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cover of episode Talk Your Book: State of The Real Estate Market

Talk Your Book: State of The Real Estate Market

2025/2/24
logo of podcast Animal Spirits Podcast

Animal Spirits Podcast

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Ben Carlson
一位专注于投资教育和策略的金融专家,通过博客和播客分享投资见解。
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Michael Batnick
作为 Ritholtz Wealth Management 的管理合伙人和研究总监,Michael Batnick 是一位知名的投资专家和播客主持人。
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Nick Tannura
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Paul Baiocchi
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Michael Batnick: 我觉得房地产投资信托基金(REITs)在市场上并没有得到足够的关注,它们不像个股或利率那样受到关注。 Ben Carlson: 房地产投资信托基金(REITs)过去几年表现不佳,是表现最差的板块之一,而且规模也较小,这与利率上升有关。但现在利率已经稳定下来,REITs也开始复苏。 Paul Baiocchi: 利率影响所有资产类别,房地产由于其收入导向型和杠杆率较高,对利率更为敏感。房地产投资信托基金(REITs)已经根据当前的利率环境进行了重新定价,公开市场房地产投资信托基金(REITs)的隐含资本化率约为7%。投资者对房地产投资信托基金(REITs)的看法存在挑战,他们往往关注空置的办公楼,而忽略了其他类型的房地产。公开市场房地产投资信托基金(REITs)的投资组合与10年前相比已经发生了很大变化,现在更多地投资于数据中心、手机基站和医疗保健等领域。 Nick Tannura: 办公楼市场存在分化,高端办公楼租金上涨,而低端办公楼则价值下降。一些办公楼房地产投资信托基金(REITs)的股价已经从疫情前的低点上涨了一倍多。高端购物中心表现良好,而低端购物中心则面临困境,高端购物中心的客流量、销售额和租金都在上涨。房地产投资信托基金(REITs)市场集中度较高,前十大公司占据了大部分市场份额。投资者可以通过公开市场房地产投资信托基金(REITs)投资数据中心,数据中心约占房地产投资信托基金(REITs)市场的11%。主动管理在房地产投资信托基金(REITs)领域有效,因为它结合了房地产和证券两个方面。房地产投资信托基金(REITs)的投资策略是自下而上的基本面分析,低杠杆房地产投资信托基金(REITs)的表现优于高杠杆房地产投资信托基金(REITs)。目前房地产市场处于早期阶段,存在一些投资机会,在住宅地产方面,有高质量的公寓REITs、移动房屋和单户租赁等多种类型。

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Shownotes Transcript

On this episode of Animal Spirits: Talk Your Book, Michael Batnick) and Ben Carlson) are joined by Paul Baiocchi, Chief ETF Strategist of SS&C ALPS Advisors) and Nick Tannura, Portfolio Manager and CIO of GSI Capital Advisors to discuss an update on office real estate, how investors view REITs, the fundamental argument for investing in malls, why it makes sense to actively manage REITs, an update on flows into the real estate asset class, and much more!

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Ben Carlson’s A Wealth of Common Sense)

Michael Batnick’s The Irrelevant Investor)

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Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed.

 

Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.

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