Thesis
Investors Real Estate Trust’s (IRET) multifamily portfolio in the Midwest has allowed the company to avoid the massive sell-off in response to the Covid-19 shutdown. The company now trades at an unjustified premium to its peers, as concerns surrounding leverage levels, poor market selection, and lack of geographic concentration remain.
Real Estate Sector
The Covid-19 pandemic and subsequent economic slowdown have created a bifurcated real estate market. Sectors that are expected to maintain their stable and growing revenue streams have seen modest stock price impacts. In contrast, sectors more negatively affected have seen their