Host Andrew Walker welcomes back Bill Chen for a wide-ranging discussion centered on the world of REITs. Though the conversation was intended to focus on one stock, the duo instead explores why REITs have underperformed in recent years, capital cycle dynamics, governance issues, and where Bill sees current opportunities. They dive deep into the theoretical and practical aspects of REIT investing, dissect recent REIT liquidations, and discuss portfolio construction and leverage in event-driven opportunities.

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[00:00:00] Intro and sponsor message

[00:02:20] Launching into REIT investing theory

[00:04:38] Cap rates vs. real estate value

[00:08:03] Rent growth, leverage, and returns

[00:11:06] Why REITs have lagged recently

[00:15:51] Capital cycle theory in real estate

[00:17:55] Governance issues with public REITs

[00:22:23] Share buybacks vs. reinvestment

[00:25:18] Griffin case study and alternatives

[00:30:35] Takeouts and market inefficiencies

[00:33:37] Where Bill sees dislocation now

[00:36:11] Using leverage in liquidations

[00:40:14] REIT liquidation downside surprises

[00:42:00] Asset quality and bid dynamics

[00:45:25] Legal risks in revised estimates

[00:47:11] Unique REIT liquidation wave

[00:49:31] Navigating current REIT opportunities

[00:50:01] Wrap-up and next time tease

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Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/