Random notes.

1. Bond yields moving up due to Trump's war make new PBSA projects even more difficult / unattractive to start.

2. They also reduce book value on properties, which may affect any property sales taking place just now.

3. Inflation likely to be a bit higher than expected. UTG has its interest costs locked in. Within 6-12 months inflation will feed into index-linked rental agreements.

4. However, on the negative side, Unite usually has energy costs and has staff. Those may be impacted by inflation / energy price spike.

5. UTG a bit of a laggard today as other UK REITs moved up rapidly. However, it had dropped less on the way down in the last month. It used to be fairly high beta w.r.t general market moves but now it's acting low beta?

6. Divi xd shortly.

TRS

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