The Rent Roll with Jay Parsons EP#22 Daniel Walsh | Is Debt The New Equity? Sort Of.
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Feb 20, 2025 Dan Walsh, Founder and CEO of Citymark Capital, shares his insights on the shift from equity to debt investments in real estate. He discusses how market dynamics influenced his decision to focus on debt, especially with an eye on the evolving rental landscape. Jay Parsons highlights significant industry movements, such as KKR's $850 million debt fund and JPMorgan's strategic ventures. The conversation also touches on housing policy challenges in major cities like Los Angeles and Boston, along with the complexities of navigating loan maturities and the broader economic implications.
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REITs' Small Construction Share
- REITs represent a small percentage of total apartment starts, even with increased construction in 2024.
- Their market share is dwarfed by numerous individual developers, highlighting their limited influence.
REIT Acquisitions and Strategic Moves
- Independence Realty Trust focused on acquisitions in growing markets like Charlotte and Orlando.
- Elm Communities considers strategic alternatives due to share undervaluation despite expansion.
REIT Trivia
- In 2010, there were 12 apartment REITs with market caps over $1 billion.
- Archstone, though once public, wasn't one of them due to being taken private in 2007.