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End Of Q1 Office/Industrial REIT Update

Office/Industrial Update for 03-31-14

Yields in spreadsheets are the annualized Q1-14 dividend yields. AFFO estimates are all old data and should be ignored


    Share Price 14 FFO Estimate   Div/ Div/ Percent Change
Company 1-01 03-31 1-01 03-31 Yield FFO FFO Price Pr+Div 14 FFO Target

Alexandria {ARE) 63.62 72.56 4.73 4.72 3.86% 59% 55% 14.05 14.89 -0.21 3.12
Brandywine {BDN) 14.09 14.46 1.45 1.45 4.15% 41% 39% 2.63 3.69 0.00 6.39
BioMed Rlty {BMR) 18.12 20.49 1.44 1.44 4.88% 69% 65% 13.08 14.27 0.00 -3.14
Boston Prop {BXP) 100.37 114.53 5.34 5.31 2.27% 49% 45% 14.11 14.66 -0.56 2.74
Mack-Cali {CLI) 21.48 20.79 2.16 1.94 5.77% 62% 63% -3.21 -1.12 -10.19 -3.19
D Emmet {DEI) 23.29 27.14 1.56 1.60 2.95% 50% 48% 16.53 17.17 2.56 4.92
Digital {DLR) 49.12 53.08 4.86 4.85 6.25% 68% 63% 8.06 9.55 -0.21 0.90
Duke {DRE) 15.04 16.88 1.12 1.15 4.03% 59% 56% 12.23 13.36 2.68 0.94
Highwoods {HIW) 36.17 38.41 2.88 2.89 4.43% 59% 56% 6.19 7.37 0.35 -3.62
Kilroy {KRC) 50.18 58.58 2.67 2.67 2.39% 52% 46% 16.74 17.44 0.00 4.17
Corp Office {OFC) 23.69 26.64 2.44 2.44 4.13% 45% 44% 12.45 13.61 0.00 3.90
PS BizParks {PSB) 76.42 83.62 5.01 5.09 2.39% 39% 37% 9.42 10.00 1.60 6.40
Parkway {PKY) 19.29 18.25 1.43 1.32 4.11% 57% 52% -5.39 -4.81 -7.69 -0.26
SL Green {SLG) 92.38 100.62 5.64 5.69 1.99% 35% 33% 8.92 9.19 0.89 0.83
Vornado {VNO) 88.79 98.56 4.75 4.74 2.96% 62% 58% 11.00 11.78 -0.21 5.33
Washington {WRE) 23.36 23.88 1.65 1.58 5.03% 76% 71% 2.23 3.51 -4.24 -6.90

Office Average         3.85% 55% 52% 8.69 9.73 -0.95 1.41
Industrial
AMB Prop {PLD) 36.95 40.83 1.78 1.78 3.23% na na 10.50 11.26 0.00 0.00
East Group {EGP) 57.93 62.91 3.42 3.42 3.43% 63% 59% 8.60 9.51 0.00 -0.47
First Potomac {FPO) 11.63 12.92 0.97 0.97 4.64% 62% 59% 11.09 12.81 0.00 1.95
First Ind {FR) 17.45 19.32 1.16 1.17 2.12% 35% 33% 10.72 10.72 0.86 4.56
Liberty {LRY) 33.87 37.00 2.49 2.51 5.14% 76% 70% 9.24 10.64 0.80 2.38

Industrial Average         3.71% 62% 58% 10.03 10.99 0.33 1.68

Sector Average         3.64% 53% 50% 9.01 10.04 -0.65 1.47

Click to enlarge

Office/Industrial Price/FFO Ratios 03-31
The FFO estimates came from Yahoo except for OFC, which came from its web site


  FFO / Share FFO Growth Price/FFO
Co. 2009 2010 2011 2012 2013 2014 2015 12-13 13-14 14-15 2013 2014 2015

ARE 552 352 438 432 433 472 509 0.23% 9.01% 7.84% 16.76 15.37 14.26
BDN 184 134 138 135 135 145 155 0.00% 7.41% 6.90% 10.71 9.97 9.33
BMR 164 116 118 129 147 144 153 13.95% -2.04% 6.25% 13.94 14.23 13.39
BXP 471 390 483 488 491 531 573 0.61% 8.15% 7.91% 23.33 21.57 19.99
CLI 329 281 278 264 238 194 191 -9.85% -18.49% -1.55% 8.74 10.72 10.88
DEI 127 124 137 137 149 160 167 8.76% 7.38% 4.37% 18.21 16.96 16.25
DLR 293 339 405 442 474 485 523 7.24% 2.32% 7.84% 11.20 10.94 10.15
DRE 163 115 114 101 110 115 121 8.91% 4.55% 5.22% 15.35 14.68 13.95
HIW 261 246 254 273 281 289 301 2.93% 2.85% 4.15% 13.67 13.29 12.76
KRC 260 205 222 223 266 267 303 19.28% 0.38% 13.48% 22.02 21.94 19.33
OFC 249 230 121 213 240 244 250 12.68% 1.67% 2.46% 11.10 10.92 10.66
PSB 552 388 468 421 495 509 539 17.58% 2.83% 5.89% 16.89 16.43 15.51
PKY 336 286 193 126 90 132 143 -28.57% 46.67% 8.33% 20.28 13.83 12.76
SLG 443 484 480 529 516 569 607 -2.46% 10.27% 6.68% 19.50 17.68 16.58
VNO 446 606 600 513 341 474 504 -33.53% 39.00% 6.33% 28.90 20.79 19.56
WRE 214 196 190 189 179 158 170 -5.29% -11.73% 7.59% 13.34 15.11 14.05

Office Average             6.89 6.23   15.28 14.34
Industrial
PLD 72 125 63 10 170 178 194 1600.00% 4.71% 8.99% 24.02 22.94 21.05
EGP 314 286 296 308 323 342 365 4.87% 5.88% 6.73% 19.48 18.39 17.24
FPO 164 84 106 117 103 97 102 -11.97% -5.83% 5.15% 12.54 13.32 12.67
FR 208 10 86 94 98 117 126 4.26% 19.39% 7.69% 19.71 16.51 15.33
LRY 284 265 258 258 249 251 271 -3.49% 0.80% 7.97% 14.86 14.74 13.65

Industrial Average             4.99 7.31   17.18 15.99

Sector Average             6.44 6.49   15.73 14.73

Click to enlarge

Disclosure: I am long OFC, VNO.