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  "documentTitle": "REIT sector (thematic)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Land and Buildings",
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  "presentationDate": "2021-11-01 00:00:00",
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  "notes": "The slide uses two waterfall charts for rental growth and one bar chart for inflation-linked performance.",
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      "kind": "callout",
      "text": "Net lease REITs have underperformed REITs when CPI has been greater than 2.5% as the lack of pricing power reduces attractiveness of the portfolios.",
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      "kind": "chart",
      "text": "NET LEASE ANNUAL TOTAL RETURNS UNDERPERFORM DURING HIGH INFLATION PERIODS",
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      "kind": "chart",
      "text": "LACKLUSTER RENTAL GROWTH FOR OFFICE AND NET LEASE",
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      "kind": "metric",
      "text": "rental growth: -10.4%",
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      "kind": "paragraph",
      "text": "Office real estate is unlikely to be a beneficiary of the current macroeconomic backdrop... Net lease REITs provide the most bond-like income streams to investors... Net lease REITs have underperformed REITs when CPI has been greater than 2.5%.",
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        "y": 0.89
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      "kind": "source-note",
      "text": "Source: Land and Buildings, Green Street, Bloomberg; Note: Data from 1998 to 2021 YTD, represents average annual out/under performance for each category",
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      "kind": "source-note",
      "text": "Source: Land and Buildings, Green Street; Note: Net Lease using same store NOI growth as a proxy to rental growth",
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      "kind": "title",
      "text": "Poor Stores of Wealth Amid High Inflation — Office and Net Lease",
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      "kind": "title",
      "text": "Not All Real Estate is an Inflation Hedge",
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    {
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      "name": "Cost Of Inaction",
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      "evidence": "The document implies that choosing the wrong type of real estate can result in poor returns, highlighting the cost of inaction.",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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