{"id":121,"date":"2022-06-03T08:00:00","date_gmt":"2022-06-03T08:00:00","guid":{"rendered":""},"modified":"2026-06-23T03:01:42","modified_gmt":"2026-06-23T03:01:42","slug":"what-investors-want-irostors-reveals-key-insights-from-its-2022-investor-survey","status":"publish","type":"ss_article","link":"https:\/\/www.irostors.com\/zh_CN\/article\/what-investors-want-irostors-reveals-key-insights-from-its-2022-investor-survey\/","title":{"rendered":"REITs\uff1a\u6295\u8d44\u8005\u5bf9\u901a\u80c0\u4e0e\u589e\u957f\u653e\u7f13\u7684\u56de\u5e94"},"content":{"rendered":"<p>\u968f\u7740\u901a\u80c0\u81ea3Q21\u4ee5\u6765\u52a0\u901f\u4e0a\u5347\uff0c\u6295\u8d44\u8005\u5bf9\u6ede\u80c0\u7684\u62c5\u5fe7\u65e5\u76ca\u52a0\u5267\u3002\u7ecf\u53862011\u5e74\u81f32020\u5e74\u957f\u8fbe\u5341\u5e74\u7684\u4f4e\u901a\u80c0\u540e\uff0c\u901a\u80c0\u5df2\u6210\u4e3a\u91cd\u70b9\u5173\u6ce8\u9886\u57df\u3002\u81ea\u5e74\u521d\u4ee5\u6765\uff0c\u8d27\u5e01\u653f\u7b56\u6536\u7d27\u3001\u4fc4\u4e4c\u6218\u4e89\u4ee5\u53ca\u4e2d\u56fd\u7684\u65b0\u51a0\u9632\u63a7\u9650\u5236\u52a0\u5267\u4e86\u5b8f\u89c2\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u30022022\u5e744\u6708\uff0cIMF\u5c06\u4eca\u5e74\u5168\u7403\u589e\u957f\u7387\u4e0b\u8c030.8%\uff0c\u4ece4.4%\u964d\u81f33.6%\u3002\u5982\u679c\u6ede\u80c0\u60c5\u666f\u6210\u4e3a\u73b0\u5b9e\uff0c\u5e02\u573a\u53ef\u80fd\u7ee7\u7eed\u627f\u53d7\u80a1\u7968\u538b\u529b\u3002\u5c3d\u7ba1\u80a1\u7968\u98ce\u9669\u6ea2\u4ef7\u5df2\u5904\u4e8e\u8f83\u9ad8\u6c34\u5e73\uff0c\u4f46\u4ecd\u4f4e\u4e8e\u5e02\u573a\u89c1\u9876\u65f6\u671f\u7684\u53ef\u6bd4\u6c34\u5e73\uff08\u53732008\u5e74\u30012020\u5e74\u7b2c\u4e00\u5b63\u5ea6\u53ca20\u4e16\u7eaa70\u5e74\u4ee3\u672b\uff09\uff0c\u663e\u793a\u5e02\u573a\u4ecd\u6709\u8fdb\u4e00\u6b65\u4e0a\u884c\u7a7a\u95f4\u3002\u5386\u53f2\u4e0a\uff0c\u5728\u9ad8\u901a\u80c0\u65f6\u671f\uff0cREITs\u76f8\u8f83\u4f20\u7edf\u80a1\u7968\u8868\u73b0\u76f8\u5bf9\u826f\u597d\uff0c\u56e0\u6b64\u8fd1\u671f\u53d7\u5230\u673a\u6784\u6295\u8d44\u8005\u5173\u6ce8\u3002<\/p>\n<h2>\u901a\u80c0\u662f\u6682\u65f6\u6027\u8fd8\u662f\u6301\u7eed\u6027\uff1f<\/h2>\n<p>Until mid-2021, the prevailing narrative among asset managers and policymakers was that inflation would be transitory. While some managers still firmly believe that inflation is transitory, the start of the Russian-Ukrainian war and the implementation of China&#8217;s zero-Covid policy have anchored the view of persistent inflation.<\/p>\n<p>Franklin Templeton (1.5trn AUM), AB (780bn AUM), Alliance GI (700bn AUM), and Lord Abbett (250bn AUM), only to mention a few, are among the managers that see inflation to be persistent. Covid supply chain disruptions have driven MNCs to prioritize supply security over cost; alternative supply locations diversify supply risk, but they usually lack the economy of scale of traditional supply locations. The globalization that accelerated 20 years ago may have peaked due to geopolitical tensions. Finally, &#8220;sticky&#8221; components of inflation have also ticked higher. For example, housing expenses in the US have been climbing steadily above historical ranges since 4Q21. Healthcare costs would likely follow the same pattern, given the industry&#8217;s pricing practices and the shortage of nurses and doctors in many countries.<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\uff0cWestern Asset\uff08AUM 480bn\uff09\u548cJupiter Asset Management\uff08AUM 70bn\uff09\u7b49\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u4ecd\u8ba4\u4e3a\u901a\u80c0\u662f\u6682\u65f6\u6027\u7684\uff0c\u56e0\u4e3a\u5b83\u4eec\u9884\u8ba1\u4f9b\u5e94\u74f6\u9888\u5c06\u5f97\u5230\u7f13\u89e3\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u5b83\u4eec\u575a\u6301\u8ba4\u4e3a\uff0c\u957f\u671f\u7ed3\u6784\u6027\u901a\u7f29\u538b\u529b\u5e76\u672a\u6539\u53d8\u3002\u4eba\u53e3\u8001\u9f84\u5316\u5c06\u968f\u7740\u65f6\u95f4\u63a8\u79fb\u51cf\u5c11\u652f\u51fa\uff1b\u6280\u672f\u8fdb\u6b65\u5c06\u6301\u7eed\u63d0\u5347\u751f\u4ea7\u7387\uff1b\u4f01\u4e1a\u50f5\u5c38\u4fe1\u8d37\u5c06\u4f7f\u7ecf\u6d4e\u4fdd\u6301\u8fc7\u5269\u4ea7\u80fd\u3002<\/p>\n<h2>\u901a\u80c0\u9884\u671f\u5982\u4f55\u5f71\u54cd\u80a1\u7968\u5e02\u573a\uff1f<\/h2>\n<p>Several central banks have an explicit mandate to maintain price stability. While transitory inflationary shocks are more benign as their impacts on inflation are usually temporary, persistent shocks are problematic. They can push inflation well above 2% and require the Central Bank&#8217;s policy actions. But as inflation shows signs of peaking, debates emerged again over the nature of the inflation and the risks that a too hawkish Fed will raise the funding cost for companies, dampen valuations and push the economy into recession. Discussions are even more exacerbated given that the markets have not experienced inflation well above 3% for over 20 years. The lack of near-term references and the complex backdrop of the current inflationary environment creates more uncertainty, thus leading to higher market volatility.<\/p>\n<h2>REITs\u662f\u5bf9\u51b2\u901a\u80c0\u7684\u826f\u597d\u5de5\u5177\u5417\uff1f<\/h2>\n<p>With more investors seeking to protect themselves against inflation, REITs have attracted some attention &#8211; historical studies have supported their inflation hedge qualities. Just referencing a few:<\/p>\n<p>&#8220;Indeed, based on both empirical results and theoretical arguments, real estate, accessed through publicly traded equity REITs, provides attractive return characteristics and deserves consideration in diversified inflation-protected portfolios.&#8221; from Inflation and Real Estate Investments, 2017, by Brad Case, Susan M. Wachter, Richard B. Worley.<\/p>\n<p>&#8220;Over the long run, developed real estate stocks provide a positive inflation hedge against expected inflation, while no similar evidence is found in the emerging markets. The findings suggest that the inflation-hedging properties of real estate stocks are related to the institutional involvement in the real estate stock markets.&#8221; Do European real estate stocks hedge inflation? Evidence from developed and emerging markets, 2012, by Chyi Lin Lee and Ming\u2010Long Lee.<\/p>\n<p>\u8fd1\u671f\uff0cMan Group\uff08AUM 150bn\uff09\u4e0eDuke University\u5f00\u5c55\u7684\u4e00\u9879\u7814\u7a76\u53d1\u73b0\uff0c\u5728\u9ad8\u901a\u80c0\u65f6\u671f\uff0c\u7f8e\u56fd\u548c\u82f1\u56fd\u4f4f\u5b85\u623f\u5730\u4ea7\u7684\u8868\u73b0\u5f80\u5f80\u663e\u8457\u4f18\u4e8e\u4f20\u7edf\u80a1\u7968\u548c\u503a\u5238\u3002\u540c\u4e00\u7814\u7a76\u8fd8\u53d1\u73b0\uff0c\u65e5\u672c\u4f4f\u5b85\u623f\u5730\u4ea7\u5728\u9ad8\u901a\u80c0\u65f6\u671f\u53d6\u5f97\u4e86\u7565\u4e3a\u6b63\u9762\u7684\u603b\u56de\u62a5\u3002PGIM Quantitative Solutions\uff08AUM 100bn\uff09\u5f00\u5c55\u7684\u53e6\u4e00\u9879\u66f4\u65b0\u7814\u7a76\u53d1\u73b0\uff0c\u5728\u9ad8\u901a\u80c0\u65f6\u671f\uff0cREITs\u7684\u5b9e\u9645\u56de\u62a5\u4e3a\u6b631.5%\uff0c\u5927\u5e45\u4f18\u4e8e\u80a1\u7968\uff08-1.9%\uff09\u548c\u503a\u5238\uff08-0.1%\uff09\u3002<\/p>\n<p>\u8fd1\u671f\uff0c\u8bb8\u591a\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u4e5f\u8868\u8fbe\u4e86\u5bf9\u901a\u80c0\u73af\u5883\u4e0bREITs\u7684\u79ef\u6781\u770b\u6cd5\u30022022\u5e744\u6708\u521d\uff0cNeuberger Bergman\uff08AUM 400bn\uff09\u6295\u8d44\u7ec4\u5408\u7ecf\u7406Brian Jones\u8868\u793a\uff0c\u5f53\u901a\u80c0\u6301\u7eed\u9ad8\u4e8e\u5e73\u5747\u6c34\u5e73\u4e14\u7ecf\u6d4e\u589e\u957f\u4fdd\u6301\u7a33\u5065\u65f6\uff0cREITs\u5e94\u80fd\u6709\u6548\u5bf9\u51b2\u901a\u80c0\u30024\u6708\uff0cInvesco\uff08AUM 1.5trn\uff09\u5ba2\u6237\u6295\u8d44\u7ec4\u5408\u7ecf\u7406\u9ad8\u7ea7\u603b\u76d1John Corcoran\u8868\u793a\uff0c\u5728\u901a\u80c0\u98ce\u9669\u4e0a\u5347\u7684\u60c5\u51b5\u4e0b\uff0c\u5e94\u8003\u8651\u5bf9\u623f\u5730\u4ea7\u8fdb\u884c\u6218\u7565\u914d\u7f6e\u30025\u6708\u521d\uff0cSchroders\uff08AUM 770bn\uff09\u623f\u5730\u4ea7\u4e3b\u7ba1Mark Callender\u6307\u51fa\uff0c\u4e00\u4e9b\u6295\u8d44\u8005\u5df2\u5c06\u82f1\u56fd\u623f\u5730\u4ea7\u4f5c\u4e3a\u907f\u98ce\u6e2f\uff0c\u539f\u56e0\u662f\uff1a1\uff09\u5546\u4e1a\u623f\u5730\u4ea7\u79df\u91d1\u901a\u5e38\u8ddf\u968f\u901a\u80c0\u53d8\u5316\uff1b2\uff09\u81ea20\u4e16\u7eaa70\u5e74\u4ee3\u4ee5\u6765\uff0c\u8fd9\u79cd\u76f8\u5173\u6027\u5728\u82f1\u56fd\u4e00\u76f4\u5f88\u5f3a\u3002\u5168\u7403\u91d1\u878d\u5371\u673a\u540eREITs\u8f83\u4f4e\u7684\u8d37\u6b3e\u4ef7\u503c\u6bd4\uff08LTV\uff09\u964d\u4f4e\u4e86\u8fd9\u4e00\u8d44\u4ea7\u7c7b\u522b\u7684\u98ce\u9669\u30025\u6708\u4e2d\u65ec\uff0cFidelity\uff08AUM 4.5trn\uff09\u8868\u793a\uff0cREITs\u53ef\u80fd\u53d7\u76ca\u4e8e\u66f4\u9ad8\u7684\u901a\u80c0\u73af\u5883\u3002<\/p>\n<p>\u603b\u7ed3\u800c\u8a00\uff0c\u652f\u6301REITs\u7684\u7406\u7531\u5305\u62ec\uff1a<\/p>\n<ul>\n<li>\u5546\u4e1a\u79df\u7ea6\u5305\u542b\u660e\u786e\u4e0e\u901a\u80c0\u6302\u94a9\u7684\u79df\u91d1\u9012\u589e\u6761\u6b3e\uff0c\u800c\u4f4f\u5b85\u79df\u7ea6\u671f\u9650\u8f83\u77ed\uff0c\u4e3a\u79df\u91d1\u91cd\u5b9a\u4ef7\u63d0\u4f9b\u4e86\u673a\u4f1a<\/li>\n<li>\u5efa\u7b51\u6210\u672c\u4e0a\u5347\u53ef\u80fd\u4fc3\u4f7f\u90e8\u5206\u5f00\u53d1\u5546\u63d0\u9ad8\u65b0\u4f9b\u5e94\u4ef7\u683c\uff0c\u4ece\u800c\u652f\u6301\u73b0\u6709\u7269\u4e1a\u4f30\u503c\u3002<\/li>\n<li>\u4e0e\u6b64\u540c\u65f6\uff0c\u5176\u4ed6\u5f00\u53d1\u5546\u53ef\u80fd\u9009\u62e9\u6682\u505c\u65b0\u9879\u76ee\uff0c\u9650\u5236\u65b0\u589e\u4f9b\u5e94\uff0c\u8fdb\u800c\u7ef4\u62a4\u73b0\u6709\u7269\u4e1a\u4f30\u503c\uff0c\u5e76\u8d4b\u4e88\u623f\u4e1c\u63d0\u9ad8\u79df\u91d1\u7684\u8bae\u4ef7\u80fd\u529b\u3002<\/li>\n<\/ul>\n<h2>\u4e0d\u8fc7\uff0cREITs\u771f\u7684\u53ef\u4ee5\u5168\u9762\u91c7\u53d6\u98ce\u9669\u504f\u597d\u5417\uff1f<\/h2>\n<p>A closer look into asset managers&#8217; views reveals that they remain selective when allocating to REITs \/ real estate assets. Fundamental criteria still need to align.<\/p>\n<ul>\n<li>REITs\u7684\u5730\u57df\u655e\u53e3\u4ecd\u7136\u81f3\u5173\u91cd\u8981\u3002\u4f8b\u5982\uff0cChilton Capital Management\uff08AUM 2bn\uff09REIT\u7b56\u7565\u8463\u4e8b\u603b\u7ecf\u7406Matt Werner\u4e0d\u770b\u597d\u7f8e\u56fd\u95e8\u6237\u57ce\u5e02\uff08\u4f8b\u5982\u7ebd\u7ea6\u3001\u6ce2\u58eb\u987f\u6216\u829d\u52a0\u54e5\uff09\u7684\u529e\u516cREITs\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u57ce\u5e02\u589e\u957f\u7f13\u6162\uff1b\u4ed6\u66f4\u504f\u597dAtlanta\u3001Tempe\u548cCharlotte\u7b49\u9633\u5149\u5730\u5e26\u57ce\u5e02\u3002<\/li>\n<li>Pricing power. J.P. Morgan Asset Management&#8217;s (3.1trn AUM) Real Estate team expressed that they prefer fast-growing sectors such as distribution warehouses, data centers, life science facilities, and single-family rentals vs. office and retail. Morgan Stanley Investment Management (1.6trn AUM) highlights segments with secular tailwinds, such as industrial and residential.<\/li>\n<li>&#8220;Greenness&#8221;: Nora Creedon from Goldman Sachs Asset Management (1.5trn AUM) emphasizes that green buildings protect long-term investors from downside risks related to changing tenant preferences, higher operating costs, and potential regulatory penalties. A study published by Knight Frank in late 2021 found that green office buildings commanded rental premiums of 3.7-12.3% in the UK.<\/li>\n<li>\u79df\u7ea6\u5230\u671f\u7ed3\u6784\uff1a\u9664\u975e\u79df\u91d1\u4e0e\u901a\u80c0\u6302\u94a9\uff0c\u5426\u5219\u5e94\u4f18\u5148\u9009\u62e9WALE\u8f83\u77ed\u7684REITs\uff0c\u4ee5\u6355\u6349\u77ed\u671f\u5185\u66f4\u9ad8\u7684\u79df\u91d1\u91cd\u5b9a\u4ef7\u6f5c\u529b<\/li>\n<li>\u6760\u6746\uff1a\u5728\u9ad8\u901a\u80c0\u65f6\u671f\uff0c\u8d1f\u503a\u7387\u8f83\u4f4e\u3001\u878d\u8d44\u5229\u7387\u56fa\u5b9a\u4e14\u518d\u878d\u8d44\u5b89\u6392\u5728\u8f83\u540e\u5230\u671f\u7684REITs\uff0c\u53d7\u878d\u8d44\u6210\u672c\u4e0a\u5347\u7684\u5f71\u54cd\u8f83\u5c0f\u3002<\/li>\n<\/ul>\n<p>\u5982\u679c\u6301\u7eed\u901a\u80c0\u4ecd\u662f\u57fa\u672c\u60c5\u666f\uff0c\u9274\u4e8eREITs\u5177\u5907\u5bf9\u51b2\u901a\u80c0\u7684\u7279\u6027\uff0c\u5b83\u4eec\u53ef\u80fd\u5728\u673a\u6784\u6295\u8d44\u8005\u4e2d\u83b7\u5f97\u66f4\u5927\u52a8\u80fd\u3002\u7136\u800c\uff0c\u8003\u8651\u5230\u589e\u957f\u5b58\u5728\u4e0d\u786e\u5b9a\u6027\uff0c\u6295\u8d44\u8005\u5f88\u53ef\u80fd\u6839\u636e\u8d44\u4ea7\u8d28\u91cf\u3001\u79df\u7ea6\u5230\u671f\u7ed3\u6784\u548c\u8d22\u52a1\u6760\u6746\u5236\u5b9a\u9009\u62e9\u6807\u51c6\uff0c\u4ee5\u6700\u5927\u9650\u5ea6\u5730\u63d0\u9ad8\u4fdd\u62a4\u4f5c\u7528\u3002<\/p>\n<p>\u5e0c\u671b\u60a8\u559c\u6b22\u672c\u6587\uff0c\u4e5f\u5e0c\u671b\u672c\u6587\u80fd\u4e3a\u60a8\u4e0e\u6f5c\u5728\u6295\u8d44\u8005\u7684\u4ea4\u6d41\u63d0\u4f9b\u53c2\u8003\u3002REIT\u516c\u53f8\u7684IR\u8d1f\u8d23\u4eba\u548cCFO\u53ef\u4ee5\u901a\u8fc7Irostors\u8054\u7cfb\u672c\u6587\u63d0\u53ca\u7684\u8bb8\u591a\u623f\u5730\u4ea7\u5206\u6790\u5e08\u548c\u6295\u8d44\u7ec4\u5408\u7ecf\u7406\u3002\u5982\u60a8\u6709\u5174\u8da3\uff0c\u6b22\u8fce\u8054\u7cfb\u6211\u4eec\u3002<\/p>","protected":false},"excerpt":{"rendered":"<p>Stagflation fears are growing among investors as inflation has accelerated since 3Q21. After a decade long of low inflation from 2011 to 2020, inflation has emerged as a critical area of focus. Tightening monetary policies, the war in Ukraine, and covid restrictions in China have exacerbated macroeconomic uncertainties since the start of the year. In [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":136,"template":"","class_list":["post-121","ss_article","type-ss_article","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/ss_article\/121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/ss_article"}],"about":[{"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/types\/ss_article"}],"author":[{"embeddable":true,"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/users\/3"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/media\/136"}],"wp:attachment":[{"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/media?parent=121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}