NEWS AND UPDATES
The State of REITs: September 2025 Edition
REITs performed very well in August (+5.48%), almost pulling the REIT sector’s year-to-date total return back into the black (-1.11%). Small cap (+7.52%) and mid cap REITs (+7.13%) averaged strong gains in August while large caps (+3.16%) and micro caps (+0.87%)...
Market Commentary | August 24, 2025
Potential Signs of a Value Renaissance Value and growth have bounced cyclically in and out of favor for the entire history of the stock market, often in unpredictable fashion. Outperformance of value or growth over the other varies in both duration and magnitude. ...
The State of REITs: August 2025 Edition
After a strong June (+2.56%), the REIT sector recovery stalled in July (-1.17%) as REITs fell to a -6.42% year-to-date return. Micro cap REITs (-0.20%) outperformed in July while mid caps (-1.18%), small caps (-1.33%) and large caps (-1.55%) averaged slightly deeper...
Market Commentary | July 29, 2025
Persistence, Perseverance, and Patience Pay Off Being dedicated REIT investors, we try to cover and analyze every issue in our universe. For City Office REIT (CIO), that has meant a quiet following of the issue since its 2014 IPO. Events of last week give us a rare...
RTR Portfolio Review: Investing in clean business models at a discount
The market has a tendency to overly focus on revenue growth. We also like revenue growth in the companies in which we invest, but I think there is significant value in studying the entire industry verticals to find those where the revenue growth will filter through...
The State of REITs: July 2025 Edition
REITs had another month of recovery in June (+2.56% average total return), but despite back-to-back gains remain in negative territory YTD (-5.65%). Micro cap REITs (+7.19%) outperformed for the first time this year in June, while small caps (+2.99%), mid caps...
Recent Reads | What Went Wrong with Capitalism
What Went Wrong with Capitalism By Ruchir SharmaToday, we are going to talk about the informative, well-considered What Went Wrong with Capitalism by Ruchir Sharma. I first considered posting this review more than six weeks ago, when the huge tax and spending bill,...
The State of REITs: June 2025 Edition
REITs saw a month of recovery in May (+2.08%), but still have a long way to go to get back into the black in 2025 with an average -7.33% return YTD. Micro cap REITs (-0.73%) continued to struggle, while small caps (+4.28%), mid caps (+1.83%) and large caps (+0.91%)...
Market Commentary | June 20, 2025
Navigating Uncertainty On June 18th, we found ourselves in good company. Central Bank Chair Jerome Powell spent much of his Wednesday afternoon news conference reviewing all the things the Fed does not yet know. Primarily, whether businesses will succeed in passing...
UMH Properties’ Fundamentals Look Strong
UMH Properties (UMH) offers an enticing combination of value and growth. Specifically, it has a greater than 5-year runway of double-digit organic growth, yet it trades at a steep discount to net asset value (NAV). This discount places it at 17.5X forward AFFO,...
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