Green Street Advisors

San Francisco Bay Area: A Correction is Underway

Published August 4, 2016 on GlobeSt.com

San Francisco and San Jose put up the second and third best job growth performances in the nation from 2010 to 2015, trailing only Austin. The high-paying tech industry, which is as important to the region as finance is to New York, has been the primary driver. As venture capital investment flooded into the Bay Area, the number of “unicorns” (VC-backed companies with valuations greater than $1 billion) multiplied rapidly.

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Heard on the Beach: High Priced ≠ Overpriced

Published July 27, 2016 from the Heard on the Beach series

REITs have historically been a tough sell with generalist investors. Several explanations exist, but higher-than-average earnings multiples have been the biggest impediment. Even though REITs have consistently generated superior returns, it has been easy to dismiss those results as a non-recurring phenomenon linked to the epic bull market in bonds. As a result, the path of least resistance for many diversified portfolio managers has been to overlook the niche.

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Green Street Sees Potential for Increased REIT M&A Activity

This article originally appeared in National Real Estate Investor, May 18, 2016

The REIT industry is well-suited for M&A and current market conditions suggest the environment today is more conducive to combinations than at any point since 2008. Justin Brown of Green Street's Advisory & Consulting group highlights the potential catalysts for deal-making, and how companies can best position themselves to take advantage of new trends.

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2016 Outlook for the Apartment Sector

This webinar was originally cast February 4, 2016

Dave Bragg explains Green Street’s outlook for the apartment sector in this 30-minute webinar. After six years of robust rent and asset value growth, how much longer will the apartment party continue? Dave discusses key points from Green Street’s 2016 U.S. Apartment Outlook, including recent changes in commercial real estate pricing and what the REIT and bond markets are saying about the direction of private market values.

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Mismeasuring Inflation

A brief excerpt of this analysis originally appeared in Barron’s, January 23, 2016

The Bureau of Labor Statistics’ (BLS) inability to keep up with the hot market for home rentals is causing inflation to be underestimated and may contribute to a delay in the decision to continue to raise interest rates by the Federal Open Market Committee (FOMC). There is reason to believe that a flawed survey methodology is causing the government to underestimate housing inflation. Instead, data from the newly institutionalized single-family rental industry show that core inflation is indeed further above the FOMC’s 2% target than government data might suggest.

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The Death of Active Management?

A full version of this article originally appeared in PREA Quarterly, Summer 2015

The active money management community has seen its alpha generation progressively diminish as the decades have passed. No single explanation exists for the diminished alpha, but the most popular seems to be that the information revolution has caused the market to become much more efficient. View More...

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