Equity One Inc.NYSE
Equity One: A Shopping Center REIT For 2017?
Tue, Nov. 15, 1:02 PM
Tue, Nov. 15, 12:09 PM
- Gaining on five times or more their normal volume:
- Equity One (EQY +8.6%)
- Golar LNG (GLNG +8.1%)
- LG Display (LPL +1.9%)
- Mentor Graphics (MENT +1.2%)
- Zebra Technologies (ZBRA +12.8%)
Mon, Nov. 14, 7:19 PM
- Equity One (NYSE:EQY) +14.2% AH after Regency Centers (NYSE:REG) agrees to acquire the company in a deal valued at ~$5B, creating the largest shopping center REIT by market cap.
- Under the terms of the deal, each EQY share will be converted into 0.45 shares of newly issued REG shares; following the closing of the transaction, REG shareholders would own ~62% of the combined company's equity, and former EQY shareholders would own the rest.
- The merger will create a national portfolio of 429 properties encompassing more than 57M sq. ft.
Fri, Nov. 4, 4:04 PM
Fri, Nov. 4, 10:32 AM
- Dick's Sporting Goods and T.J. Maxx assumed three of 12 Sports Authority locations without an interruption in rent stream, says DDR's Vincent Como, and his company is "on the path" to replacing 75% of its Sports Authority exposure in the near term with better tenants and better rents. DDR also owns six soon-to-close Golfsmith stores, and Dick's is taking over two of those.
- At Kimco (NYSE:KIM), seven of 25 Sports Authority stores have been re-leased, says company President Conor Flynn. "Clearly, we have got some work to do there ... But we feel good about the momentum."
- Ramco-Gershenson Properties (NYSE:RPT) has gotten Dick's to fill the Sports Authority at its Jansen Beach, FL shopping center and is near deals for three other stores, says COO John Hendrickson.
- Equity One (NYSE:EQY) had four Sports Authority stores, two of which were quickly replaced at equivalent rents, says COO Michael Makinen. Two others - one in CA, one in NY - remain vacant, but Makinen expects to have a lease inked for the NY location by year-end or early 2017.
- Source: Shopping Centers Today
Wed, Oct. 26, 4:29 PM
Tue, Oct. 25, 5:35 PM
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Fri, Oct. 7, 8:19 AM
- Looking at Florida exposure among the 53 REITs in his coverage universe, BTIG's James Sullivan says the broad picture is nothing to get worried about - only 9 of the 53 have greater than 20% portfolio exposure, 5 have 10-15% exposure, 23 have less than 10% exposure, and 16% have zero exposure.
- Standout risks appear to be Equity One (NYSE:EQY), with nearly 41% of rent coming from Florida, EastGroup (NYSE:EGP) with almost 29%, and Kite Realty Group (NYSE:KRG) with 25%. He notes that "exposure" does necessarily mean the companies' REIT properties are concentrated in potentially affected areas.
Fri, Aug. 12, 4:06 PM
Wed, Jul. 27, 4:05 PM
- Q2 core FFO of $49.6M or $0.35 per share vs. $47.3M and $0.34 one year ago.
- Same-property NOI excluding redevelopments up 4.5% Y/Y. Occupancy of 96.3% up 50 basis points.
- Full-year core FFO guidance of $1.36-$1.40 is reaffirmed.
- CC tomorrow at 9 ET
- Previously: Equity One beats by $0.01, misses on revenue (July 27)
- EQY flat after hours
Wed, Jul. 27, 4:05 PM
Tue, Jul. 26, 5:35 PM
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Tue, Jul. 5, 1:10 PM
- "The mood among landlords was upbeat, as leasing trends have been strong for well-located stabilized assets as well as the REIT-sponsored redevelopment projects we saw," says Citi's Michael Bilerman after visiting with Equity One (NYSE:EQY), Federal Realty (NYSE:FRT), Kimco (NYSE:KIM), Macerich (NYSE:MAC), Regency Centers (NYSE:REG), and Taubman Centers (NYSE:TCO) over three days last week.
- High barriers to entry have resulted in low supply growth and continued densification of existing assets, he says.
- With competition for assets strong and cap rates low, the primary way for REITs to invest on the West Coast has been through redevelopment of existing assets. In general, he says, REITs have been able to achieve solid returns doing this.
Tue, May 17, 11:02 AM
- Following up on yesterday's story about the divergence between the stock prices of major retailers (down) and those of their landlords (up), Bloomberg's Rani Molla and Shelly Banjo break down the numbers further.
- They find those REITs with a large portion of portfolios concentrated in malls are down 10% Y/Y vs. all REITs, which are higher by 6%. Going further, they find those REITs with exposure to higher-end malls and outlet centers - Simon Property Group (NYSE:SPG) and Tanger Factory (NYSEMKT:SKY) come to mind – have been spared, while those owning older malls have taken the hit. CBL & Associates (NYSE:CBL) and WP Glimcher (NYSE:WPG) are down 40% and 30% this year, respectively.
- It's easy to pick on mall owners, but a broad slowdown at brick-and-mortar stores is ultimately a threat to all retail landlords, as traffic across all types of retail real estate in the U.S. and Canada has fallen as much as 18% Y/Y.
- On the good side is low supply as developers have stopped building, but even that's begun to run its course, they write.
- REITs of interest: O, NNN, GGP, KIM, WRI, MAC, TCO, PEI, SKT, TCO, ROIC, RPAI, IRC, FRT, DDR, WHLR, EQY, KRG, REG
Fri, May 13, 4:01 PM
- Equity One (NYSE:EQY) declares $0.22/share quarterly dividend, in line with previous.
- Forward yield 2.98%
- Payable June 30; for shareholders of record June 16; ex-div June 14.
Wed, Apr. 27, 4:04 PM
- Q1 recurring FFO of $50.7M or $0.36 per share vs. $44.2M and $0.32 one year ago.
- Same-property NOI, excluding redevelopments, up 5.6% Y/Y. Occupancy of 96.2% up 100 basis points. Anchor space occupancy of 99.7% flat. Shop space occupancy of 89.4% up 320 basis points.
- The bottom end of full-year recurring FFO guidance is lifted by one penny to $1.36-$1.40 per share, with NOI expected to grow 3.25-4.25%.
- Conference call tomorrow at 9 ET
- Previously: Equity One beats by $0.03, beats on revenue (April 27)
- EQY flat after hours