Matthew Tillett

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Wed Aug 15th 17:33 PM | Rating: 0 0
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Equity REITs Not Yet At Fair Value

Interesting piece. I recently conducted a similar analysis for the UK market, reaching much the same conclusion. Mean reversion would imply that long-term returns to real estate will probably lag the broader equity market. The only ammendment I would suggest is to maybe use a real yield for comparison, rather than a bond yield. Earnings or dividend yields are real yields, whereas bond yields are nominal yields, and therefore the comparison does not really make sense. Having said that, even if you use a real yield, the conclusion still holds (at least for the UK market).
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