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Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.
Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.
Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.
仅此通知，本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议，账单和通知，条款或费用变更；或任何为您账户提供的服务。
Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.
Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.
Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.
仅此通知，本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议，账单和通知，条款或费用变更；或任何为您账户提供的服务。
We believe that REITs offer an opportunity as the economy recovers from the COVID collapse
We are upgrading REITs to overweight given their well-valued income generating capacity, prospects for relative growth and catch-up potential as the economy recovers from the COVID-related recession. The yield spread between REITs and Treasuries was only greater in the Financial Crisis and analysts peg REITs as having twice the long-term earnings growth of traditional bond proxies.
Unlike Utilities, REIT yields are at the high end of their historical range. We believe this provides a margin of safety should soft rent collections pressure the dividends of some REITs. Different REIT segments have experienced significant return dispersion this year. Cell towers (infrastructure), data centers, industrial and storage have outperformed; lodging and retail have lagged.
As per retail, the WSJ notes that e-commerce gains made in the past four months rival those of the prior three years. Some consolidation and creative re-imagining of space lies ahead, in our view. Real estate has a solid performance record compared to traditionally defensive sectors in the year following ISM bottoms (including recessions). Given the impact of COVID on space usage, we believe several REIT sub-sectors may behave more cyclically than they have in the past.
Read North America Investment Strategy
