Insights from Mizuho Americas
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Category: Research
The Genesis Nemesis and a Bundle of Other Healthcare Topics Debated at NAREIT
We debate what matters most to the healthcare REITs during NAREIT, and used the conference to investigate longer-term theses that have yet to fully materialize
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Category: Research
Our Chicken Pox Theory on the HC REITs
Upon contracting Chicken Pox, one can expect not to suffer the disease again. As a means to explain our view on the health care REITs, and specifically on past/ current/future legal action related to Medicare billing practices of post-acute/ SNF operators, we invoke a parallel analogy with the Chicken Pox "one-and- done" nature
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Category: Research
The Gang of Eight; A Look at the Multifamily Sector Yields Four Rating Changes
Since our multifamily 4Q15 wrap-up report on 2/8/16, the eight stocks have rebounded as we expected -- collectively up ~12% (excluding EQR, which has been disrupted by its special dividend), or 200bps above the REIT average
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Category: Research
Unveiling 2017 FFO Estimates; Key Themes to Watch
While we are among the last to issue 2017 FFO estimates, we do so intentionally as we believe accuracy and relevance of the estimates are enhanced with current year guidance in the books
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Category: Research
Multifamily Getting Too Sentimental; Raising ESS to Buy
We are wrapping up 4Q15 multifamily earnings with this report, including several price target changes and one rating change -- ESS goes to Buy from Neutral
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Category: Research
Collaborations and Comparisons Drive our 2016 REIT Ideas
When we launched REIT coverage at MSUSA in July 2014, we were asked how we plan to differentiate ourselves
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Category: Research
Bubble Jeopardy 2.0: Leading Indicators That The Private Tech Market May Be Topping
We’re in a bubble for private companies, and the bubble is in trouble. MSUSA’s Technology & REITs teams collaborated to come up with insights about today’s technology market
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Category: Research
As the Year Turns; Differentiated Research on Sequential Year Stock Performance
Following the year 2015 when more than 30 US REITs produced total return at the extremes we looked back over a 20-year history to investigate how REITs tend to perform in successive years
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Category: Research
Our View on Fed Lift-Off and the US REITs
The Fed's decision to raise short-term interest rates this week came too early, according to MSUSA Chief Economist Steve Ricchiuto, and it could prompt increased risk that the US economy will eventually fall into deflation