The team at RBC steps into the roughed-up shopping center REIT sector, raising it to Overweight, while downgrading office REITs to Market Weight.
With expectations slashed so much, community centers and malls had the largest percentage of REITs topping Q2 estimates. Not being priced in: Long-term interest rates staying "stubbornly low."
Getting to names, RBC upgrades Regency Centers (NYSE:REG) to Top Pick from Outperform, noting the company should be relatively less impacted by retail bankruptcies, and is able to access debt markets on favorable terms.
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