iREIT Daily

A Famous Musician’s Comments Against NFTs

Brad Thomas

467 postsDecember 22, 2021

This might be a bit off topic, but I couldn’t help but noticed an interview with Brian Eno about non-fungible tokens. The legendary musician shared his opinion on NFTs recently.

And let’s just say it wasn’t bright, shiny, and filled with holiday cheer.

“People I like and trust are convinced they’re the best thing since sliced bread,” he told tech critic Evgeny Morozov. “So I wish I could have a more positive view. But right now, I mainly see hustlers looking for suckers.”

The controversial figure added that, “NFTs seem to me just a way for artists to get a little piece of the action from global capitalism: our own cute little version of financialization.”

Now, considering how he’s hobnobbed with the likes of David Bowie, U2, and Coldplay – hardly starving artist types – I’m not really sure if he’s one to righteously mock capitalism. And I can’t say I agree with him on everything else he said in the interview either.

But he did bring up some interesting discussion points I thought I’d pose to you nonetheless.

Eno also mentioned crypto – another capitalist construct he’s not impressed with – which brings me to how hedge funds are increasingly interested in the alternative currency (no doubt strengthening Eno’s opinion).

Yahoo Finance’s Alexandra Semenova says there’s a lot more of that activity going on. “Big-money managers are likely to increase their participation in 2022 as the market continues to grow.” And a mid-year survey from EY “found that one in three hedge funds” and 13% of private equity firms “planned to invest in crypto” in the next two years.

Moreover, EY experts say that number very well could have increased in the months since.

More Non-REIT News

Moving on now to sometimes-crypto-champion Elon Musk, the enigmatic multi-billionaire has now sold three-quarters of the 10% Tesla (TSLA) stake – 13.5 million out of 17 million shares – he promised to divest himself of. So while Tesla was up several dollars in premarket trading (at last check), it’s no surprise they’re still down by well over 20% since peaking in early November…

Right before Musk made the pledge.

The world’s richest man is hardly boring. I’ll say that.

Also in the not-boring category is 2021, as evidenced by headlines like “American Workers Are Burned Out, and Bosses Are Struggling to Respond” from Fox Business. Though hardly the first time we’ve seen such statements, this writeup reminds us of how many resignations were recorded January-October.

That would be 39 million in all, “the highest number since tracking began in 2000.”

Some want better jobs. Others a better work-life balance. Still others want a complete break from the corporate grind. Almost two years into the pandemic that left millions doing their jobs from home, many Americans are rethinking their relationship with work.

I know I’ve reported on that trend before. But seeing it again got me thinking about a recent discussion on whether work-from-home trends are popular. Personally, I’d say the answer is complicated. No doubt, many love not having to deal with traffic or that annoying colleague two cubicles down.

But not having a proper delineation between work life and home life can take a toll on us anyway. For many of us and perhaps even most of us, office space is exceptionally important – if for no other reason that to breathe a sigh of relief when we leave it behind.

The World According to REITs

The Fox Business article noted a six-month spike from 55% to about 75% in workers worrying about work-related stress. That was according to think-tank The Conference Board’s September survey of 1,800 U.S. workers.

And “half said workload-related pressure was harming their mental health.”

Companies are trying to find creative solutions to ease those issues and maintain their staff. But I do truly think that getting back to the office could help, even if many big tech companies disagree.

With Omicron dominating the news and the CDC saying Covid deaths in 2021 could surpass 2020’s count, Amazon (AMZN), Meta Platforms (FB), Pinterest (PINS), and Twitter (TWTR) have backed out of January’s annual CES technology conference in Las Vegas.

Obviously, that doesn’t bode well for lodging REITs, which heavily rely on corporate events. However, apartment REITs are set for a good Q1. With home prices still so high, renting is simply more feasible – despite how 97% tenancy or higher for market-rate apartments has allowed landlords to raise rents.

(That’s awesome for long-term shareholders. But new buyer should beware. Apartment REITs’ valuations have risen significantly too.)

Now onto individual company moves…

CTO Realty Growth (CTO) acquired a two-building, 137,000 square-foot mixed-use property in Santa Fe, New Mexico, for $16.3 million. It also reported selling a single-tenant asset in Falls Church, Virginia.
Boston Properties (BXP) bought 360 Park Avenue South in Manhattan through a new joint venture. The 20-story, 450,000 square-foot office building cost about $300 million, with BXP’s stake being 42%.
Host Hotels (HST) purchased the fee simple interest in Georgia’s The Alida, Savannah, for $103 million. It expects the 173-room boutique hotel to deliver about $240 of revenue per available room (RevPAR).

And, as usual, here’s your daily recap chart as well:

(Source: The Daily REITBeat)

Happy Investing

Brad Thomas

467 posts

View all my Posts

Brad Thomas is Senior Research Analyst at iREIT and CEO of Wide Moat Research LLC. With over 30 years of real estate experience, he is also long-time Editor of Forbes Real Estate Investor, a monthly subscription-based newsletter that dives deep into the vast world of profitable properties, and since 2021, he has served as an adjunct professor at New York University.

Thomas has also been featured on or in Forbes magazine, Kiplinger's, U.S. News and World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox. And he was the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020 and 2021 based on both page views and number of followers.

Thomas is the recently-published author of The Intelligent REIT Investor Guide (2021), co-author of The Intelligent REIT Investor (2016), and he wrote The Trump Factor: Unlocking The Secrets Behind The Trump Empire (2016) - all available on Amazon.

Thomas received a bachelor of science in business/economics from Presbyterian College and is married with five wonderful kids.

Santa “Clause” Has Come to Town

REIT Mutual Fund	Symbol
Alpine Realty Income and Growth Fund	AIGYX, AIAGX
American Century Real Estate Fund	REAIX, REACX, AREEX, AREWX, ARYCX, AREDX
Real Estate Securities Fund	MRESX
AR Capital Real Estate Income Fund	ARIAX, ARICX, ARIPX
AssetMark Real Estate Securities Fund	AFREX
Aston/Harrison Street Real Estate Fund	AARIX, ARFCX
Baron Real Estate Fund	BREIX, BREFX
BlackRock Real Estate Securities	BIREX, BAREX, BCREX
Brookfield U.S. Listed Real Estate Fund	BRUAX, BRUCX, BRUIX, BRUYX
CGM Realty Fund	CGMRX
West Loop Realty Fund	REIIX, REIAX, REICX
Cohen & Steers Institutional Realty Shares	CSRIX
Cohen & Steers Realty Income Fund	CSEIX, CSDIX, CSBIX, CSCIX
Cohen & Steers Realty Shares	CSRSX
Columbia Real Estate Equity Fund	CREAX, CREIX, CRRVX, CRERX, CREEX, CRRFX, CREWX, CRECX, CREBX
Compass EMP REC Enhanced Volatility Weighted Fund	CWRAX, CWRIX, CWRTX, CWRCX
Davis Real Estate Fund	RPFRX, DREYX, DRECX, DREBX
Delaware Real Estate Investment Trust Portfolio II	DPRTX, DPRBX
Delaware Real Estate Investment Trust Portfolio	DPREX, DPRSX, DPRRX, DPRCX
DFA Real Estate Securities Portfolio	DFREX
Dunham Real Estate Stock Fund	DAREX, DNREX, DCREX
DWS RREEF Real Estate Securities Fund	RRRRX, RRREX, RRRAX, RRRSX, RRRBX, RRRCX
DWS RREEF Real Estate Securities Income Fund	REFAX, REFCX, REFIX, REFSX
Eaton Vance Real Estate Fund	EAREX, EIREX
EII Realty Securities Fund	EIIRX
Fidelity Advisor Real Estate Fund	FHEIX, FHEAX, FHETX, FHECX, FHEBX
Fidelity Advisor Real Estate Income Fund	FRIRX, FRIQX, FRINX, FRIOX
Fidelity Real Estate Income Fund	FRIFX
Fidelity Real Estate Investment Portfolio	FRESX
Fidelity Spartan Real Estate Index Fund	FSRNX, FRXIX, FSRVX
Fidelity Series Real Estate Equity Fund	FREDX, FREFX
Fidelity Series Real Estate Income Fund	FSREX, FSRWX
Forward Real Estate Long/Short Fund	KSRYX, FRLSX, FFSRX, KSRAX, KSRCX, KSRBX
Forward Real Estate Fund	FPREX, FFREX, KREAX, KRECX
Forward Select Income Fund	KIFYX, FSIMX, FFSLX, KIFAX, KIFBX, KIFCX
Franklin Real Estate Securities Fund	FREEX, FRLAX, FRRSX, FSERX
GMO Real Estate Fund	GMORX
Goldman Sachs Real Estate Securities Fund	GREIX, GRETX, GREAX, GRESX, GRERX, GREBX, GRECX
Great-West Real Estate Fund	MXREX
Heitman REIT Fund	OARTX, OBRTX
ING Real Estate Fund	CRARX, IREWX, IDROX, CLARX, CRWRX, CRCRX, CRBCX
INVESCO Real Estate Fund	REINX, IARFX, IARIX, IARYX, IARAX, IARRX, IARCX, AARBX
Ivy Real Estate Securities Fund	IRSAX, IREIX, IRSYX, IRSRX, IREEX, IRSCX, IRSBX
John Hancock Real Estate Securities Fund	JIREX
Johnson Realty Fund	JRLTX
J.P.Morgan Realty Income Fund	URTLX, JRIRX, URTAX, URTBX, URTCX
J.P. Morgan Security Capital U.S. Core Real Estate Securities Fund	CEEAX, CEERX, CEEFX, CEESX, CEECX
J.P. Morgan U.S. Real Estate Fund	SUSIX
Lazard U.S. Realty Equity Portfolio	LREIX, LREOX
Lazard U.S. Realty Income Portfolio	LRIIX, LRIOX
Manning & Napier Real Estate Series	MNRIX, MNREX
Morgan Stanley Institutional U.S. Real Estate Portfolio	MSUSX, MUSDX, MSULX, MURSX
Natixis AEW Real Estate Fund	NRFAX, NRFYX, NRFBX, NRFCX, NRFNX
Neuberger Berman Real Estate Fund	NBRIX, NBRFX, NREAX, NRERX, NRECX, NRREX
Nuveen Real Estate Securities Fund	FREAX, FARCX, FRSSX, FREBX, FRLCX, FREGX
Oppenheimer Real Estate Fund	OREAX, OREIX, OREYX, ORENX, OREBX, ORECX
PHOCAS Real Estate Fund	PHREX
PIMCO RealEstateRealReturn Strategy Fund	PRRSX, PETPX, PETAX, PETDX, PETCX, PETBX
Pioneer Real Estate Shares	PWREX, PYREX, PCREX, PBREX
Principal Real Estate Securities Fund	PIREX, PIRPX, PREPX, PRETX, PREJX, PRRAX, PRERX, PRENX, PRAEX, PRCEX, PRLEX
ProFunds Real Estate UltraSector ProFund	REPIX
Prudential Select Real Estate Fund	SREAX
Prudential U.S. Real Estate Fund	PJEAX, PJEZX, PJECX, PJEBX
REMS Real Estate Income 50/50 Portfolio	RREIX
REMS Real Estate Value-Opportunity Fund	HLRRX, HLPPX
Rydex Real Estate Fund	RYREX, RYHRX, RYCRX
SA Real Estate Securities Fund	SAREX
SEI Institutional Mgd Real Estate Fund	SETAX, SEIRX
Spirit of America Real Estate Income & Growth Fund	SOAAX
SSgA Clarion Real Estate Fund	SSREX
Stratton Real Estate Fund	STMDX
T.Rowe Price Real Estate Fund	TRREX, PAREX
TIAA-CREF Real Estate Securities Fund	TIREX, TRRPX, TRRSX, TCREX
Vanguard REIT Index Fund	VGSNX, VGRSX, VGSLX, VGSIX
Virtus Real Estate Securities Fund	PHRAX, PHRIX, PHRCX, PHRBX

REIT ETF	Symbol
Flex Shares	ASET
Wisdom Tree Global Ex-US	DRW
S&P 500 Equal Weight	EWRE
iShares FTSE Industrial/Office	FNIO
MSCI Real Estate Index	FREL
S&P REIT Index	FRI
First Trust S&P REIT	FRI
iShares Real Estate 50	FTY
Flexshares Global	GQRE
iShares Cohen & Streers	ICF
iShares International Developed RE	IFGL
iShares US RE	IYR
Premium Yield Equity REIT	KBWY
ETRACS Monthly Pay 2x Leverage	MORL
Market Vector Mortgage	MORT
iShares Global REIT	REET
iShares FTSE Mortgage	REM
iShares Residential	REZ
IQ US Real Estate Small Cap	ROOF
iShares FTSE NAREIT Retail	RTL
DOW Jones Global RE	RWO
SPDR Dow Jones	RWR
Schwab US REIT	SCHH
Super Dividend REIT	SRET
ProShares Ultra RE	URE
Vanguard REIT	VNQ
Vanguard Global ex-US	VNQI
iShares International Developed	WPS
Wilshire US REIT	WREI
Pacer Benchmark Data & Infrastructure RE	SRVR
Pacer Benchmark Industrial RE	INDS
Pacer Benchmark Retail RE	RTL
Hoya Capital Housing	HOMZ
NetLease Corporate RE	NETL

REIT Name	Ticker	Annual Increases/yr
Federal Realty	FRT	51
Universal Health Realty	UHT	33
National Retail Properties	NNN	29
Realty Income	O	27
Tanger Outlets	SKT	26
Urstadt Biddle	UBA	25
Essex Property Trust	ESS	25
W.P.Carey	WPC	22
National Health Investors	NHI	17
Equity Lifestyle	ELS	15
Digital Realty	DLR	15

A Famous Musician’s Comments Against NFTs

Brad Thomas

467 postsDecember 22, 2021

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467 postsDecember 22, 2021

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