REITs
ADC Agree Realty Corp
AAT American Assets Trust Inc
AMH American Homes 4 Rent
AVB AvalonBay Communities Inc
BRX Brixmor Property Group Inc
CPT Camden Property Trust
CUBE CubeSmart
EQR Equity Residential
EPRT Essential Properties Realty Trust Inc
ESS Essex Property Trust Inc
EXR Extra Space Storage Inc
FRT Federal Realty Investment Trust
GLPI Gaming and Leisure Properties Inc
INVH Invitation Homes Inc
KIM Kimco Realty Corp
MAC Macerich Co/The
MAA Mid-America Apartment
NSA Communities Inc
NTST National Storage Affiliates Trust
PECO NETSTREIT Corp
PSA Phillips Edison & Co Inc
O Public Storage
REG Realty Income Corp
SAFE Regency Centers Corp
SPG Safehold Inc
UDR Simon Property Group Inc
VICI UDR Inc
VICI Properties Inc
Differentiated Product
Leverage our deep knowledge (20+ years) of real estate markets, public REITs and private market relationships (private operators, brokers) to provide unique and incremental insights to add value to our clients’ investment processes. Recurring survey work and investor webinars to garner investor feedback and enhance investor engagement, as well as frequent private market events (virtual and in-person) and collaborative work with our Retail / Consumer teams to provide incremental insight and value to our clients. Combining these approaches have led to our key Overweight calls on SFRs (INVH, REG) and early / out-of-consensus calls on CPT and ESS.
Key Reports
• Mizuho Proprietary Surveys Indicate More Tariff Pain Ahead; Scale + Defense Win
• Let's Talk Retail (w/Placer AI) – Clear Decline in Foot Traffic in Focus
• Triple Nets "Liberated" in an Uncertain Macro / Policy Backdrop; Updating Ests/PTs
• Apartment Spring Preview: April "Lull" or Risk to Spring Expectations (& 2H Inflection)?
• SFRs: Upgrading INVH to O/P on Inflection (Growth/Supply) Catalysts
Notable Events
• Mizuho REITs Conference (Oct 2024)
• Annual Gaming Tour (New Orleans in 2024)
• REIT Investor Webinars Focusing on Key Topics Residential and Retail
• Private Real Estate Market Expert Access / Events (offering insight into private market demand, transaction & cap rate trends)
Analyst Bio
Haendel joined Mizuho in February 2016 as a senior analyst based in New York, co-heading the REIT team.Prior to Mizuho, St. Juste was senior analyst and co-head of REITs & Homebuilders research at Morgan Stanley. Prior to that, he led REIT research teams at Keefe, Bruyette & Woods and Green Street Advisors. Haendel spent four years in REIT investment banking.He received his MBA from New York University’s Stern School of Business and his BA from Adelphi University.