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Rubicon Associates
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Rubicon Associates is headed by a Chartered Financial Analyst with over 20 years of experience in the investment management industry focused on the analysis, investment and management of fixed income and preferred stock portfolios. Over the years, he has analyzed and invested in both public and... More
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  • Rubicon's REIT Roundup

    July 24 edition of R3 - Rubicon's REIT Roundup.

    Tough week for REITs, with most down over 1%, with the exception of the datacenter and self-storage sectors.

    • Hotel's got pounded, with many down 5% or so after Pebblebrook guided lower on RevPar. BEE popped due to the hiring of a bank to put the REIT on the block.
    • Mack-Cali popped as it tightened and raised guidance and reiterated that some of their core markets are finding their legs. This has been a surprise to me, CLI has been dead money for so long, despite Corvex being involved.
    • Speaking of Corvex, some comments on ARCP from the activist as well as announcing a move to the NYSE and a name change helped the name, but it was still down 1%. One Liberty (NYSE:OLP) got whacked and the yield is now up over 7% - trying to catch Lexington.
    • Industrials got hit (STAG got downgraded btw) and two of my favorites - REXR and TRNO - were down over 3%.
    • Apartments continued to outperform - when will this end with cap rates so low and valuations so high? - with Post and AIMCO leading and Independence lagging.
    • I am not overly optimistic about the near-term outlook for REITs and think that if positions are to be taken, they should be legged into.

    Added recently are leverage metrics for the equity REITs, I will be adding a Debt/Equity for mREITs soon.

    If anyone knows a way to post a spreadsheet somewhere, I will post the spreadsheet as it might be easier to use.

    (click to enlarge)

    Tags: REIT, income
    Jul 25 12:24 AM | Link | 4 Comments
  • Rubicon's Financial Preferred

    The following is the weekly post updating the financial preferred stocks I have written about lately. My selections for investors are highlighted in yellow.

    If anyone knows a way to post a spreadsheet somewhere, I will post the spreadsheet as it might be easier to use.

    (click to enlarge)

    The yield advantage of the preferreds as of Friday (7/24) are:

    Have a great weekend - next installment (NYSE:BAC) in the next day or so.

    Tags: GS, MS, JPM, preferred, dividend
    Jul 25 12:20 AM | Link | Comment!
  • Rubicon - Financial Preferred

    The following is the weekly post updating the financial preferred stocks I have written about lately. My selections for investors are highlighted in yellow.

    Hope this helps.

    (click to enlarge)

    The yield advantage of the preferreds as of Friday (7/17) are:

    Have a great weekend.

    Jul 18 9:25 PM | Link | Comment!
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