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  "documentTitle": "REIT sector (thematic)",
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  "authorName": "Land and Buildings",
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  "presentationDate": "2021-11-01 00:00:00",
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  "notes": "Includes a line chart comparing cumulative growth and a scatter plot showing correlation between annual REIT NOI growth and annual CPI.",
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      "text": "REIT NOI is estimated to grow 8% in 2022.",
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      "kind": "chart",
      "text": "REAL ESTATE NOI GROWING FASTER THAN INFLATION",
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      "text": "HIGH CORRELATION BETWEEN REAL ESTATE NOI GROWTH AND INFLATION",
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      "text": "NOI growth: 8%",
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      "text": "Historically, real estate net operating income (“NOI”) growth has also outpaced inflation, as measured by the Consumer Price Index (CPI). Cumulatively, REIT net operating income has grown 83% since 1998 versus a 64% compound rate of inflation.",
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      "kind": "paragraph",
      "text": "Inflation has a clear and marked impact on the rate of net operating income growth at real estate companies, as evidenced in the exhibit on the right. Inflation and NOI growth have a 0.6 correlation since 1998...",
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      "kind": "source-note",
      "text": "Source: Land & Buildings, Bloomberg, Citi",
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      "text": "Real Estate NOI Growth Has Materially Outpaced Inflation",
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      "evidence": "The document agitates the problem by showing that not all real estate is an effective inflation hedge.",
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