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Todd Henderson
DWS (head of real estate, Americas)
First call on the ledger
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else is a labeled paraphrase. Every call links its original source. Before you trust the call, check the record.
Where they stand
Views on the record but not scoreable bets: no single number and deadline to grade. Shown in their exact words, never scored.
His three reasons the entry point is 'interesting today' (@23:33): relative value, fundamentals ('we have never really seen fundamentals this strong' in early recovery, @23:47), and 'a very durable recovery' (@23:55).
“Stocks are expensive relative to real estate. Real estate's down 25% relative to its peaks, pretty interest rate a cycle. Equities are up 60%. That's interesting to investors today.”
New apartment development 'in the last 15 years, hasn't been lower than it is today' while demand exceeds supply even in the Sun Belt (@29:00-29:52); 'it's never been cheaper... to rent than to own' (@28:12).
“I believe that industrial and residential will outperform retail, which has been the best performing sector over the last two years. But we do think that those three are going to produce good risk-adjusted returns for investors over the next five years.”
Asked about New York's statewide data-center ban: notes '69 local jurisdictions throughout the country that have active moratoriums against data center development' (@26:58) plus shrinking-footprint obsolescence risk - 'they'll probably get smaller... you don't need as much space, and there's also the risk of it going to space' (@27:20). Also flags AI as 'a risk for the office sector' (@26:23).
“So we do not have a data center in our portfolio, and we're not actually looking to grow into the sector. And the reason for it is because it's really difficult to underwrite the regulatory risk, as well as the obsolescence risk that exists.”
Nasdaq since this was said: ▼ -2.9% · 26,269 → 25,520 · as of 2026-07-17
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