Insights

Last month, US voters re-elected Donald Trump for a second term as US president. As a result, market enthusiasm and expectations are high. An immediate rally in US equities (and a selloff in bonds) pointed to renewed optimism for both growth and pessimism for inflation.

While hindsight is 20/20, Nike's recent moves in the retail space offer valuable lessons for consumer businesses and real estate investors alike. 

In financial markets, there’s always something to worry about.

After a slew of favourable economic data points over the past several months, global central banks appear to be at the beginning of an interest rate easing cycle.

Since the global financial crisis, most western economies have relied on central bank policy to manage both inflation and employment.

Over the past 24 months, most investors and commentators were ambushed by the resilience and strength of the Australian housing market. Despite prophecies of doom, values have held up in the face of the significant interest rate hiking cycle.

If there was one dominant real estate investment theme this past year, it’s data centres.

In the absence of a change in fiscal policy, the consumer and policy cycle will repeat until interest rates approach zero (again).

We’re often asked how the price for our investees and our overall portfolio compares to its underlying asset value. In particular, we’re asked whether the current market price is below or above the book or direct property value of the REIT’s assets.