REITs Back Up the Truck

NAREIT, ETFs, Buybacks and Jonathan Litt's Scrappy Activism

This week, I am sharing a collection of interesting data points from the world of listed real estate. Any of these would typically warrant a deeper dive all its own, but I wanted to give you all the quick hits on what is shaping up to be a busy summer for real estate markets. This note covers:

• Early reports from NAREIT’s REIT Week

• An analysis of the never-ending decline of REIT ETF assets

• REIT share buybacks have ramped this year…uh oh

• A theory of Jonathan Litt’s executive pay proxy campaign

I am also working on what I hope will be my first “initiation report” for Armada Hoffler Properties AHH 0.00%↑ Smaller REITs suffer from lackluster sell-side coverage, so I am going to begin building a list of smaller companies for which I provide regular commentary and analysis. Paid subscribers can expect that report in their inbox sometime next week.

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REIT Week Kicks-Off

We are in the thick of NAREIT REIT Week, but investors seeking more incremental color from management teams are likely to be disappointed. The conference is coming on the heels of Q2 earnings releases, and most REITs are simply reaffirming their outlooks. Across sectors, demand trends are in focus as investors seek to understand how companies and consumers are adapting to trade and policy uncertainty. Here’s a summary of Day 1 notes from BMO (h/t

Koneko Research

):