Just for interest, a newsletter I receive has just suggested that some real estate trusts in the US are being savaged by the market and that the risk to banks in that market may be an indicator more widely.
He mentioned Piedmont Office Realty Trust (NYSE) as an example and showed how significantly it's share price had plummeted. It currently trades on a yield the company quotes on its website as 8%.
To me it looks like its share price could be as low as 50% of NTA - but I admit, there could be aspects of US accounting I do not understand. For example, it has equity of around 1.9B, debt of around 2.0b and total assets of $4b but quotes it's leverage as 37.6% "debt to gross assets" which seems more like 50% to me. ( It does look to have 2/3 of debt expiring in the next three years)
So my assessment may be way out. But it would not be unreasonable to expect that COF and other REITs are affected by global banking/property jitters.
Just for interest, a newsletter I receive has just suggested...
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Last
$1.18 |
Change
0.010(0.85%) |
Mkt cap ! $701.8M | |||
| Open | High | Low | Value | Volume |
| $1.18 | $1.19 | $1.17 | $301.0K | 255.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 10 | 22413 | $1.18 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.19 | 12300 | 31 |
View Market Depth
| Last trade - 12.40pm 12/06/2024 (20 minute delay) ? |
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Last
$1.19 |
Change
0.010 ( 0.67 %) |
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| Open | High | Low | Volume | ||
| $1.17 | $1.19 | $1.17 | 70524 | ||
| Last updated 13.00pm 12/06/2024 ? | |||||
| COF (ASX) Chart |