Real estate investment trusts are the most likely sector to raise capital this year, strategists say, which means the distribution downgrades of 2022 do not represent the worst of the cycle.
from issuing new exchangeable five-year notes, $100 million of which was allocated to buying back the company’s existing exchangeable notes. The rest was allocated for general corporate purposes.. The rationale for the placement was to replenish investment capacity earmarked for acquisitions and its development pipeline.
MST Marquee investment strategist Hasan Tevfik said: “We could be in the process of adjusting to higher-for-longer interest rates and bond yields. “The REITs that will do better in this scenario are ones where the growth outlook is stronger, in our view. So less likely to be the commercial or retail REITs and more likely to be the industrial REITs,” he said.Credit Suisse equities strategist Yaying Dong thinks that at present rate levels, the property sector is hamstrung from an acquisitive perspective, “but not yet at levels where external capital is needed, due to several internal buffers”.
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