Below are the Real Estate/REIT names rated highest by investors for Investment Quality and Ownership Conviction for the year ahead at YE 4Q 2024 on the BWI Shareholder Confidence Index, along with the largest increases in both (2024 YE 4Q vs YE 3Q), based on our daily chats with global investors.
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United States:
Highest Investment Quality: Welltower Inc.
Largest Increase in Investment Quality: Simon Property Group, Inc. +7.1%
Highest Ownership Conviction: Equinix, Inc.
Largest Increase in Ownership Conviction: Vornado Realty Trust +21.1%
Topical Quotes
“The underlying fundamentals for Simon Property are incredibly strong, they’ve got 3% contractual fixed rent bumps on about 95% of their rent which will boost growth. On top of that, they’re going to sell their Catalyst Brands equity and reinvest it into their core models. Expectations are too low. It’s going to be another good year for them.”
“Vornado is going to have a lot of growth. They’ve just redeveloped the Penn District. That should start to produce incremental NOI in 2025 from those three buildings. You’re going to see Vornado generate some really strong growth in 2026, but you’re going to start to see some of that come through in 2025.”
Europe:
Highest Investment Quality: Segro PLC
Largest Increase in Investment Quality: Klepierre SA +4.5%
Highest Ownership Conviction: Merlin Properties
Largest Increase in Ownership Conviction: Unibail-Rodamco-Westfield +9.1%
Topical Quotes
“The UK industrial sector underperformed in 2024, but Segro has one of the best balance sheets, so I would say they could be a 2025 turnaround name.”
“Despite Merlin Properties having a lot of execution risk in the long term, the CEO, Ismael Clemente is quite vocal, he knows what he wants, and he knows how to execute.”
Canada:
Highest Investment Quality: Chartwell Retirement Residences
Largest Increase in Investment Quality: Dream Industrial REIT +12.4%
Highest Ownership Conviction: Chartwell Retirement Residences
Largest Increase in Ownership Conviction: FirstService Corp. +18.5%
Topical Quotes
“Chartwell is continuing to execute, and occupancy numbers are moving in the right direction. We see this trajectory continuing at Chartwell.”
“It’s reasonable to expect high single-digit top-line growth for Dream Industrial in 2025. Their growth will be better than most of the apartment sector and, as a result, probably better than the industrial or retail sector. Dream Industrial remains a favourite, with solid fundamentals and a setup for strong performance.”
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 +/- $60 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. Brendan Wood International is the research provider and sub-advisor to the Brendan Wood TopGun ETF (Ticker: BWTG)
Disclaimer:
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.
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Contacts:
Jordan Novak
Managing Partner
Brendan Wood International
+1 416 924 8110
jnovak@brendanwood.com
Gerso Pelaez
Field Director – Real Estate/REIT, Pipelines, Utilities & Renewables
Brendan Wood International
+1 416 924 8110
gpelaezherrera@brendanwood.com
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