Property fundamentals are the key drivers of REIT valuation, according to a survey of U.S. pension and mutual fund managers and buy-side analysts conducted by Broadgate Consultants, LLC in June. Interest rates, fund flows and management were the next most frequently listed valuation drivers. The survey also revealed that an overwhelming majority of institutional investors (90 percent of survey participants) will either increase or maintain their investments in publicly traded REITs over the next 18 months.

What do you think are the key drivers of REIT valuation?