REG - Residential Retail Office Industrial REITs initiated Overweight at Barclays

Analyst Anthony Powell initiated coverage of the U.S. real estate investment trust sector with a Positive view; he generally prefers Sunbelt names, even after their recent stock outperformance, saying strong population and income growth can help drive higher rent growth. Industrial is Powell's favorite subsector as he believes demand for warehouse space remains strong. The "retail apocalypse" looks overblown as shopping center fundamentals have "surprised us to the upside," Powell tells investors in a research note. Among Industrial REITs - Duke Realty (NYSE:DRE), First Industrial Realty Trust (NYSE:FR), Prologis (NYSE:PLD) - are initiated at overweight while Americold Realty Trust (NYSE:COLD) is initiated with Underweight rating reflecting food producers demanding less space and the company's contracts not being on fixed commitments. COLD was downgraded at Citi to Neutral after posting weaker than expected Q2 earnings and FY21 guidance. Despite known challenges from Covid and retail moving to online, shopping center traffic is generally

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Residential, Retail, Office, Industrial REITs initiated Overweight at Barclays