Coverage Universe - Weekly Price Change Aug 2 - Aug 9, 2019
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Recents signals of common sense approach for US central bank policy are timely, given the potential for real surprises to the economy. The attack on Saudi oil infrastructure, knocking out 5% of global oil production is just a reminder of how fast the outlook can change. Comments this week cover what appears to be changing sentiment to a calmer central bank policy, and assessing the impact the Saudi attack could have on oil prices in the short and long term.
Earnings update this week cover 5 REITs, each with recurring income and solid identifiable assets. As interest rate stabilze at low levels, REITs can refinance debt at lower rates. The yields on REITs also tend to track benchmark bond yields.
Earnings updates include Morguard REIT(MRT.UN. MRT.DB), Slate Retail Retail REIT(SRT.UN), Firm Capital Property Trust(FCD.UN), Sienna Senior Living Inc.(SEI) and Northwest Healthcare Properties REIT(NW.UN, NWH.DB, NWH.DB.E,F,G,H). The average yield for this group of mid-sized REITs is 7% ranging from 8.4% for Morguard REIT to 5% (before dividend tax credit) for Sienna Seniors Living Inc. Each of these REITs operates in a separate niche of the real estate sector.
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