Basics
The prudent sounding verbiage in sell-side reports can lead to terrible investment outcomes
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This is in response to Baird's enlightening research piece (Seeking Alpha synopsis here [https://seekingalpha.com/news/3614408-wait-for-rent-growth-to-bottom-on-apartment-reits-baird] ) earlier this month letting us all know to wait for rents to bottom before buying apartment REITs. The wizards at Baird think this is what worked last time. Let me
Why Apartment REIT investors should care DEEPLY about the Private market
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In the apartment business, just ~6% of assets (by value) trade in the public market as REITs. That means that the rest of multifamily assets are in private hands - these assets are owned by traditional institutional investors (large pensions & endowments), private REITs (such as Blackstone's B-REIT)
