please explain why, page-24

This was expected and so should be priced in already.

Rate rises theoretically spell bad for all stocks, not just yield plays. Whether the increase will have any bearing on the company's profitability will depend, among other things, on how easy it is for the higher cost of capital to be passed on to the customer and the capacity of the company to refinance in other lower cost countries. For RRT my fear is that they will have trouble finding properties with rising CV. Higher corporate profits, however, might offset the rate rise to some degree by placing increased demand on commercial prop.

It's a tricky call this one. I want the yield.