Zach Aaron

@KeithMcCullough @Hedgeye @REITs_Nareit has some interesting research on privates vs public near and during recessions. Private outperform just prior a recession and public’s outperform during and following recession. Think this case may be starting to play out as funds flow from private to public..

Gray, seriously man? 1. This is a NTR (non traded REIT) 2. Citing performance vs. a liquid market that is marked is a joke 3. Take your real marks > $BX Blackstone's Jonathan Gray on BREIT redemptions - CNBC - " Notes outperformance versus public market index"

@rationalwalk … there is truly a switch that flips for people when in an office setting that is separate from their non work life. While it won’t snap back to pre-covide demand as many predicted, i do think over the next 5-10 yrs demand will truly return as people get bored of being home.

@rationalwalk .. everyday, where I sleep, eat, and have a family, for such a long period of time when it is no longer needed as the world truly opens up is a depressing thought. Ppl may be productive but truly do not believe over a long horizon this will be true compared to in office work..

@patrick_oshag What industry these days would you say you know the least about and are most interested in learning more?

Could use an afternoon pick-me-up, so taking questions...AMA!

@jasonjscholtz Similar story up here in Canada. Almost all industrial markets here are at or below 3% vacancy. While there is new dev coming, majority is preleased at record setting rates. 3-4% fixed annual steps now norm compared to previous 2% fixed or a 25/50 cent bump after a few yrs.

@fortworthchris Congrats Chris! Curious if you assess value any differently on this product depending on the mix of dock and grade level doors?

I'm proud of our team for closing on this (2) property Class B Industrial portfolio in ORLANDO, FLORIDA. - 172,846 sf (8 buildings) - 46 tenants - 2.3 WALT We're excited to enter FL! More to come. 🇺🇸

@jasonjscholtz Love the thread! Curious for your view on tenant demand for shorter clear heights for mid to large warehouse/distribution spaces these days. Same, less or more interest in 16-24 ft spaces?

@rationalwalk @patrick_oshag This is such a phenomenal story and the way Peter tells it makes it that much more compelling and impactful.

I feel like I haven’t read anything (or listened to anything) truly mind blowing lately Anyone have any 🤯 suggestions?

@TaylorSugar @uproarcapital Can you provide the link to this discord channel?

@uproarcapital Our reit discord has been talking about this for a while. Apparently one of our members even knows you directly. Small value world. Great work.

I wrote about H&R REIT and the new Primaris spin-off. I think the latter is a pretty compelling opportunity today. NEW SUBSTACK uproarcapital.substack.com/p/the-curious-… $HR.un $PMZ.un

@ChasingWaterfa8 Those dev yields are quite something. Industrial development, at least up here in Canada, is likely going down the same road. Last point on rates vs flow of funds really hit home.

Equity Residential ($EQR) Q3 2021 Earnings Call

@RE__Sam This is very prevalent, and maybe even more so, for office tenants who are national/covenant tenants, especially in today’s markets as LL’s want to keep face rates flat at the very least but those NERs are getting squeezed

TI costs for a turnkey buildout for a national junior anchor tenant have been steadily climbing the last 5 years - tenants realize they have the negotiating power in many instances

Saturday Morning’s in New York #nyc #peopleofnewyork

@TheRealEstateG6 Spot on thread and insight. As someone who works acquisitions for a public REIT, this is exactly the name of the game, finding deals with going in cap rates that provide accretion from year 1, which all comes down to buying well. Ultimately with some short and/or long term upside

Majority of your yield is locked in at acquisition, which is why buying well is so important Even an accretive, high return-on-cost action only represents a fraction of the purchase price - which is why having great deal flow (good purchase price) is so important For example...

@BillAckman Ok... but do you have the meats? @Arbys

Don’t forget that we have the technology.

@fortworthchris @FortCapitalLP Congrats Chris! Love this kind of product. Our REIT up here in Canada just closed and is under contract on several small-bay industrial assets in strong secondary markets (4% vacancy) here. <3 WALT and below replacement costs and mgmt synergies as well. Hope to buy more!

@BarrySchwartzBW Something I have not seen talked about either is the fact most pod listeners already have their personal curated list of pods subscribed to on Apple app. Having to switch to another platform for any one single pod becomes highly inconvenient. Plus, Spot is no better at discovery.

Spotify Podcast section is clunky and I haven't listened to a Rogan since he left. I much prefer Apple.