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Trending Insights

The Delta Surge and Impacts on a Reopening
David Casper, Brian Belski, Margaret Kerins, CFA COVID-19 Insights

Private Capital Seizing the Stage in U.S. Middle Market
Sandra Taube Godard, Grant Thompson Capital Raising

M&A Markets Active Despite Macroeconomic Backdrop
Warren Estey Advisory

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IN Tune: The Canadian 2023 REIT Outlook | Something’s Gotta Give

Research & Strategy Real Estate Podcasts January 06, 2023
Research & Strategy Real Estate Podcasts January 06, 2023

 

Mike Markidis, MD & BMO REITs Analyst walks us through his 2023 outlook. He suggests that higher interest rates have him more cautious, particularly as the adjustment process continues and the spectre of a recession looms. Accordingly, from his perspective, investors' expectations should be more tempered in 2023. Valuation screens attractive on a P/NAV basis, but our weighted average AFFO yield spread is below the LTA. In addition, capital constraints and the potential impact of a recession on tenant demand are formidable challenges; not to mention regulatory uncertainty. Given this backdrop there are still opportunities. From a fundamental perspective industrial real estate is at the top of our pecking order followed by multi-residential.

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