Morgan Stanley and MLV & Co. on Monday morning released reports on last week's performance of the REIT sector.
Overall the results were good. According to MLV, the RMZ beat the S&P 500 by 1.9 percent.
Last week's winning sector was student housing, which was up 2.3 percent. On the other end, storage had the worst performance with flat results.
According to Morgan Stanley, REITs are now trading 4.5x (35 percent) above and 180 bps below their long-term average multiples implied cap rates, respectively.
Looking at a specific area, MLV & Co. said San Francisco is showing no signs of slowing down from its double-digit RevPAR growth since 2011.
In a broader look, Morgan Stanley cautioned that it believes the Sunbelt is on the cusp of a supply-driven deceleration in revenue growth.
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