Robert Stevenson joined Janney Montgomery Scott LLC in 2015 as a Managing Director and Head of Real Estate Research. Prior to joining Janney, he was a Managing Director and the Head of the U.S. REIT Research team at Macquarie Capital following that company’s acquisition of Fox-Pitt Kelton in 2009, where he had started the firm’s REIT and homebuilding practice. Earlier in his career, Mr. Stevenson covered REITs and homebuilders for 12 years at Morgan Stanley, where he was an Executive Director and Senior Research Analyst. In this exclusive 2,540 word interview, Award Winning Real Estate expert Robert Stevenson forecasts the real estate market for investors.
Mr. Stevenson sees the higher interest rates from an interesting perspective:
“After a year of significant underperformance, REITs have been performing much better since early April; the last three months they are up more than 11%, and that’s outperforming the S&P 500 by nearly 650 basis points. Importantly, the first part of that happened through mid-May, when the 10-year Treasury yield was still increasing and spiked out at 3.11%, underscoring again that rising interest rates aren’t necessarily a “death blow” for REITs.”
The real estate assets covered by Robert Stevenson are adding value to portfolio managers in the United States: “At Janney, we continue to focus on small-, mid- and even micro-cap REITs that are underfollowed by other sellside research firms, and where we believe we can add value for investors. Since we talked last year, we’ve added nine new names to our coverage universe. In the small- and micro-cap range, we’ve added BRT Apartments (NYSE:BRT), Franklin Street(NYSEAMERICAN:FSP), Gladstone Commercial (NASDAQ:GOOD), NexPoint Residential (NYSE:NXRT) and UMH Properties (NYSE:UMH). In the midcap range, we filled out our industrial coverage by launching on DCT Industrial and First Industrial (NYSE:FR). We also launched on Douglas Emmett (NYSE:DEI) and Highwoods Properties (NYSE:HIW) to expand our coverage of the office REIT space.”
Get details on all these names and alot more by reading the entire interview at the Wall Street Transcript.
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