2241 GMT - A proposal by the Australian Prudential Regulation Authority to phase out hybrid instruments and replace them with cheaper forms of capital could increase investor appetite for real-estate stocks, Citi says. It identifies Scentre, National Storage REIT, Mirvac, Stockland and Lendlease as companies with a higher cost of debt that may benefit from a decline in financing costs. But companies with a lower cost of debt could also benefit, Citi says. "Other entities with relatively lower cost of debt such as Dexus, Abacus, Charter Hall Long WALE REIT, and Abacus Storage King could also benefit from this liquidity, allowing them to maintain lower cost of debt for longer and removing a relative potential headwind," analyst Howard Penny says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
September 16, 2024 18:41 ET (22:41 GMT)
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