Equity One: A Shopping Center REIT For 2017?
Yesterday, 4:05 PM
Tue, Jul. 26, 5:35 PM
- ABCO, ABX, ACGL, AEM, AF, AGNC, AHL, ALEX, ALSN, AMCC, AMGN, ANIK, ARRS, ASGN, AXTI, BKCC, CA, CAKE, CBI, CBT, CDE, CMO, CMPR, CMRE, CNMD, COHR, CRUS, CSGP, CVTI, CW, CYS, DLB, DRE, ECHO, EFX, ELY, EQY, ESRT, ESV, EXR, FB, FBHS, FOE, FORR, GG, GPRO, GRPN, HOLX, HT, IAC, IBKC, INFN, INT, ISBC, KEX, KGC, KIM, KNL, KNX, KONA, KRA, KS, LLNW, LM, LOGI, LPSN, LRCX, MAA, MANT, MAR, MCK, MEOH, MKSI, MMLP, MMSI, MN, MOH, MUR, NATI, NE, NEU, NGD, NOW, NTGR, NTRI, NVDQ, NXPI, O, OCN, OI, ORLY, OTEX, PEIX, PPC, PSA, PXD, QDEL, QEP, QTM, RCII, ROIC, RRTS, SCI, SFLY, SIGI, SPRT, SPSC, SSNC, SU, TER, TILE, TIS, TMK, TMST, TTEK, TTMI, TYL, UNM, VAR, VNDA, VNR, VRTX, WFM, WFT, WIRE, WLL, WRE, WSR, XL, XLNX
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
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
Wed, Apr. 27, 4:02 PM
Tue, Apr. 26, 5:35 PM
- ACGL, AEL, AF, ALGT, AMKR, AMP, ANIK, AR, ASGN, AVB, AVG, BCR, BGC, BKCC, BLKB, CACI, CAKE, CAVM, CBL, CDE, CGI, CLI, CMO, CMPR, CNMD, CNO, CRY, CSGP, CVTI, DGI, DLB, DMRC, DRE, DTLK, DWRE, DXCM, ECHO, EFX, ELY, EQY, ESRT, ESV, EXTR, FB, FIX, FNF, FORM, FORR, FR, FSLR, GG, HOLX, HTCH, HY, IBKC, INFN, IPHS, KEX, KIM, KRA, KRC, KS, LLNW, LOCK, LOGI, LQ, MANT, MAR, MC, MEOH, MMLP, MN, MSTR, MTGE, NE, NEU, NGD, NTGR, NVDQ, OIS, ORLY, OTEX, PEB, PPC, PRXL, PYPL, QDEL, QEP, QGEN, RCII, RGLD, RNG, ROIC, SCI, SFLY, SGI, SIMO, SNDK, SPRT, SSS, STR, TAL, TER, TILE, TS, TTEK, TTMI, TXN, TYL, UHS, UNM, VAR, VRTX, WCN, WIRE, WLL, WRE, WSR, XL, XLNX
Mon, Apr. 25, 9:44 AM
- Being mulled by owners of shopping centers/malls this morning is new research from Green Street Advisors suggesting department stores need to close about 800 locations, or 20% of all anchor space in U.S. malls.
- Sears alone would need to close 43% of its stores to get inflation adjusted sales per square foot back to 2006 levels. Of course, retailers like Sears, Macy's, and J.C. Penney have already closed hundreds of spots over the past few years.
- The Green Street study says sales per square foot of $165 last year were down 24% from 2006, while physical footprints are off just 7%.
- Department stores may not agree. J.C. Penney CFO has said that when the company closes a store - particularly in a small market - dot.com business also goes down.
- Watching with interest: RPAI, IRC, KIM, FRT, DDR, EQY, CBL, SPG, GGP, BRX, WRI, PEI
Mon, Feb. 29, 4:42 PM
Wed, Feb. 24, 4:04 PM
- Q4 recurring FFO of $47.3M or $0.34 per share vs. $40.2M and $0.30 one year ago. Full-year recurring FFO of $1.32 per share vs. $1.28 in 2014.
- Q4 same-property NOI up 3.3% Y/Y. Occupancy of 96% up 40 bps from Q3, up 100 bps from a year ago.
- Full-year 2016 recurring FFO guidance of $1.35-$1.40 per share vs. $1.32 earned in 2015.
- Conference call tomorrow at 9 ET
- Previously: Equity One beats by $0.02, misses on revenue (Feb. 24)
- EQY flat after hours
Wed, Feb. 24, 4:03 PM
Tue, Feb. 23, 5:35 PM
- AAOI, ALDW, ALJ, AMSG, ANIK, AR, AWK, AWR, AXTI, BLDP, BWXT, CEMP, CHDN, CLGX, CLI, CLR, CRM, CSGP, CW, CWT, CXO, DAVE, DMRC, DOOR, DPM, DTLK, DYN, ECPG, EPR, EQY, ESV, ETE, ETP, FARO, FLTX, FOE, FRGI, FUEL, GDOT, GMED, GXP, HPQ, HTH, IL, IMAX, INN, KEYW, LB, LGCY, LQ, MMLP, MTDR, NFX, NLY, NSPH, NTES, OAS, PE, PHH, QEP, RATE, RBCN, RGR, RICE, RIG, RIGP, RLJ, RLYP, RSPP, SBY, SN, SPTN, SRC, SUN, SXL, TAL, TCAP, TILE, TNDM, TS, TSLX, TUMI, TXTR, VIPS, WES, WGP, WLL, WPX, WR, WSR, XPO, ZPIN
Dec. 11, 2015, 9:28 AM
- Gazit-Globe (NYSE:GZT) sells 4.2M shares of Equity One (NYSE:EQY) in a secondary offering which reportedly priced at $26 per share. The underwriters have an option to buy up to another 630K share at that price.
- The sale brings GZT's stake in EQY down to 50.3M shares, or 39% of the company.
- EQY -2.4% premarket to $25.60.
Dec. 10, 2015, 9:48 AM
Dec. 4, 2015, 4:03 PM
- Equity One (NYSE:EQY) declares $0.22/share quarterly dividend, in line with previous.
- Forward yield 3.28%
- Payable Dec. 31; for shareholders of record Dec. 17; ex-div Dec. 15.
Equity One, Inc. is a real estate investment trust that owns, manages, acquires, develops and redevelops shopping centers and retail properties located primarily in supply constrained suburban and urban communities. It's consolidated shopping center portfolio comprised 122 properties, including... More
Industry: REIT - Retail
Country: United States
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