ROIC - Baird's REIT opportunity hunt highlights Net Lease Manufactured Housing Shopping

Baird's "Finding Opportunities in REITs" webcast tackled ideas across a few areas in real estate investment trusts - in Net Lease, Manufactured Housing, and in Shopping Centers - and it's come away with a number of Outperform-rated ideas for the year ahead. In Net Lease, it notes that tenant issues have "largely abated," and there's some competition for acquisitions, though it notes "cap rates have moved only modestly." And there it likes the Gaming sector given some decreased competition levels and a less commoditized product. The Gaming REITs are also best positioned for inflation, the firm notes. VICI Properties (VICI), for example, has escalators tied to the Consumer Price Index or greater, a better hedge for prolonged inflation. And Baird notes that potential catalysts for MGM Growth Properties (MGP) include index inclusion, and becoming more acquisitive. Meanwhile, traditional Net Lease REITs will likely struggle, and Baird's approach there is to

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Baird's REIT opportunity hunt highlights Net Lease, Manufactured Housing, Shopping