The Point for North America

Research evidence excerpt

The Point for North America

Point |

Tuesday, 23 June 2026

Morning Call Highlights | Company | Industry | Economics & Strategy | Key Rating and Target Price

Changes

Morning Call Highlights Must Read

US REITs - Making the Rounds; Upgrading AHR to Buy, Downgrading SBRA to North America Road Ahead 2026 -

Neutral Navigating a Multi-Lane Highway

We are upgrading AHR to Buy and downgrading SBRA to Neutral. Following Nareit,

we have greater conviction that current industry tailwinds can persist for multiple

years. Against that backdrop, we view AHR’s relative underperformance (–1,100bps

YTD vs the healthcare REIT sector) as an attractive entry point. Concurrently, we

are downgrading SBRA from Buy to Neutral. Our relative preference for AHR is

driven by: 1) a widening relative investment spread advantage as SHOP acquisition

yields compress; 2) a pre-funded acquisition pipeline that should support upward

earnings revisions; and 3) the presence of an owned operating platform (Trilogy)

that can drive sustained internal growth. In our view, as acquisition yields

compress, future IRRs will increasingly be earned through operating execution

rather than acquisition spreads. Healthcare remains one of our preferred sectors

within our model portfolio, and, within healthcare, we continue to favor SHOP-

focused names given favorable supply/demand fundamentals.

Seth Bergey, CPA, CFA | Nick Joseph

Company

Bank of America Corp (BAC.N) - 2Q26 Preview – Positive Conference Updates +

Manageable Bar Sets Up Good 2Q Earnings

Recent conference commentary was constructive, with management indicating NII

tracking toward the high end of its guidance range and markets revenues better

than prior ~15% y/y outlook, supporting 400bps+ of operating leverage in 2Q. We