T
he U.S. REIT sector remains appealing, trading roughly 7% below NAV, a discount relative to its long‑term average. We anticipate a rise in private‑equity deals in 2025 and a multi‑year growth path driven by AI and cloud expansion. Valuation is attractive, yet fundamentals are unlikely to improve soon, so the group may underperform. The market prices in two more Fed cuts. Market Review: North America
