NEWS AND UPDATES
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,...
Recent Reads | The Code Breaker
Back in May, it would have been easy to believe I was reading science fiction when I saw the Wall Street Journal report about a newborn whose life was saved by a bespoke gene-editing therapy. It wasn’t science fiction; it was applied science of the CRISPR technology that corrected a genetic mutation that left the baby unable to produce enzymes necessary to properly digest proteins.
The State of REITs: May 2025 Edition
The REIT sector saw another month of red in April (-6.45%) and REITs now average a -9.10% return over the first 4 months of the year. Micro cap (-8.87%) and small cap REITs (-8.69%) endured bigger average losses than mid caps (-5.45%) and large caps (-2.93%). 62% of...
REIT Lost Decade: The Long-tail Effect of Market Manipulation
The S&P 500 had what is referred to as “the lost decade” at the turn of the century. S&P returns were close to zero from 2000 to 2010. The REIT lost decade was 2015 to 2025. At the end of such a bad period, it is understandable that sentiment on REITs is...
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