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Brendan Wood International Investor Conviction Intel – Real Estate/REIT – December 2023

December 5th, 2023 by TopGun Press

New York, NY, December 5th, 2023 (TopGun Press)

Below are some of the most topical Real Estate/REIT Stocks on the BWI Shareholder Confidence Index based on our daily chats with global investors. Below is a link to excerpts on Kilroy. 

Investor sentiment across the sector has been a roller coaster and undoubtedly, interest rates challenged REITs and will be playing a major role during the start of the new year. Investors across the sector have been picking their options and their investment decisions have been more stabilized looking towards 2024.

SITE Centers: Although consumer retail remains a concern for investors, SITE Centers have found a way to attract investor attention and that’s mainly through David Lukes. Investor Confidence in the CEO has increased 5% in the last 2 months and confidence in Strategy has increased 27% in the same period, which is in part due to what investors say is improved communication. The CURB spin-off is a clear message to investors that the company is transforming, and so far, it has been well received.

Kilroy: The California based company is going through a management transition and investors want to know who will be replacing John Kilroy, the current CEO. Not knowing who will take over is making investors less confident, which is why Momentum of Investor Confidence has dropped. Kilroy hasn’t changed up their Strategy from being very San Francisco focused, which some investors say is the worst city to be an office-focused company in. (Click here for the Excerpts on Kilroy).

Vonovia: Investors in the BWI Panel say that the German market has been evolving, and while there has been issues with the rental growth and vacancy, Vonovia seems to be overcoming some of the problems that they were having at the beginning of the year including lower confidence in the Deutsche Wohnen acquisition. Investor Commitment to Own Vonovia has increased +8% Quarter over Quarter.

Dream Industrial: The industrial market continues to be tested and Dream Industrial has demonstrated an upward conviction trend opposite its peers. The appointment of Alexander Sannikov as the new CEO has been acknowledged by investors as a positive. Investors continue to have confidence in Dream Industrial’s balance sheet. Investors like that Dream Industrial are specializing in more urban centres. According to investors, it gives them the backdrop to outperform their peers.

Boardwalk: Despite Boardwalk’s stock having a strong year, investors are keeping an eye on the balance sheet, where leverage is the main concern for them in the coming year. Investors generally associate Boardwalk with their home-province, Alberta, even though they have been diversifying into other provinces. Some investors question why they want to diversify into less landlord friendly markets. Investor Confidence in Strategy has suffered lately, dropping 10% (QoQ), and Boardwalk has also seen a drop in the Momentum of Investor Confidence.

Below, we outline the companies with the biggest Quarter Over Quarter changes in the Momentum of Investor Confidence.

Largest Momentum of Investor Confidence Changes (Quarter over Quarter) (4Q2023 at Dec 5th vs. 3Q2023):

Equinix Inc +19%
SITE Centers Corp +18%
Realty Income +13%
Host Hotels +11%
Kilroy Realty Corp -32%
BXP -24%
Acadia Realty Trust -20%
Digital Realty Trust -16%

Choice Properties REIT +23%
Northwest Healthcare Properties REIT +19%
StorageVault Canada Inc +18%
Dream Industrial REIT +16%
Artis REIT -15%
Tricon Residential -10%
Dream Office REIT -8%
Boardwalk REIT -8%

Unibail-Rodamco-Westfield +48%
Eurocommercial Properties +24%
Merlin Properties +21%
Vonovia +7%
Cofinimmo -41%
Hammerson PLC -27%
British Land -7%
Gecina -7%

The views for 4Q represent the positive and negative trends up to December 5th. While results might fluctuate by quarter end, this reflects current investor views.

If you have any inquires in regards the shareholder conviction index and/or the above results, please reach out to the undersigned.

Brendan Wood International (BWI) serves a dual clientele of world leading investors and their corporate investment targets as well as broker dealers who provide research, sales and trading services to the investment community. Big cap companies looking for comprehensive investor confidence data on their organizations are likely to discover that Brendan Wood partners consult with their investors non stop year round. Investors depend on BWI to quantify the demand side of the investment industry across 1400 names worldwide, including the name by name research sales and trading professionals who influence investor demand.

About Brendan Wood International:

Brendan Wood International (BWI), formed in 1970, is a private advisory group which originates performance investigation programs in the capital markets. Brendan Wood Partners debrief large institutional investors worldwide on a daily basis. There are 2000+ live consultations with professionals overseeing +/- $55 trillion invested in the +/- 1400 big cap companies on the BWI Index. Relying on its real time performance intelligence, BWI advises public companies, institutional and activist investors, investment banks and broker dealers on strategy, performance and recruitment of TopGun talent. The firm’s partners have formally presented at 1000+ C level strategy meetings and corporate off-sites in fifty cities. Brendan Wood founded the exclusive TopGun Club, a performance based institution.


We wish to emphasize that all reports, evaluations and assessments contained herein, represent Brendan Wood International’s subjective judgment and opinions, based on our years of experience and on information obtained by us in the course of our research. Much of the factual information contained in the reports has been obtained by us from third parties on whose responses we have relied in good faith, independent verification by Brendan Wood International being, under the circumstances, impossible. While we believe that you will find our reports to be an invaluable tool in formulating your own strategies and judgments, the foregoing should be borne in mind. This report is not meant as investment advice and should not be interpreted as advising on the value of a company’s securities, the advisability of investing in, purchasing or selling any company’s securities or any other conclusion relating to investment/divestiture of a company’s securities. Finally, this report is not intended as an offer or solicitation for the purchase or sale of any company’s securities.


Jordan Novak
Brendan Wood International
+1 416 924 8110

Gerso Pelaez
Field Director – Real Estate/REIT, Pipelines, Utilities & Renewables
Brendan Wood International
+1 416 924 8110

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