Wed, May 18, 2:42 PM
- The yield on these income-producers may be about to face some more competition as the FOMC minutes suggest a June rate hike is on the way. The IYR is now lower by 2.2%.
- Individual names: Realty Income (O -3.2%), Welltower (HCN -4.1%), Omega Healthcare (OHI -3.3%), HCP (HCP -3.5%), Medical Properties (MPW -3.3%), Vereit (VER -3.5%), Equity Residential (EQR -1.2%), AvalonBay (AVB -1.8%), SilverBay Realty (SBY -1%), Public Storage (PSA -2.2%), Boston Properties (BXP -3.1%), Hospitality Properties (HPT -2.2%), Pebblebrook Hotel (PEB -3.8%), Stag Industrial (STAG -2.2%)
- ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, FRI, DRA, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX
- Previously: Mortgage REITs dive on FOMC surprise (May 18)
Thu, Apr. 28, 3:54 PM
- The national homeownership rate slipped to 63.5% at the end of Q1, according to the Census Bureau. That's thirty basis points lower than Q4 and twenty bps below the level of one year ago. At the peak in 2005, it topped 69%.
- The rental vacancy rate of 7% was flat from Q4 and down 10 bps from a year ago. In 2010, it was 10.6%. In the meantime, the median asking rent for rental units continues to move higher.
- Apartment REITs: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, IRT, MORE, NXRT, APTS, BRG
Wed, Apr. 27, 1:12 PM
- Wells Fargo downgraded Ally Financial (ALLY -3.1%) to market perform after it reported earnings miss yesterday.
- Banco Bradesco S.A. (BBDO -0.6%) received a downgrade from Barclays to equal weight.
- Equity Residential (EQR -3.1%) is downgraded at hold from Buy after firm released its earnings yesterday and narrowed its Q2 FFO guidance to $3.05-$3.15.
- Raymond James downgraded RLJ Lodging Trust (RLJ -1.1%) to market perform from Out perform.
- Citigroup downgrades Weingarten Realty Investors (WRI -0.7%) to neutral from buy and set PT of $40.00.
Tue, Apr. 26, 4:57 PM
- Q1 normalized FFO of $0.76 per share vs. $0.79 one year ago. FFO fell mostly thanks to property sales, chiefly the sale of 23.3K units to Starwood Capital for about $2B. A special dividend of $8 per share was paid.
- Same-store (73.2K units) revenues up 4.6% and expenses flat, leading to NOI up 6.6% Y/Y.
- Q2 normalized FFO per share guidance of $0.74-$0.78. Full year guidance is narrowed to $3.05-$3.15 from $3.00-$3.20.
- Earnings call tomorrow at 11 ET
- Previously: Equity Residential beats by $0.03, misses on revenue (April 26)
- EQR flat after hours
Tue, Apr. 26, 4:22 PM
Mon, Apr. 25, 5:35 PM
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Mon, Apr. 11, 9:59 AM
Fri, Apr. 8, 2:31 PM
- The national vacancy rate has now risen for three straight quarters and hit 4.5% in Q1, according to Reis, up from 4.2% nine months earlier.
- Average rents increased 4.1% to $1,248 in Q vs. a 5% increase in Q1 a year ago, according to Axiometrics.
- Perhaps most of concern according to housing economists, the number of new occupied apartments climbed by just more than 20K units in Q1 - that's against a five-year average of roughly 40K per quarter. Whether that sharp drop turns into a long-term trend is another story.
- Supply? Developers are expected to build nearly 1M units in the U.S. over the next three years, up from about 100K in the previous three.
- In the country's hotter markets - think NYC, SF, Denver, Houston - landlords are more often offering concessions to bring in tenants. In Manhattan, rentals with concessions rose to 14% of the market vs. 5% a year earlier, and the median rental price fell 2.8% to $3,300.
- Landlords: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, IRT, MORE, NXRT, APTS, BRG
- Now read: NexPoint's Hidden Value (April 5)
Fri, Apr. 1, 3:59 PM
- National rents are higher by 0.4% over the past month and 2.7% Y/Y, according to the National Apartment List Rent Report. The median price for a 2BR apartment is $1.300, while 1BRs average $1,150.
- While San Francisco is in the lead for the nation's highest prices, rents have grown just 0.9% Y/Y. Seattle rents are higher by 5.4% Y/Y and it's now the 8th-most expensive city.
- Colorado Springs was tops for rent growth, up 11.4% Y/Y, followed by Orlando up 8.9%, Providence up 8.7%, and Tampa up 8.6%.
- Apartment REITs: EQR, AVB, ESS, PPS, AIV, CPT, MAA, IRET, IRT, APTS
- Now read: 2016 Rate Hikes Could Be A Blessing In Disguise For Equity REITs (April 1)
Wed, Mar. 16, 3:45 PM
- Currently lumped into the financial sector, REITs are set to have their own sub-sector with S&P Dow Jones Indices on Sept. 16.
- Excited yet? You should be. Cohen & Steers' Thomas Bohjalian expects far-reaching impact since nearly the entire investment community uses Global Industry Classification Standards for its framework for portfolio planning and analysis. He sees three main benefits to REIT prices:
- Increased demand - U.S. equity funds are significantly underweight and would need to buy more than $100B of REITs just to get to a market-neutral position.
- Reduced volatility - Boosted liquidity and the separation of real estate from the historically volatile financial sector.
- Impact on allocations - Analysis of REITs requires unique valuation metrics, giving REIT specialists a performance advantage over generalists.
- Howard Silverblatt notes the change will highlight the REIT sector's big 3.46% average yield, and cut the financial sector yield to 1.98% from 2.25%.
- Ninety REITs will be classified in the new real estate sub-sector. The five largest by market cap, and maybe the five most likely to see a bounce: Simon Property (NYSE:SPG), Public Storage (NYSE:PSA), American Tower (NYSE:AMT), Crown Castle (NYSE:CCI), Equity Residential (NYSE:EQR).
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, SRS, ICF, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, DRA, FTY, PSR, FREL, LRET, WREI, IARAX, XLRE
Fri, Mar. 11, 8:55 AM
- Equity Residential (NYSE:EQR) declares $0.50375/share quarterly dividend, -8.8% decrease from prior dividend of $0.5525.
- Forward yield 2.84%
- Payable April 8; for shareholders of record March 24; ex-div March 22.
Tue, Feb. 23, 6:00 AM
- Equity Residential (NYSE:EQR) declares $8.00/share special dividend.
- Payable March 10; for shareholders of record March 3; ex-div March 1.
Wed, Feb. 17, 4:13 PM
- The market environment has changed, says Ryan Severino from Reis Inc., noting apartment construction is at its quickest pace since 1999. "Gone are the days when apartments faced little competition from new construction.”
- The vacancy rate is expected to head higher from the 4.4% recorded in Q4, thus keeping at least a little bit of pressure on rents.
- Even the fast pace of construction, however, isn't keeping pace with demand - the number of households last year grew by 1.5M, but the housing stock rose just 1.1M units, says Freddie Mac's David Brickman.
- Apartment owners: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, IRT, MORE, NXRT, BRG
Tue, Feb. 2, 4:39 PM
- Equity Residential (NYSE:EQR): Q4 FFO of $0.93 beats by $0.01.
- Rental income of $701.22M (+5.8% Y/Y) misses by $2.43M.
Mon, Feb. 1, 5:35 PM
Mon, Feb. 1, 11:17 AM
- Embattled Ashford Hospitality Trust (AHT -6.1%) and Ashford Hospitality Prime (AHP -4.2%) are cut to Hold from Buy, as is Hersha HospitalityTrust (HT -4.7%).
- Two other REIT downgrades hit today as well - Duke Realty (DRE -0.6%) to Market Perform from Outperform at BMO Capital, and Equity Residential (EQR -0.3%) to Neutral from Buy.
- Previously: Activist aims to take control of and sell Ashford Prime (Jan. 15)
Merry Land & Investment Co., Inc., a subsidiary of Equity Residential, is a company headquartered in Augusta, GA, focused on real estate investment trusts. It was acquired by Equity Residential on 20 Oct 98 for $1,291.11 million.
Industry: REIT - Residential
Country: United States