Wed, Aug. 5, 5:02 PM
Tue, Aug. 4, 5:35 PM
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Thu, Jun. 25, 7:50 AM
Mon, Jun. 22, 3:31 PM
- The major averages are having a solid day, with nearly all S&P sectors lit up green, but the REITs - eyeing a ten basis point pop higher in the 10-year Treasury yield - are lower across the board. Boosting rates is good news on Greek debt negotiations and a 4% rally in European stocks.
- The IYR is down 0.6%, bringing its loss YTD to 3%, about 600 basis points worse than the S&P 500.
- National Retail Properties (NNN -1.5%), Omega Healthcare (OHI -1.2%), Healthcare Trust of America (HTA -1.6%), Gramercy Property Trust (GPT -1.9%), W.P. Carey (WPC -1.4%), Simon Property (SPG -1%), Retail Properties of America (RPAI -1%), Public Storage (PSA -1%), Equity Commonwealth (EQC -1.6%), Strategic Hotels (BEE -1.4%), STAG Industrial (STAG -1.4%), Education Realty Trust (EDR -1.5%).
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
Mon, Jun. 8, 7:34 AM
- The two portfolios totaling 51 properties and 8.3M square feet sold for $793M.
- Portfolio 1 was a 45-property package of small office and industrial assets totaling 5.3M square feet for a price of $376M.
- The other was a six-property office portfolio.
- YTD, EQC has sold 56 properties for $817M. Another three properties are under contract for $35M, and another 32 are in various stages of marketing.
- Source: Press Release
Fri, May 22, 7:50 AM
- Affirming EQC's unsecured debt rating of Baa3, Moody's revises the outlook to stable from negative, reflecting reduced leverage as well as progress on the company's large-scale repositioning plan that will improve portfolio quality.
- Since taking control in mid-2014, EQC's new management team has significantly improved the REIT's credit profile, says Moody's.
- Source: Press Release
Thu, May 7, 11:58 AM
- Q1 normalized FFO of $72M or $0.55 per share vs. $61M and $0.51 one year ago.
- Portfolio consists of 154 properties and 42.8M square feet.
- Same-property NOI down 1% Y/Y, up 2.5% on a cash basis thanks to property tax refunds. G&A expense of $16.6M down from $24.9M.
- Same-property leasing percentage of 85.9% down 70 bps Y/Y.
- Leases of 1.478M square feet signed, with 720K square feet of new leases and 785K square feet of renewals.
- Cash rental rates on new and renewal leases were flat vs. the prior rates for same space. GAAP rental rate up 5.6%.
- Since quarter's end, company has 52 properties under sales agreements totaling more than 8M square feet and $750M. The plan is sell $2B-$3B of assets through 2017. Another 32 properties are currently on the block.
- Previously: Equity Commonwealth beats by $0.06, beats on revenue (May 6)
- EQC +4%
Wed, May 6, 4:46 PM
Tue, May 5, 5:35 PM
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Tue, Apr. 14, 10:10 AM
Thu, Mar. 26, 10:23 AM
- Management has changed, as has the name and ticker - now Equity Commonwealth (NYSE:EQC) - but the stock price is about the same today as it was the day before previous management conceded defeat one year ago, writes Jake Mooney.
- Corvex Management led the takeover, claiming the stock was worth $40 or more, but the hoped-for benefits of internalizing management have been slow to come. While the leadership team - including Chairman Sam Zell - is now internal, property management is not (CBRE is in charge, supposedly on an interim basis).
- Expenses, says Stifel analyst John Guinee, are "egregiously high" at roughly twice the level at peers. Nevertheless, Guinee endorses the company strategy - which includes selling much of the portfolio and cutting leverage - and maintains a Buy rating on the stock. In Guinee's view, investors (maybe including himself) are comparing EQC to peers when maybe they ought to be looking at it as a liquidation play.
- "The new management team at EQC appears to still be finding its way with regard to both long term strategy and the time frame under which it will be able to right the ship," says the team at RBC, which has an Underperform rating.
Wed, Mar. 18, 3:28 PM
- The Fed earlier cuts its forecasts for GDP growth, inflation, and the pace of rate hikes. Alongside, it also lowered NAIRU - the level at which unemployment threatens accelerating inflation.
- The 10-year Treasury yield is lower by 13 basis points to 1.92% following the news, sending the board averages to near-1.5% gains, but the strongest names are the equity REITs.
- IYR +2.3%
- National Retail Properties (NNN +3%), Spirit Realty (SRC +3.1%), Senior Housing Properties (SNH +2.1%), Healthcare Trust of America (HTA +2.9%), Equity Commonwealth (EQC +2.7%), Gramercy Property (GPT +3.2%), Post Properties (PPS +3.9%), Aimco (AIV +2.6%), Kimco (KIM +2.8%), DDR Corp (DDR +2.4%), Public Storage (PSA +2%), Government Properties (GOV +1.9%), First Potomac Realty (FPO +3%), Digital Realty Trust (DLR +1.5%), Sunstone Hotel (SHO +2%), Liberty Property (LPT +2.4%), American Campus (ACC +2.5%)
- Previously: Day's biggest news: Fed sharply cuts "normal" unemployment rate (March 18)
- Previously: FOMC drops "patient," but sends dovish signal (March 18)
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
Tue, Feb. 24, 3:32 PM
- The 10-year Treasury yield has tumbled back beneath 2% amid Janet Yellen's congressional testimony and some weak economic data, but there's no bid for income favorites like equity REITs.
- The iShares DJ U.S. Real Estate ETF (IYR -1.9%).
- Realty Income (O -2.9%), National Retail Properties (NNN -2.7%), Senior Housing Properties (SNH -2.2%), Ventas (VTR -3.8%), HCP (HCP -3.6%), Equity Commonwealth (EQC -2.3%), Vornado (VNO -1.9%), Equity Residential (EQR -2.5%), AvalonBay (AVB -2.7%), Simon Property (SPG -1.8%), General Growth (GGP -2.1%), Kimco (KIM -3%), Sovran Self Storage (SSS -2%), Boston Properties (BXP -2%), Hospitality Properties (HPT -2.7%), LaSalle Hotel (LHO -2.8%), Liberty Property Trust (LPT -2.7%), American Campus Communities (ACC -1.7%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
Wed, Feb. 18, 4:25 PM
Tue, Feb. 17, 5:35 PM
- ABX, ACT, AMTG, ARII, ARRS, ASGN, AVG, AXLL, BGS, BJRI, CAR, CDE, CSLT, CVG, CW, CYNI, DENN, DTLK, ELNK, EOG, EQC, ETE, ETP, EXAM, FNF, HSTM, HT, IAG, IPI, KEG, KEYW, LHO, LOPE, MANT, MAR, MHLD, MIC, MRO, NVMI, OGS, OIS, PAAS, PCYC, PKD, REXX, RGP, SBRA, SCTY, SIX, SNPS, SSS, STR, SUN, SUNE, SXL, TERP, THRX, TILE, TRN, TS, UAM, WES, WGP, WMB, WPZ, XPO, YUME
Tue, Feb. 3, 4:28 PM
- The new $1.15B credit agreement reduces the interest rate on EQC's revolver by 25 bps to Libor plus 125 bps, and the facility fee by 10 bps to 25 bps. The rate on the 5-year term loan is cut 45 bps to Libor plus 140 bps.
- The revolver amount is $750M and the term loans total $400M. The term loans replace existing ones set to mature at the end of 2016, and EQC had no balance on its old revolver.
- Source: Press Release
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