FreeO10 min read
O: the cap-rate repricing is mostly done (Part 2)
O
Delayed
The thesis
The distribution is well-covered even under a conservative occupancy case.
Cap-rate repricing is largely behind us in the quality names — FFO is defensible.
What I'm watching
- occupancy trend
- occupancy trend
- A clean move through the level I flag below
Positioning
Neutral / hedged on O, 6-36 months horizon. Conviction: Medium. Rates drive the multiple; I respect the macro overlay.
Opinion, not investment advice. The author may or may not hold positions discussed.
Opinion. The author may or may not hold positions discussed. Not advice. Not a financial promotion approved under FSMA s.21. Quote data is delayed. Past performance is not a reliable indicator of future results.
Comments
2 commentsThis lines up with what I'm seeing in the O tape.
The second point is the one most people are going to skip over.