FNIO
iShares Industrial/Office Real Estate Capped ETFNYSEARCA
FNIO is defunct.
  • Nov. 18, 2014, 8:53 PM
    | Nov. 18, 2014, 8:53 PM | 2 Comments
  • Nov. 12, 2014, 3:14 PM
    • REITs - particularly those focused on retail properties - have been big winners since the financial crisis, with the S&P 1500 Retail REIT industry group's near-500% total return since the March 2009 bottom double that of the broad market. Among the members of that index are SPG, MAC, and NNN.
    • In 2014, the MSCI U.S. REIT index is up 26% vs. 10% for the S&P 500.
    • "We're turning over rocks for opportunities, but it's clear that REITs are not cheap," says one fund manager. Among the risks, naturally, are higher rates which could boost the attractiveness of cash and bonds vs. the dividend yield of REITs (now averaging 3.5%). The group is also substantially more levered than most others, so higher rates at some point mean higher borrowing costs.
    • ETFs: IYR, VNQ, DRN, URE, SRS, SCHH, RWR, ICF, DRV, KBWY, REK, FRI, FTY, PSR, FNIO, WREI
    | Nov. 12, 2014, 3:14 PM | 8 Comments
  • Oct. 31, 2014, 12:49 PM
    • The FTSE NAREIT All REIT Index climbed 6.94% through October 29 vs. the S&P 500's return of 0.62%. Strong earnings reports from REITs helped, but maybe helping more was a steep drop in interest rates amid the broad market's major swoon during October's first two weeks.
    • Leading the way for REITs were manufactured homes up 10.19%, followed by industrial (9.79%), healthcare (9.77%), and shopping centers (9.43%).
    • Among the REIT laggers were timber (up 4.42%), mortgage REITs (3.71%), and infrastructure (1.89%).
    • ETFs: IYR, VNQ, DRN, URE, REZ, SRS, RWR, SCHH, ICF, ROOF, DRV, KBWY, RTL, REK, FRI, FTY, PSR, FNIO, IFNA, GQRE, WREI
    | Oct. 31, 2014, 12:49 PM | 3 Comments
  • Oct. 13, 2014, 4:19 PM
    • Both equity and mortgage REITs saw plenty of buying as nearly all of the rest of the market was lit up bright red, and Treasury ETFs signaled a sharp drop in yields when government bonds reopen for trade tomorrow (closed this session for Columbus Day).
    • A sampling of equity names: Senior Housing Properties (SNH +1.2%), Medical Properties Trust (MPW +1.4%), Gramercy Property Trust (GPT +1.7%), Equity Residential (EQR +0.7%), Inland Real Estate (IRC +0.9%), Sovran Self Storage (SSS +1.1%), Highwoods Properties Trust (HIW +1%).
    • One equity REIT sector in the red along with the rest of the market is lodging amid worsening Ebola fears: Ashford Hospitality Trust (AHT -2.9%), Sunshine Hotel Investors (SHO -1.4%), LaSalle Hotel Properties (LHO -1.5%), Summit Hotel Properties (INN -1.5%).
    • Mortgage REITs: American Capital Agency (AGNC +1.4%), CYS Investments (CYS +2.2%), Invesco (IVR +1.1%), American Capital Mortgage (MTGE +1.5%), Western Asset (WMC +1.1%).
    • ETFs: IYR, VNQ, REM, MORL, MORT, DRN, URE, REZ, SRS, RWR, SCHH, ICF, ROOF, DRV, KBWY, RTL, REK, FRI, FTY, PSR, IFNA, FNIO, WREI
    | Oct. 13, 2014, 4:19 PM | 5 Comments
  • Oct. 3, 2014, 2:38 PM
    • A big year for REITs took a pause in September, helped along by a strong rise in interest rates for most of the month. The FTSE NAREIT Index fell 5.63% last month, well below the S&P 500's 1.4% decline.
    • Infrastructure REITs were the best-performing REIT sector for the third straight month, falling 2.11%. The best-performing sector in 2014 - up 20.29% - apartment REITs had a particularly tough September, falling 7.51%.
    • Year-to-date, the REIT sector has returned 13.08% vs. the S&P 500's 6.6% gain.
    • ETFs: IYR, VNQ, DRN, URE, REZ, SRS, RWR, SCHH, ICF, ROOF, DRV, KBWY, RTL, REK, FRI, FTY, PSR, IFNA, FNIO, WREI
    | Oct. 3, 2014, 2:38 PM
  • Aug. 20, 2014, 3:35 PM
    | Aug. 20, 2014, 3:35 PM | 4 Comments
  • Aug. 8, 2014, 3:27 PM
    • The FTSE Nareit All REIT Index posted a return of -0.19% in July, outperforming the S&P 500 by 119 basis points. Infrastructure REITs led he way, returning 2.87%, with apartments (+2.44%) and manufactured homes (+2.14%) also among the better-performing REIT sectors.
    • Office REITs were negative by a small handful of basis points, but have returned 17.72% YTD, and investor cooled on the previously hot lodging sector with a total return of -2.2%. Timber was hit hard, returning -5.4% and bringing its YTD gain to just 0.34%.
    • ETFs: IYR, VNQ, DRN, REZ, URE, SRS, ICF, RWR, SCHH, ROOF, DRV, KBWY, RTL, REK, FRI, FTY, PSR, IFNA, FNIO, WREI
    | Aug. 8, 2014, 3:27 PM
  • Jul. 29, 2014, 3:20 PM
    • The FTSE Nareit All REITs Index posted a total return of 16.14% in H1 and offered a 4.03% dividend yield as of June 30. Equity REITs were up 16.25% with a dividend yield of 3.52%. The S&P 500, by comparison, had a total return of 7.14% and a dividend yield of 2% on June 30.
    • The top-performing equity REIT sector was the apartments with a 23.54% total return, while Office REITs delivered 17.78%. Closely behind were Health Care REITs and Lodging/Resort REITs at 17.59% and 17.26%, respectively, then Retail REITs at 15.97%.
    • The Mortgage REITs Index was up 17.73% in H1, with commercial financing up 14.03% and residential up 19.28%.
    • Full report
    • ETFs: IYR, VNQ, WPS, VNQI, DRN, RWX, URE, SRS, ICF, RWR, SCHH, RWO, IFGL, DRV, KBWY, DRW, REK, FRI, GRI, FTY, FFR, RWXL, PSR, IFNA, FNIO, WREI
    | Jul. 29, 2014, 3:20 PM | 1 Comment
  • Jul. 10, 2014, 10:17 AM
    | Jul. 10, 2014, 10:17 AM | 7 Comments
  • Jul. 9, 2014, 2:33 PM
    • The office vacancy rate fell 30 basis points to 14.5%, besting Q1's 10 basis point decline, according to the latest analysis from CBRE. Top performers were those markets with exposure to tech and energy.
    • National industrial availability fell 30 bps to 10.8%, and retail availability fell 20 bps to 11.7%.
    • The apartment vacancy rate of 4.4% is 20 bps lower than a year ago, with effective rent growth remaining in the 2.5-3% range.
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, RWR, SCHH, DRV, KBWY, REK, FRI, FTY, PSR, IFNA, FNIO, WREI
    | Jul. 9, 2014, 2:33 PM
  • May 8, 2014, 3:43 PM
    • The FTSE NAREIT All REITs Index gained 2.88% in April, outpacing the S&P 500 by more than 200 basis points. The All Equity REITs Index gained 2.99%, while the Mortgage REITs index added 1.86%.
    • In the year's first four months, the FTSE NAREIT All REITs index is up 11.7%, more than 900 basis points better than the S&P 500.
    • The top performer in REITs through April is self-storage, with total return of 18.83% (the sector has been the subject of a few valuation-related downgrades of late). Other big gainers are Health Care up 16.84%, Apartments up 16.4%, and Home Financing up 15.36%.
    • Even with the gains this year, the dividend yield of the All REIT's Index remains a beefy 4.05%, about 200 bps higher than the S&P 500.
    • Related ETFs: IYR, VNQ, REM, MORL, MORT, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, FNIO, PSR, IFNA, WREI
    | May 8, 2014, 3:43 PM
  • Apr. 2, 2014, 3:09 PM
    • The FTSE NAREIT All REIT's Index gained 8.57% in Q1, besting the S&P 500's 1.81% gain. The All Equity REITs index rose 8.52% and the Mortgage REITs Index powered higher by 11.16% (all figures are calculated on a total return basis).
    • Breaking it down further, the leading sector for Q1 was the apartment REITs, up 13.84%, followed closely by self-storage up 13.12%. Lagging were retail, shopping center, and commercial financing REITs, all up in the area of 9%.
    • Related ETFs: IYR, VNQ, REM, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, PSR, FNIO, WREI
    | Apr. 2, 2014, 3:09 PM | 1 Comment
  • Mar. 14, 2014, 1:14 PM
    • After a 4.69% gain in February, the FTSE NAREIT All REIT Index is higher by 8.22% in the year's first two months, with equity REITs up 8.13% and Mortgage REITs up 10.52%. The S&P 500 is up 0.96% through the end of February.
    • The top-performing REIT sector is Free Standing Retail with a 16.37% total return. Self-Storage is up 12.94%, Apartments up 12.23%, Home Financing up 12.14%. Industrial up 11.02%, Office up 10.03%.
    • Even after the nice run, the All REITs Index still offers a 4.04% dividend yield, about double that of the S&P 500.
    • Related ETFs: IYR, VNQ, REM, MORL, MORT, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, FNIO, PSR, IFNA, WREI
    | Mar. 14, 2014, 1:14 PM
  • Mar. 4, 2014, 9:06 AM
    • An interesting variant case for the outperformance of REITs this year - beating the S&P 500 by 822 basis points - comes from Goldman's Andrew Rosivach, who says interest rates have not been a good determinant of REIT relative performance and fund flows have been only marginally positive YTD.
    • Instead, he says, the best reason for the move this year is lower equity issuance. With most, if not all, of the sector trading well below book value, managements have refrained from raising capital - just $1.9B so far in 2014 compared to $41.4B for all of last year.
    • Related ETFs: IYR, VNQ, REM, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, PSR, FNIO, WREI
    | Mar. 4, 2014, 9:06 AM
  • Jan. 31, 2014, 10:26 AM
    • Working today - and for the whole month of January - as the broader market sells off are the REITs. The sector - both the equity REITs and mREITs - had been punished in 2013 as rates moved higher starting last May, but another four basis point decline this morning brings the 10-year Treasury yield down to 2.66% after starting the year at about 3%.
    • At least for the mREITs, nearly all put in what may turn out to be major bottoms late in 2013 amid jitters over year-end tax-loss selling and the commencement of the taper - sell the rumor, buy the news ... indeed.
    • Mortgage REITs: Annaly (NLY +1.1%+7.4% YTD, American Capital (AGNC +1.3%+9.1%, Invesco (IVR +0.5%+6.7%, Anworth (ANH +0.6%+10.9%, Apollo Residential (AMTG +0.7%+9.1%, AG Mortgage Investment (MITT +0.6%+5.6%.
    • ETFs: REM, MORT, MORL
    • Equity players: Realty Income (O +0.5%+9.6% YTD, National Retail (NNN +0.7%+9.8%, AvalonBay (AVB +0.8%+4.1%, Public Storage (PSA +0.6%+4.9%, Boston Properties (BXP +0.2%+7.8%, Liberty Trust (LRY +1%+7.9%.
    • Related ETFs: IYR, VNQ, REM, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, PSR, FNIO, WREI
    | Jan. 31, 2014, 10:26 AM | 5 Comments
  • Jan. 17, 2014, 12:00 PM
    • After a brutal 2013, equity REITs (VNQ) - trading at an 5% discount to NAV vs. 8% premium a year ago - are set up for a good year, writes Jack Hough in Barron's, but a pair of laboratory landlords look especially attractive.
    • Alexandria Real Estate Equities (ARE +0.1%) and BioMed Realty Trust (BMR +0.1%) are life-sciences REITs - renting specialized lab space to drug companies, schools, research hospitals, and such - and should benefit from benign trends like solid R&D spending, a red-hot biotech market, and the most drug approvals in 16 years last year.
    • "Unfairly lumped in with mortgage REITs and the like," says fund manager John Buckingham of BioMed, while Cowen's James Sullivan likes Alexandria for its reduced leverage and strong pipeline of new building projects. The stock trades at an 11% discount to NAV.
    • What about cuts in research spending at places like Merck and Pfizer? It's a good thing as the majors will look to partner with schools, hospitals, and research groups and do the work in research hubs owned by the REITs rather than on corporate campuses.
    • Related ETFs: IYR, VNQ, REM, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, PSR, FNIO, WREI
    | Jan. 17, 2014, 12:00 PM | 1 Comment
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