July 21, 2026
Real Estate Value

Ryan Dobratz featured by Barron's on real estate opportunities beyond data centers

Key takeaways include:

  • Diverging performance within listed real estate has led to extreme bifurcations for valuations within the sector, as well as a value-versus-growth split between property types such as data centers and offices.
  • Since major REIT ETFs are market-cap-weighted, they carry substantial exposure to richly valued healthcare and data-center REITs while holding minimal office exposure.
  • Ryan Dobratz notes Third Avenue’s value-oriented approach to listed real estate that differs from many peers, favoring undervalued, well-capitalized names over the sector's higher-growth segments.
  • Key exposures mentioned for the Third Avenue Real Estate Value Fund include real estate services companies, such as CBRE and Jones Lang LaSalle, as well as real estate operating companies, including U-Haul Holdings and Brookdale Senior Living.
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