A midyear review by a number of Green Street analysts shows improving prices in a majority of property types, as Michael Knott, managing director and head of U.S. REIT research opened with.

Yes, office, storage, and life science saw falls compared to March 2023. But prices were up for gaming, ground lease, healthcare, strip center, lodging, mall, data center, tower, industrial, and cold storage. In those sectors, there were stable cap rates and growing NOI. Private-market real estate was about 10% over estimated fair value, but listed REITs were fairly priced compared to bonds and inexpensive compared to the S&P 500 (though given the index's structure, remember that is a comparison to a mix heavily overweighted with technology stocks).

Vince Tibone, managing director of malls and industrial, wrote that risk-adjusted discounted cash flow (DCF) expected return, after multiple adjustments, were on average 7.3%, ranging from data center at 6.9% to 7.7% for mall.