Brad Thomas • 68 Comments
Casey Hoerth • 20 Comments
Fri, Jul. 8, 5:36 PM
Wed, Jan. 13, 5:54 PM
- Self-storage REIT Extra Space Storage (NYSE:EXR) is up 2% after hours as it's set to join the S&P 500 after the close of trading Friday.
- The company is replacing Chubb (CB -0.7%), which is being acquired by ACE Ltd. (already in S&P 500) in a deal expected to close tomorrow. Ace will change its name to Chubb and take over the CB ticker symbol after that closure.
- EPR Properties (NYSE:EPR) will replace Extra Space Storage in the S&P MidCap 400, and U.S. Concrete (NASDAQ:USCR) is replacing EPR in the SmallCap 600 after Friday's close. USCR is up 4.1% after hours.
- With Wausau Paper (NYSE:WPP) set to be acquired by SCA around Jan. 20, World Wrestling Entertainment (NYSE:WWE), up 4.1% after hours, is replacing Wausau in the SmallCap 600 after the close that day.
Sep. 17, 2015, 9:38 AM
- Ladenburg Thalmann upgrades EPR Properties (EPR +1.9%) to Buy from Neutral. The $61 price target is about 20% above last night's close.
- EPR touched a 52-week high of nearly $65 per share in mid-January and has slid since, with the downtrend trend speeding amid the broader market issues since early August.
Feb. 10, 2015, 9:59 AM
Oct. 10, 2014, 9:54 AM
Oct. 6, 2014, 10:28 AM
Sep. 18, 2014, 9:02 AM
Sep. 17, 2014, 4:13 PM
- The company is offering 3.2M shares with an underwriter greenshoe option for another 480K shares. Net proceeds will be used to pay down the credit line.
- EPR -1.4% AH
Jul. 24, 2014, 5:00 PM
- Adjusted FFO of $52M or $0.97 per share vs. $46.4M or $0.98 one year ago. Dividends declared of $0.855 for a payout ratio of 88%, up from 81% a year ago.
- Investment spending during Q2 of $251.3M brings YTD total to $319.7M.
- FY14 investment spending guidance boosted to $550M-$600M from the prior $500M-$550M range. FY14 AFFO is confirmed at $4.00-$4.10.
- Previously: EPR Properties FFO in-line, beats on revenue
- EPR -3.3% AH
Oct. 23, 2013, 11:45 AM
- "This is taking the number two and number three net-lease REITs and creating kind of a game-over, category-killer in the sector," says Cole Real Estate (COLE +8.7%) CEO Marc Nemer of the deal to sell itself to American Realty Capital Properties (ARCP -1.5%) for $11.2B in cash and stock. The combined company will push into first place in size in the popular triple-net-lease sector, surpassing Realty Income (O +0.7%).
- ARCP's acquisition-happy chief Nicholas Schorsch in the past has typically raised private money for non-traded REITs and then sold the portfolios to ARCP in order to cash out his investors, but this is a massive public deal. "How many REITs have the ability to raise both public and private capital," he says. "The ability for us to acquire non-traded REITs, either whole or in part, is only increased" by this Cole deal.
- S&P 500 inclusion next? The investor presentation (slide 8) notes the combined company's market cap will be larger than index constituents Kimco Realty and Macerich.
- Under the impression the CEOs of the two companies hated each other, SNL Financial's Jake Mooney wants the backstory. Earlier this year: Still a non-traded REIT, Cole rebuffs ARCP's buyout attempt for $9.7B.
- Earlier today: The deal announcement.
- Other triple-net players: National Retail (NNN +1.2%), W.P. Carey (WPC +1%), Spirit Realty (SRC +3.2%), EPR Properties (EPR +0.8%).
May 7, 2013, 3:25 PM
Gramercy Property Trust (GPT +1%) moves about 3% off the session low as the earnings call/business plan update reveals a management focused and executing on its plan to turn the company into a pure play equity REIT. The implied cap rate (pg. 27-31) of net lease companies (O, WPC, NNN, LXP, EPR, SRC, ARCP,GTY) of 5%-6.5% is far below the 7.5%-8.5% Gramercy is closing deals at - "(the) widest arbitrage in our experience."| May 7, 2013, 3:25 PM | 1 Comment