"The REIT sector is at an interesting crossroads," says Jefferies' Jonathan Peterson.

"The real estate market appears to be in the preliminary phase of a readjustment."

More than a dozen US cities and states have made changes to housing and land use policies in last five years.

The overall delinquency rate for CRE loans now hovers at 0.70%, near the 0.76% level observed prior to COVID-19.

Texas nabbed the largest population gains in 2022, while Florida was the fastest growing state.

The lower retail sales, though, are contributing to a slower pace of inflation.

The JV acquired industrial portfolio of 31 assets and two land sites totaling 1.4 million square feet.

New home sales totaled 478,221 on a seasonally adjusted annualized rate in November, down 10.6% from the prior month and 35.9% lower than sales a year ago.