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1、EquityResearch25September2013U.S.REITsREITs101:AnIntroductionINDUSTRYUPDATEU.S.REITsNEUTRALREITshaveexistedfor50years,butthemodernREITeracanbetracedtotheearlyUnchanged1990s.Sincethattime,therealestateindustryhasundergonesignificantand,wethink,irrevoc
2、ablestructuralchangesdrivenbytheshiftfromprivatelytopubliclyownedrealU.S.REITsestateandtheresultingmigrationofassetsandtalentintothepublicmarkets.DuringRossL.Smotrichthatperiod,theREITsectorhasgrownandevolvedintoaviableandcredible1.212.526.2306invest
3、mentclass.ross.smotrich@barclays.comBCI,NewYorkAPrimerforREITs.Withthisreport,whichweupdateannually,wepresentanoverviewoftheREITindustry,includingitshistoryandperformance,fundamentalandindustryMichaelR.Lewis,CFAdrivers,and,finally,ourstockvaluationfr
4、amework.Wehopethatexperiencedinvestors1.212.526.3098willusetheinformationcontainedhereinasareference,whilethosenewtoREITsmaymichael.lewis2@barclays.comfindithelpfulinfamiliarizingthemselveswiththeindustry.BCI,NewYorkKristinaLazarevicRecentTrends.This
5、primerisdesignedtobeabroadoverviewofREITsratherthana1.212.526.4691vehicletodetailshort-terminvestmentideas.Thatsaid,therearetwooverarchingkristina.lazarevic@barclays.comtrendscurrentlyplayingoutinthesectorthatwethinkwarrantdiscussion;theimpactBCI,New
6、Yorkofrisinginterestratesandtheemergenceofnon-traditionalREITs.CharlesCroson,CFA•InterestRates.REITshavemateriallyunderperformedbroaderindicesyear-+12125267164to-datewiththeincreaseininterestrates.Thenegativecorrelationbetweencharles.croson@barclays.
7、cominterestratesandREITstocksiswelldocumented,butwethinktheBCI,NewYorkunderperformanceisoverdonedueto:1)fundamentalsremainstrongacrossmostsectors;mostnotablyapartmentsandretail.Inflationwilllikelysupportcontinuedstrongfundamentals;2)rateshavehadlittl
8、eimpactsofaroncaprates(bothpublicandprivate)andbyextensionassetvalues,particularlyforClassA-assets;thespreadbetweencapratesandthe10-yearalsoremainshistoricallywide;3)theincreaseinrateshasnotmateriallyimpactedacquisitionanddevelopmentplansforREITswefo
