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“Both from the standpoint of stocks and bonds, an investor wants to go where the growth is."
- Bill Gross
REIT stocks get a lot of attention. Their debt, however, is a quieter sibling, despite $44 billion of offerings in 2023. REIT bonds make up 50% or more of most REITs’ capital markets fundraising but they have barely been studied, until now. New research shows REIT bond spreads are not just generic corporate credit; they are explicitly priced off direct real estate performance and property type.1
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