Judith Armstrong

Judith Armstrong has been analyzing real estate investment trusts for over twenty years, weathering multiple cycles from the 2008 financial crisis to the pandemic's transformation of office and retail property. She began her career as a commercial real estate appraiser in Dallas before joining Nareit and eventually launching her own REIT-focused research firm. Judith holds the CFA charter and a master's degree in Real Estate Development from MIT. Her expertise spans all property types—office, retail, industrial, multifamily, healthcare, and specialty REITs. She excels at analyzing property fundamentals (occupancy, rent growth, cap rates) while understanding the financial engineering that makes REITs unique (AFFO, FFO, NAV calculations). Judith was early to recognize how e-commerce would boost industrial REITs and prescient about office struggles in a remote work world. She combines granular market knowledge—tracking absorption rates in specific submarkets—with macro views on interest rates and credit availability. Her analysis helps investors navigate REIT complexity, separating well-managed trusts with quality assets from overleveraged operators in declining markets. Based in Austin, Judith travels constantly to tour properties and meet management teams.