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  "documentTitle": "N/A (asset-class advocacy)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Land and Buildings",
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  "presentationDate": "2021-09-01 00:00:00",
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  "notes": "The slide uses two distinct charts to support the thesis: a line chart showing historical cap rate spreads and a bar chart comparing REIT vs S&P 500 returns during inflationary periods.",
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      "text": "The nearly 100bps excess spread relative to the cost of debt is historically wide.",
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      "kind": "chart",
      "text": "REITs Generated Outsized Returns When Inflation Sees Sustained Rise",
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      "text": "REIT Implied Cap Rates Trading at Historically Wide-Spread to BBB Corporate Bonds",
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      "text": "REIT total return: 46%",
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      "kind": "paragraph",
      "text": "The structurally lower interest rate environment ushered in by an accommodative Federal Reserve will lead to further cap rate compression (higher valuations) for the best positioned property types, in our view.",
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      "text": "REITs have historically posted outsized returns during periods of rising inflation as rents are reset to higher market levels, replacement costs rise, and asset values increase.",
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      "kind": "source-note",
      "text": "Source: Land & Buildings, Bloomberg, Note: Data as of 6/30/21",
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      "text": "Higher Inflation = Strong REIT Returns",
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      "text": "Public Real Estate Cheap to Bonds",
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      "text": "Publicly Traded Real Estate – A Better Mousetrap Than Private Real Estate",
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