’m so grateful. Thank you.  This week I want to touch on “risk” … when Read More >
U.S. REITS At A Glance: From REIT to Shining REIT The world of U.S. Real Estate investing
Please allow me to skip a fuller introduction of myself - time is short, your time valuable, and article word counts understandably limited.  First, thank you for including me in The Property Chronicle. I am honored and humbled to share my Read More >
Singapore REITs #2 On top of individual REITs counters, retail investors also need to be aware of the Overall Market Sentiment by looking at the Singapore REITs Index
In my last article for The Property Chronicle, I gave an overview on: The definition REITs (Real Estate Investment Trust) The reasons to invest in REITs as an alternative to physical real estate investment The Benefit and drawback on Read More >
Singapore REITs – Why, which and when? Why you should include REITs in your current property portfolio
What are REITs? REITs are collective investment schemes that invest in a portfolio of income generating real estate assets. The assets of REITs are professionally managed and rental income generated from assets are distributed back to unit Read More >
Listed Real Estate is in remarkably good health The UK economy is either growing or capable of pumping out reliable income streams
The UK’s listed real estate sector was hard hit by the taper tantrums of 2015. It tried to recover but any hope of a return to the bull market conditions which prevailed from the lows of 2009 were snuffed out by Brexit. The sector hasn’t been Read More >
Shopping centre with glass shop front in foreground A slow dance towards transparency Is the real estate debt funding industry ready to change?
Real estate debt funding globally is a huge machine – turning over $400bn annually in the US, and approximately €225bn in Europe, of which the UK makes up roughly 25-30%. The European figure, however, is a very broad estimate because at any Read More >
A pile of gold coins and bars “No, what I meant was…” Interpreting fund manager euphemisms
Given time, most industries develop a jargon which allows participants to exude a professional glow and some degree of intellectual superiority when addressing outsiders (especially when poised to charge for their services). This is notably true Read More >
US dollars on a wooden table Underwriting to the downside… Why current debt market conditions are both a difficulty and an opportunity
UK lending teams reconvening after the summer this autumn and scrutinizing unspent budgets will be looking warily with their credit committees at the challenge of successful deployment in Q4. Most debt investors would acknowledge that there is Read More >
London skyline How can REITs reduce their discounts in the absence of M&A activity? M&A is not coming to the rescue of investors just yet, but there are new trends beginning in the listed REIT sector
Previously in this column we looked at what appeared to be the start of a new trend of M&A in the property sector, following the bids for Market Tech and Kennedy Wilson Europe. However, the trend has in fact not materialised. It seems that Read More >
Abstract arrows and numbers Premium income or discounted ‘growth’? The latest on the real estate investment trusts
In the last few weeks central bank watchers claim to have detected a new mood emerging from this summer’s gathering of the clan. A desire to follow the Fed down a path which leads to ‘normalisation’ of interest rates and the unwinding of QE Read More >
Piles of coins with seedlings growing out of the top of them Mind the bank-shaped gap Our debt markets expert Emma Huepfl considers the latest trends in transacted lending
It is almost a decade since the beginning of the end of the debt-driven property boom. Back then, British banks supplied 72% of the finance to the market, Germans and CMBS supplied most of the remainder, and little else could compete. Anyone Read More >
Close-up of stacks of pennies Whither the open-ended funds? Adrian Elwood discusses alchemy in finance and the illusion of liquidity
Everyone knows that it is not possible to turn base metal into gold and yet there is often a degree of alchemy involved in finance. In the case of property, the alchemists would have us believe that if it were only possible to find the right Read More >

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Investor's Notebook

Smart people from around the world share their thoughts

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The Macro View

Recent financial news and how it connects across all asset classes

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Technology

Fintech, proptech and what it all means

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Uncorked

A sideways look at the world of wine

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The Architect

Some of the profession's best minds

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The Auctioneer

What's going on in the auction world

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Residential Investor

Making money from residential property investment

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The Professor

Analysis and opinion from the academic sphere

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In-depth interviews with leading figures in the property world

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Recruitment and career moves

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Investment themes and trends

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A look back at previous cycles, events, characters

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Money, rates and prices

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The inside scoop on Washington, Westminster and Whitehall

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The Agent

Reflections on estate agency, today and in past times

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Investing in tangible assets

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