TRADE ALERT - International Portfolio July 2025

Dear Landlords,

I want to extend a warm welcome to all our new members!

As a reminder, our most recent "Portfolio Review" was shared with the members of High Yield Landlord on July 7th, 2025. You can read it by clicking here.

You can also access our three portfolios on Google Sheets:

New members can start researching positions marked as Strong Buy and Buy while considering the corresponding risk ratings.

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TRADE ALERT - International Portfolio July 2025

The US REIT market (VNQ) still presents a lot of opportunities, but it has already surged by nearly 40% on average since late 2023:

Data by YCharts

Canadian REITs, on the other hand, have mostly missed out on this rally and trade today at historically low valuations relative to US REITs.

Therefore, I have spent a lot of time studying Canadian REITs in recent weeks.

These lower valuations are, of course, the result of the uncertainty created by the Trade War. It could push the Canadian economy into a recession, and this is why its market has underperformed lately.

But there's a silver lining in this for certain REITs.

A weaker economy could bring lower interest rates, and this should be highly beneficial to those REITs that have a lot of leverage but own recession-resilient assets.

And the best example of that is…