“The most valuable commodity I know of is information."
Real estate has always had a data problem. Granular operating performance - NOI, cap rates, operating expenses, capital expenditures by property type and metro - is either locked inside private ownership, expensive to access, or simply unavailable.
Publicly traded REITs have significant disclosure requirements and between their operating results and their stock price trends, they have taught us a lot about the things you’d expect, including portfolio construction strategies and the overall benefits and challenges of owning each major asset class of U.S. real estate at scale.
And while we can’t yet use REIT data to get to the individual asset performance, with an abundance of REIT reporting since the 1990s and now with the benefit of modern analytical techniques, we’re getting closer. Thanks to new research, for the first time, a methodology exists to extract those fundamentals directly from publicly available REIT filings, updated quarterly, down to the MSA level.1
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