Federal Realty Investment TrustNYSE
Fri, Dec. 2, 11:51 AM
- The financial sector is taking a breather from its staggering post-election run, with a post-jobs report dip in rates a good enough excuse for satiated bulls to cash in some chips.
- XLF -1%, KBE -0.7%, KRE -0.7%.
- Individual issues: Bank of America (BAC -1.8%), Morgan Stanley (MS -1.2%), Citigroup (C -1.9%), M&T (MTB -1.1%), Flagstar (FBC -1.7%), Fifth Third (FITB -1.6%), PNC Financial (PNC -1.4%), Prudential (PRU -1.1%), Lincoln National (LNC -1.9%), Schwab (SCHW -2.1%), State Street (STT -1.8%)
- No longer part of the financial sector as far as the GICS classification, REITs are enjoying the respite in rates. IYR +1.6%, VNQ +1.6%
- Realty Income (O +4.1%), Vereit (VER +3%), Omega Healthcare (OHI +3.2%), Welltower (HCN +3.5%), HCP (HCP +2.7%), Universal Health (UHT +4.4%), W.P. Carey (WPC +2%), Lexington Realty (LXP +2.5%), Essex Property (ESS +1.2%), Aimco (AIV +1.5%), General Growth (GGP +2.6%), Brixmor (BRX +1.6%), Federal Realty (FRT +1.8%), Kimco (KIM +1.2%), Public Storage (PSA +1.4%), Life Storage (LSI +1.4%), Boston Properties (BXP +1.2%), Stag Industrial (STAG +2.4%).
Mon, Nov. 7, 8:55 AM
- Retail REITs have dipped 21% since August 1, underperforming the broader REIT market by 600 basis points, says Mizuho's Haendel St. Juste. In addition to the higher interest rates faced by all REITs, the retail names have to deal with soft sales and store closures.
- Mizuho, however, is a fan of "high-quality" portfolios selling at large discounts like Macerich (NYSE:MAC), Taubman (NYSE:TCO), American Assets Trust (NYSE:AAT), and Federal Realty (NYSE:FRT), and upgrades MAC and AAT to Buy from Neutral.
- Upgrading DDR to Neutral from Underperform, St. Juste says there's "compelling" risk-adjusted value despite near-term headwinds, and worries about rising cap rates for lower-quality assets.
- Over the weekend: Barron's: REITs are on sale (Nov. 5)
Wed, Nov. 2, 4:49 PM
Tue, Nov. 1, 5:35 PM
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Tue, Sep. 20, 7:54 AM
Thu, Aug. 4, 4:24 PM
Thu, Aug. 4, 4:16 PM
- Q2 FFO of $102.2M or $1.42 per share vs. $73.9M and $1.06 a year ago. The year-ago EPS would have been $1.33 except for a charge for early payoff of debt. Expectations for Q2 2016 were $1.41.
- Same-property operating income up 3.5%; same-property leased rate of 95.9T down 50 basis points Y/Y.
- Full-year FFO per share guidance is trimmed to $5.62-$5.68 thanks to the dilutive effect of the sale of $250M of 3.625% coupon 30-year notes, the proceeds of which were used to pay down company's line of credit.
- CC tomorrow at 11 ET
- FRT flat after hours
Wed, Aug. 3, 5:35 PM
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Wed, Jul. 13, 7:44 AM
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.
Sat, May 28, 8:30 AM
- The real estate industry is going to have a sector class of its own in the major market indexes at the end of the summer, in what will be the biggest change to S&P's and MSCI's sector classification system since it was established in 1999.
- Underweighting REITs hasn't been a good idea: Since Kimco launched the modern REIT era with its 1991 IPO, REITs have returned 11.2% annually, outperforming the S&P 500 by more than 200 basis points.
- Green Street Advisors' "portfolio of buys" has four names, all of which will be in the new index: Apartment player Equity Residential (NYSE:EQR), high-end mall operator General Growth Properties (NYSE:GGP), strip-mall owner Federal Realty Investment Trust (NYSE:FRT), and the largest self-storage operator, Public Storage (NYSE:PSA).
- Gerstein Fischer is a fan of another apartment owner, AvalonBay (NYSE:AVB).
- Previously: Goldman: Index change to spur $19B of REIT buying (May 24)
Wed, May 18, 10:42 AM
- Target is the latest major retailer to report a disappointing Q1 and issue weak forward guidance. It's lower by 9% today.
- Those REITs which may rent to the likes of Target or Wal-Mart or Macy's or Nordstrom ... may be starting to sense a trend.
- Simon Property (SPG -1.1%), General Growth (GGP -1.5%), Kimco (KIM -1.6%), PREIT (PEI -1.8%), DDR (DDR -1.7%), CBL (CBL -3.1%), Federal Realty (FRT -1.2%).
- IYR -0.95%
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
Wed, May 4, 4:44 PM
- Federal REIT (NYSE:FRT): Q1 FFO of $1.38 beats by $0.01.
- Revenue of $198.34M (+7.3% Y/Y) beats by $1.38M.
Tue, May 3, 5:35 PM
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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