Look at the date on this pitch deck.
Peak of the market. Lowest rates in history. Before 50%+ office value declines. Before redemption queues.
Quick replay...
First, rates fell.
Then they spiked.
Then the cheapest capital was sidelined because investors knew appraised values were overstated.
Those appraised values finally caught up with falling values last quarter.
Fast forward to today...
Think money will start flooding into core capital across the board? Not likely. Expect outperformers like TA Realty to get more than its fair share of inflows.
What does it take to outperform today? Strong allocations yesterday.
TA is a great example: Mostly allocated to industrial, multifamily, and southern cities.
Read the full report here.
COMMENTS