Hospitality Properties TrustNYSE
Mon, Nov. 14, 10:03 AM
- The bond market was closed on Friday, keeping rates in check and allowing REITs a respite from the week's bout of selling. The respite was short-lived though, with the selloff resuming this morning as the 10-year Treasury yield jumps 10 basis points to 2.255%.
- Realty Income (O -1.5%), Public Storage (PSA -1.3%), Welltower (HCN -0.6%), Equity Residential (AVB -1.6%), AvalonBay (AVB -1.6%), Simon Property (SPG -1.5%), Kimco (KIM -0.5%), Eastgroup (EGP -0.5%), American Campus (ACC -1.7%).
- Fading the action are some office REITs as players eye a big boost in government spending: Government Properties (GOV +1.6%), Boston Properties (BXP +1%), First Potomac (FPO +1.2%).
- Also fading the negativity despite the stronger dollar are the previously very roughed-up lodging REITs as perhaps they discount a stronger economy: Ashford Hospitality (AHT +3.7%), Sunstone Hotel (SHO +3.2%), LaSalle Hotel (LHO +2.2%), Pebblebrook Realty (PEB +3.7%), Summit Hotel (INN +1.6%), Hospitality Properties (HPT +1.2%), RLJ Lodging (RLJ +2.8%)
- Previously: "Bond vigilantes" term comes out of retirement (Nov. 14)
- ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF
Wed, Nov. 9, 7:06 AM
Tue, Nov. 8, 5:30 PM
Tue, Oct. 18, 9:44 AM
- The stock's looking attractive in this later part of the lodging cycle given the security provided by lease agreements and the roughly 7% dividend yield. Potential for future growth comes from hotel acquisitions and the ramp of the Sonesta portfolio and renovations.
- Janney Capital initiates with a Buy and $31 price target. HPT flat on the session at $29.72.
Tue, Oct. 11, 4:46 PM
Tue, Aug. 16, 7:34 AM
- The company sold 11M shares of stock at $30.75 each. The underwriters have an option to buy another 1.65M shares at that price. Funds will initially be used to pay down the company revolver and for general business purposes.
- HPT -3.8% premarket to $30.70.
Wed, Aug. 10, 3:20 PM
- FBR Capital's Bryan Maher has no issue with the company's Q2 earnings beat, but after a 22% run higher YTD, the valuation is no longer compelling. He cuts to Market Perform with $32 price target.
- HPT was at about $31.85 prior to his note, and fell as low as $31.44. It's now at $31.65, down 0.75% on the session.
Tue, Aug. 9, 7:01 AM
Mon, Aug. 8, 5:30 PM
- ACM, AER, AMAG, AMRC, AMSC, ARES, BDSI, BERY, BITA, BR, CECE, CHTR, CNK, COH, CORE, EGRX, ENZY, EVEP, EXC, GLPI, GWPH, HCP, HHS, HPT, HRI, HWCC, INCY, IONS, IPXL, JEC, LABL, LAMR, LGIH, LNCE, LNG, LRN, LXP, MCC, MPAA, MWW, NCLH, NCT, NRG, NXST, NYLD, OCUL, PDCE, PMC, PPL, RDNT, RRGB, RSTI, SATS, SNI, SSH, STE, TDG, TESO, TGH, TLP, TRCO, UNVR, VRTU, VRX, W, WAC, WPRT, WWAV, ZBRA
Tue, Jul. 12, 4:48 PM
Fri, Jun. 24, 10:30 AM
- A sharp drop in long-term rates and vanquished expectations for even one rate hike this year has income players bidding up the prices of utility stocks (XLU +0.7%) and certain REITs even as the major average fall more than 2% post-Brexit.
- A check of Fed Funds futures finds traders not fully pricing in a 25 basis point rate hike until 2018!
- The mortgage REIT sector (REM +0.5%) welcomes the news, with players like Annaly (NLY +1.7%), American Capital Agency (AGNC +1.1%), Two Harbors (TWO +1.7%), and Chimera (CIM +1.3%) leading the way. Western Asset Mortgage (WMC -0.8%) is a laggard after slashing its dividend by more than 30% last night.
- Equity REITs are decidedly mixed. Retail names like Realty Income (O +2.4%), National Retail (NNN +2%), and Vereit (VER +0.9%) are higher, as are healthcare players like HCP (HCP +1.2%) and Medical Properties Trust (MPW +0.1). Apartment REITs are mostly lower, as are mall operators like Simon Property (SPG -0.8%) and General Growth (GGP -0.7%).
- The dollar is surging post-Brexit, however, and that's taking a chunk out of the hotel REITs: Hospitality Properties (HPT -1.5%), Sunstone Hotel (SHO -2.7%), LaSalle (LHO -3.8%), Pebblebrook (PEB -2.4%), RLJ Lodging (RLJ -2.5%).
- ETFs: XLU, UTG, IDU, VPU, GUT, BUI, FUTY, RYU, UPW, FXU, PUI, SDP, PSCU, FUGAX, UTLF, JHMU, VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI
Mon, Jun. 20, 8:19 AM
- Effective July 1, Five Star Quality Care (NYSE:FVE), Government Properties Income Trust (NYSE:GOV), Hospitality Properties Trust (NYSE:HPT), Select Income REIT (NYSE:SIR), Senior Housing Properties Trust (NYSE:SNH), and TravelCenters of America (NYSE:TA) will begin trading on the Nasdaq from the NYSE.
Wed, Jun. 15, 10:01 AM
- The San Francisco Board of Supervisors last week passed a bill requiring home-sharing services like Airbnb (Private:AIRB) to remove listings of units that have not been registered with the San Francisco Office of Short-Term Rentals.
- The team at Canaccord expects a near-term reduction of Airbnb listings of 80%, and nearly 50% on a stabilized basis. This should be a "marginal tailwind," and help San Francisco relative to other major hotel markets in coming months. Other cities are likely to follow suit.
- Buy rated stocks remain: Apple Hospitality (APLE +0.6%), DiamondRock (DRH +2%), Summit Hotel (INN +0.6%), Marriott (MAR +0.9%), and RLJ Lodging (RLJ +1.6%).
- Meanwhile, the lodging sector as a whole has its tail in the air as not only this news, but Airbnb's agreement to begin collecting occupancy tax in Pennsylvania filters through.
- Ashford (AHP +1.6%), (AHT +1.2%), Starwood (HOT +0.8%), Hospitality Properties (HPT +0.8%), Host Hotels (HST +1.5%), LaSalle (LHO +2.2%), Sunstone Hotel (SHO +1.1%), Pebblebrook (PEB +2.2%), Chesapeake (CHSP +1.3%), Chatham (CLDT +1.2%), Hersha (HT +1.4%)
Thu, Jun. 9, 11:52 AM
- The team hosted meetings with 29 companies over two days across six subsectors. Some highlights:
- Lodging: Business travel remains soft and most are operating defensively by grouping up and reducing leverage. NYC is flooded with hotels available for sale which should pressure pricing.
- Apartments: The slowdown in NoCal is concentrated in Soma and San Jose, but expected to be temporary. The NYC slowdown is expected to endure through 2017. Merchant builders in Houston with deliveries in 2017 are in trouble - an opportunity for Camden Property Trust (NYSE:CPT) to pick up assets on the cheap.
- Malls: Concerns over department stores are overblown. Simon Property (NYSE:SPG) expects spreads to top mid-teens in the next five years. Omni-channel retail strategy is growing increasingly important as the WSJ reports 80% of online sales touch brick and mortar in some way.
- CS's Ian Weissman is ranked #1,134 out of #3,990 analysts on TipRanks.com.
- Tickers of interest: HPT, SHO, LHO, PEB, CHSP, INN, RLJ, EQR, AVB, ESS, PPS, UDR, AIV, GGP, BRX, KIM, WRI, MAC
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)
Tue, May 10, 7:43 AM
- Normalized FFO of $140.4M or $0.93 per share vs. $126M and $0.83 one year ago. Dividend is $0.51.
- Comparable hotel RevPAR of $90.10 up 4.4% Y/Y. All hotel RevPAR of $88.53 up 2.7%.
- Conference call at 10 ET
- Previously: Hospitality Properties beats by $0.01, misses on revenue (May 10)
- HPT flat premarket