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【出版时间及名称】：2010年美国Reits行业前景展望
【作者】：摩根大通
【文件格式】：pdf
【页数】：125
【目录或简介】：
Table of Contents
2010 REIT Outlook: A constructive stance...built on a wall of
worry..........................................................................................5
Theme #1: Investors should take on more economic leverage ....................................8
Theme #2: Transaction volumes to pick up in 2010, with REITs getting a
disproportionate share of the action ...........................................................................12
Theme #3: Dividends are an important part of a decent capital flow story for now..17
Theme #4: Balance sheets: Focus shifts from defense to offense..............................21
Theme #5: The group’s high correlation and beta should revert back to lower levels,
a potential risk............................................................................................................22
Theme #6: IPOs may be prominent in 2010 ..............................................................26
Theme #7: The “REIT stock performance in an inflationary environment” discussion
could get some airtime in 2010 ..................................................................................28
Theme #8: Credit line and convert re-financing beyond 2010 could create an earnings
headwind....................................................................................................................32
Theme #9: Development: Existing pipelines represent marginal upside again; Expect
to hear more about start activity as we move toward 2011........................................34
Theme #10: Expect more on-balance-sheet acquisitions at the margin; JV/Fund role
may be different .........................................................................................................36
Apartment REITs: Liquidity helped in downturn, leverage to
economy should drive out-performance in upturn..............37
Office REITs: Still face headwinds, but should benefit more
than others from an improving economy.............................50
Industrial: Sector leveraged to economic recovery, but high
current multiples remain an obstacle to being outright bulls
.................................................................................................62
Retailer fundamentals have improved some, but
environment remains tough for landlords ...........................69
Healthcare: Defensive attributes to be a positive for 2010
core results, but the risk is recovery could trigger capital
rotation elsewhere; Bull case is acquisition potential ........79
Triple Net Lease REITs: Low economic leverage works
against them, but acquisition theme lines up well ..............83
2009 Performance Review .....................................................85
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