All Listed Markets & REITs articles
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White papersAsian Real Estate – A Rare Combination of Higher Yield, Growth and Diversifications
Central Banks are expected to continue at a time when yield orientated assets are under yet more pressure, investors would be wise to re-assess the case for Asian real estate securities.
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White papers
A Strategic Investment Case for Core European Property
COVID-19 has devastated global economies, challenging existing paradigms for investors attempting to navigate uncertain times. While identifying investment opportunities is challenging given the dislocation to the economy and capital markets, we examine key attributes of core European real estate and ascertain that a strategic case can be made for its consideration in long-term investment portfolios.
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White papers
COVID-19: Caution is the playbook halfway through the year
More than half-way through what has been an unprecedented and eventful year, now is a good time to take stock of the state of the world economy. It is certainly fair to say that the COVID-19 pandemic is an exogenous shock most forecasters would have struggled to foresee and qualifies as a classic “black swan” event with a very long fat left tail.
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White papers
A Roadmap for Real Estate Allocations
Investors who allocate across both listed and private markets may take advantage of complementary opportunities at various stages of a recovery cycle
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White papers
Unlocking REIT Potential Amid COVID-19
Investors remain cautious after seeing the severe impact to the lodging and retail sectors. But there’s much more to real estate and overlooking the full picture could mean missing out on the true potential.
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White papers
Real Estate and defined contribution plans
While exposure to the real estate asset class is common in defined benefit (DB) plans, this has only become a more recent occurrence in defined contribution (DC) plans. Many target date funds (TDFs) have now started to provide exposure to real estate through stock exchange listed real estate investment trusts (REITs), though some also allocate to “direct” or “private” real estate. Considering that TDFs are commonplace in DC plans, and the majority of net cash flows are directed to them, the wider use of real estate allocations within them brings the need to better understand this asset class.
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White papers
What Happens After Listed Real Estate Falls?
It has been a month since the high watermark for listed real estate securities and other equities, and a week since the dam broke. Listed real estate has suffered even more than the broad market, especially in the past few days as public life began to shut down in the wake of the COVID-19 outbreak. Hotels are empty, many malls and restaurants are shuttered, and most of us are working out of our homes rather than at our offices. Even after the March 24 rally, both U.S. and global listed real estate markets are down roughly 40% from their February peaks.
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White papers
COVID-19: The re-opening gathers pace
Across the world, economies are re-opening in the aftermath of what is likely to be the deepest recession since World War II. Countries are relaxing social distancing measures in support of economic recovery but still focused on keeping hard-fought infection levels down.
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White papers
Fundamental Beta: Philosophy and Application
The Invesco Listed Real Assets Team’s philosophy behind developing the properity Fundamental Beta strategy revolves around providing a cost-effective alternative to market capitalisation-weighted passive strategies.
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White papers
Covid-19 And The Public Real Estate Markets
During this period of global uncertainty, PGIM Real Estate is leveraging the breadth of its integrated global platform – closely monitoring public real estate market trends to capitalize on timely opportunities and assess the direction of the industry overall.
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White papers
COVID-19: Damage assessment starts to take shape
Data from the economic shock caused by the COVID-19 pandemic is beginning to form a picture, and it’s an ugly one. Growth across the U.S. and Eurozone contracted more than expected in the first quarter of 2020 with the expectation that the very worst of the data will be revealed in the second quarter. Batten down the hatches for a set of what is most likely to be historically bad data in the coming months.
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White papers
Empty Malls and Conference Calls
The COVID-19 crisis has been tough on REITs in general—but some sectors have been resilient, and may offer a glimpse into the future of the asset class.
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White papers
Buying the REIT Recovery in a Dislocated Market
The global health crisis and recession have turned property markets upside down in dramatic fashion, as shelter-in-place orders have given certain tenants the economic and political cover to avoid or delay rent payments.
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White papers
Special bulletin #6: Economic and real estate outlook in the context of COVID-19
As of mid-April, the extent of the full devastation being wreaked by the COVID-19 pandemic across the global economy is becoming evident. The global economy is expected to see the greatest contraction in growth since the Great Depression with the IMF indicating that cumulative loss in global GDP this year and next could be approximately 6.1% for developed economies or about $9 trillion –an amount larger than the economies of Japan and Germany combined. Even factoring in the IMF’s forecast for a sharp rebound in 2021, the world economy will still be 5% off pre-pandemic levels, indicating the depth of this recession.
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White papers
Blog | How have real estate sectors been impacted by pandemic so far?
Real estate investors are going through very challenging times. Several real estate owners have announced earlier this week that rent collections on the British high street in March had hovered around 30% of the amounts due. Not surprisingly, real estate REITs have underperformed global equities by some margin, as shown in the chart below.
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White papers
Economic and Real Estate Outlook in Context of Covid-19 #2
Yesterday was April Fools’ Day, but unfortunately there is not much humor to share in the world as the global novel coronavirus (COVID-19) pandemic continues to devastate countries globally. As of April 1, the number of COVID-19 infections surpassed 900,000 globally with the U.S. now leading the rate of infections.
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White papers
Variations in REIT Sectors – Time to Go Defensive
As of March 20, 2020, COVID-19 has disrupted the global economy, resulting in a 32% drawdown in the S&P 500® (total return) from its all-time high. The Dow Jones U.S. Select REIT Total Return Index, which is traditionally more defensive, also plummeted 42% from its peak.
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White papers
Economic and Real Estate Outlook in Context of Covid-19
An initial analysis of high frequency data suggests that the world economy is going to experience a recession in first half of 2020 with some hope that the second half may improve given data related to China is starting to show stabilization and growth.
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White papers
US Economic Scenarios in Context of Covid-19
Given the fluid and fast-moving nature of the pandemic, calculating the impact to growth is challenging, but global agencies, including the IMF, are increasingly concerned that the world is likely to face a recession.
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White papers
Listed Infrastructure and COVID-19
We believe listed infrastructure generally is well prepared to manage through this challenging period based on companies’ relatively stable cash flows, healthy balance sheets and attractive dividends.
