ANA ESCALANTE - MORGAN STANLEY | IBERIAN REITS & LISTED - 2025

Traditional valuation methods have struggled in real estate investing. In theory, cash flow should be an effective metric for assessing listed real estate companies. However, historical performance suggests that cash flow-based stock-picking strategies have not consistently delivered superior returns. Instead, what truly matters is how well companies generate returns on NAV and whether they can offer both stable income and capital appreciation.