- Xi stated that it is “completely possible” for China to meet the current standards for high-income countries and to double the total economic volume or per capita income by 2035.
In a speech, BOJ Governor Haruhiko Kuroda strongly reaffirmed support for current monetary easing measures. He also reiterated that the central bank will closely monitor the pandemic and not hesitate to take additional measures if necessary
Singapore’s largest property developer, CapitaLand Ltd., expects its financial performance for FY2020 to be materially impacted due to significant reduced profitability in the first half of the year amid the pandemic.
- . The new lockdowns raise concerns about rising company failures and long-term unemployment.
- , larger than the £100B consensus. As expected, it left its key Bank Rate unchanged at 0.10%.
Vonovia SE, Germany’s largest listed residential property company and the largest constituent in the FTSE/EPRA NAREIT Developed Index, reported its 3Q20 results this week with YTD FFO of €1.80/sh (+4.7% YOY) that was generally in line with expectations. Like-for-like rental growth was reported at +3.6% (+3.0% ex. New construction) and adjusted NAV was €55.41/sh. There was no portfolio valuation with 3Q results, but management indicated that the year-end portfolio valuation could result in a year-end adjusted NAV in the range of €59/sh – €60/sh. Thus far the German residential market, as well as the other markets it operates in, have experienced fairly resilient operations amidst then challenging environment of the COVID pandemic. Management updated its 2020 guidance with FFO now expected to be around the upper end of its previous range of €1,275 mn – €1,375 mn . The company expects to propose a dividend of €1.69/sh at its next scheduled AGM in May 2021, equating to a dividend yield of 2.9% at its current share price. Lastly, the company provided initial guidance for 2021 with FFO expected to be in the range of €1,415 mn – €1,465 mn, which indicates YOY growth that could be in the range of 9% – 11%.
In the U.S.:
- Experts continue to warn that the surge is continuing to overwhelm hospitals and further lockdown’s may be necessary.
- The White House has not conceded to the election results and has filed lawsuits in several battleground states for election fraud.
American Tower (AMT) to acquire InSite Wireless Group in deal with total consideration, including cash acquired and the assumption of InSite debt at closing, for about $3.5B. InSite owns, operates and manages approximately 3,000 communications sites, primarily in the U.S. and Canada
The views expressed in this update are as of the date of this blog entry. These views and any portfolio holdings discussed in the update are subject to change at any time based on market or other conditions. The adviser disclaims any duty to update these views, which may not be relied upon as investment advice. In addition, references to specific companies’ securities should not be regarded as investment recommendations or indicative of the Adelante products, strategies, or portfolios.