Storm clouds are gathering in the North American commercial property market. But David Kruth, Dexus’ man in New York, is holding his nerve.
with the bulk of that sourced from the capital market. The report card was good; in the main, Australian REITs have enough liquidity to sail through a credit squeeze.
The likelihood of a sharp drop in values in the direct market – in Australia, some pundits warned of a 20 per cent tumble in office tower values – does not faze Mr Kruth either. That’s because the listed property stocks took their medicine well before distress arrived in the direct market. “The private market historically takes longer to do that. It’s just the way it works. The appraisal process is not in lockstep to the public market. It hadn’t been that way since the early 1990s,” he added. “The public market led us up in this recovery a couple of years ago, post-pandemic. Now we are repricing the equities, the value of the publicly traded companies, the private market is following down slowly.
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