Thanks - this is a good one Chirag. I like the comparison of returns in the American market and long series data on occupancy. My additional 2 cents:
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Some analysis of distributable cash flows and distribution yield (pre / post-tax) would be good to add. These trust instruments (REITs / InvITs) more often than not trade based on yields and the volatility in cash flows also impacts the yield. E.g. You would notice that IRB Invit is trading in double-digit yield currently while Indigrid is around 8% or so (do understand Invit is slightly different from REIT). So what factors impact the yield/reasons for variation.
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This I know is difficult to take a call on but this is what separates good from the great. I am yet to come across a good commentary on what are the mid/long-term impacts of COVID on commercial RE (esp. office). Some say it’s negative (intuitive view) because of WFH; others say it is positive because of occupiers wanting more space per person and tech acceleration. The thing is we are almost 2 years into this and a lot of analysts are not sure as to which way it’s going to go over 3-5 years. So covering this aspect would really make your thing stand out.