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BRX vs. ETF Alternatives
Thursday, Mar 610:27 AM
Thursday, Mar 610:27 AM| 6 Comments
- Notably lower today with the major averages in the green are retail REITs Realty Income (O -1.5%) and National Retail Properties (NNN -1.7%), and shopping-center REITs like Kimco (KIM -1.1%), Inland Real Estate (IRC -0.6%), Federal Realty (FRT -1%), and Brixmor (BRX -1.2%).
- Investors may be mulling over a continuing string of disappointing retail earnings reports and plans for mass store closings from the likes of RadioShack and Staples.
- Brixmor is also the subject of a downgrade from Buy to Neutral from UBS.
Wednesday, Feb 194:47 PM|Wednesday, Feb 194:47 PM| Comment!
Wednesday, Jan 223:12 PM
Wednesday, Jan 223:12 PM| 27 Comments
- Tuesday's news of Sears closing its flagship downtown Chicago store comes on the heels of closings announced by Macy's and J.C. Penney, and is followed by today's word of job cuts at Target HQ.
- These are just the beginning (continuation really) of a wave of similar actions likely to cause an average shrinkage in overall retail square footage of between one-third and one-half over the next 5-10 years, says Excess Space Retail Services' Michael Burden.
- "Stores are making a long-term bet on technology," says Belus Capital Advisors analyst Brian Sozzi. "It simply doesn't make strategic sense to enter a new 15-year lease as consumers are likely to continue curtailing physical visits to the mall."
- Keep an aye on the shopping center vacancy rate. It rose 550 basis points to 11% in the Great Recession, but has since recovered to just 8.9%. Will it make a higher high in the next downturn?
- Within the closings is another trend - indoor malls are faring worse than outlet centers, outdoor malls, or stand-alone stores. Without a major reinvention, says Rick Caruso of Caruso Affiliated, traditional malls will go extinct. He's unaware of an indoor mall being build since 2006. "Any time you stop building a product, that's usually the best indication that the customer doesn't want it anymore."
- Retail space REITs: O, NNN
- Mall REITs: SPG, GGP, BRX
- Shopping center/outlet REITs: ROIC, RPAI, IRC, KIM, FRT, DDR, SKT, WHLR
Friday, Dec 132013, 8:33 AM
Friday, Dec 132013, 8:33 AM| Comment!
- "Brixmor (BRX) has delivered to investors a clean and simple way to play the U.S. grocery-anchored strips," says Deutsche's Vin Chao, starting the Blackstone (BX) spinoff with a Buy at $23 price target (Blackstone owns a 73% stake).
- "With portfolio and balance sheet repositioning addressed pre-IPO, BRX can focus its efforts on driving above-average earnings growth via occupancy gains, improving rents, and select redevelopment opportunities."
- Chao also likes the relative valuation, and expects a total return of 20% over the next year - a combination of 10% earnings growth driving the shares to $23, and a 4% dividend yield.
Wednesday, Dec 112013, 3:08 PM
Wednesday, Dec 112013, 3:08 PM| 23 Comments
- The equity REITs are particularly weak today as the 10-year Treasury yield heads higher by 4 basis points to 2.85%. Senior Housing (SNH -2.3%), Omega Healthcare (OHI -2.6%), American Realty Capital (ARCP -1.7%), Stag Industrial (STAG -2%), Equity Residential (EQR -1.4%).
- Retail and shopping center/mall REITs also have the weak retail traffic numbers to mull over: Realty Income (O -1.4%), National Retail (NNN -2.8%), Simon Property (SPG -1.4%), General Growth (GGP -2.6%), Kimco (KIM -2.6%), Brixmor (BRX -0.8%).
Monday, Dec 92013, 7:37 AM
Monday, Dec 92013, 7:37 AM| Comment!
- Coverage gets underway at a number of shops for Blackstone's (BX) recently gone-public shopping center owner Brixmor Property Group (BRX).
- Initiating with Buys are KeyCorp, Wells Fargo, BAML, and RBC Capital. Citigroup starts with a Hold.
- The stock is about flat since its mid-October IPO. Blackstone still holds a 73% stake.
Tuesday, Dec 32013, 5:02 PM|Tuesday, Dec 32013, 5:02 PM| Comment!
Wednesday, Oct 302013, 10:01 AM
Tuesday, Oct 292013, 8:47 PM
Tuesday, Oct 292013, 8:47 PM| Comment!
- Brixmor Property Group (BRX) sells 41.25M shares at $20 each - the midpoint of the expected range - in the first of what are expected to be several real estate-related IPOs from Blackstone (BX). The $20 price implies a market value of about $6B, and Blackstone will own about 73% of the stock after the IPO.
- Brixmor is the country's 2nd largest U.S. shopping center landlord and its offering is the 2nd largest U.S. real estate IPO this year. It was formed by Blackstone in 2011 after buying a number of shopping centers from Australia's troubled Centro Properties Group for about $9B.
- Likely coming before year's end from Blackstone are IPOs of hotel chains Extended Stay America and Hilton Worldwide. 2014 is expected to bring sales of Blackstone's U.S. warehouse business IndCor Properties and house-rental company Invitation Homes.
Thursday, Oct 172013, 7:41 AM
Thursday, Oct 172013, 7:41 AM| 1 Comment
- Shopping center owner Brixmor Property Group (BRX) expects its IPO to price between $19 and $21 per share, raising about $790M at the midpoint. At the top of the range, the REIT would be valued at about $4.6B.
- Blackstone (BX) has been aggressively moving to unload/take public real estate assets, recently filing to take Hilton and Extended Stay America public as well.
- Brixmor has 521 shopping centers spanning the entire country, and are typically anchored by supermarkets.
- Earlier: Blackstone reports Q3 results.