Fri, Sep. 12, 11:19 AM
- Upgraded to Buy from Hold are Cedar Realty Trust (CDR -0.8%), Inland Real Estate (IRC -0.1%), and Ramco-Gershenson Properties Trust (RPT -1.2%).
- All the names are lower on the session amid a general selloff in REITs, possibly thanks to the 10-year Treasury yield now higher by about 30 basis points since Labor Day.
- Previously: Bond yields continue September surge higher
Thu, Sep. 11, 8:47 AM
- Pulaski Promenade will be a power shopping center of about 133K square feet on Chicago's southwest side. Inland's (NYSE:IRC) joint venture with Dutch pension fund advisor PGGM has entered a joint venture with IBT Group and Pine Tree Commercial Realty to develop the project.
- The space is already 80% leased, with store openings expected in the spring of 2016.
- Source: Press Release
Fri, Aug. 22, 7:47 AM
- Princess City Plaza has about 178.5K square feet of retail space and is 99% leased to retailers like Dick's, Old Navy, PetSmart, and others. Inland's (NYSE:IRC) JV with PGGM acquired the asset for $28.6M in cash subject to future earnout payments.
- The mall is located less than three miles from Notre Dame.
- Source: Press Release
Thu, Aug. 7, 1:17 PM
- Recurring FFO of $0.23 up 9.5% from a year ago.
- Total portfolio leased occupancy of 95.8% up 140 basis points and financial occupancy of 94.3% up 250 bps.
- Same-store NOI excluding lease termination income up 0.3%. Inland (IRC -0.3%) continues to expect full year NOI to grow 2-4%.
- Average base rent for new and renewal leases signed up 14.8% and 10.8% respectively over expiring average rents.
- Full-year recurring FFO is still expected at $0.93-$0.97 per share.
- Conference call at 3 ET
- Previously: Inland Real Estate misses by $0.01, misses on revenue
Thu, Aug. 7, 8:36 AM| Comment!
Wed, Aug. 6, 5:30 PM
- AAON, AES, AFSI, AINV, AMCX, ATHM, AUXL, BCE, BDBD, BPI, BR, CBB, CCOI, CECE, CECO, CNQ, CQB, CRIS, CTB, DUK, EAT, FUR, FWLT, GBDC, GDP, GLP, GOLD, GTN, HAR, HII, HIMX, HRC, HSC, HSNI, HZNP, ICE, IDCC, IRC, KERX, LAMR, LEAF, LG, LINE, LMIA, LNCE, LPI, LQDT, LXP, LXRX, MFC, MMS, MNK, MONT, MPEL, MPW, MYL, NCT, NRF, NRG, NVO, NXST, NXTM, OGE, ONE, OWW, PBH, PHMD, POZN, PRIM, QIWI, RDN, RGLD, RSTI, RTK, SABR, SATS, SFUN, SGM, SNI, SPH, SRE, SRPT, SSYS, SUNE, TDC, TGH, THS, TICC, TK, TPH, VNDA, WEN, WIN, WMC, WWAV, ZEUS
Thu, May. 8, 10:30 AM
- Going forward, the dividend will be representative of true earnings power, says Annaly (NLY -3.8%) CEO Wellington Denahan leading off the earnings call, and management feels comfortable with the current payout of $0.30 per share in quarters ahead.
- Did Annaly get caught looking at the dots? This quarter's surprising decline in income came as the cost of funds rose 24 basis points and the average yield on assets fell 29 basis points. "Just a behemoth adrift," sighs one mREIT veteran.
- Commercial real estate: Annaly boosted the portfolio in Q1 and has hooked up with Inland Real Estate (IRC) for a pipeline into new deals.
- Webcast and presentation slides
- Previously: Core earnings fall at Annaly as interest margin slides
Thu, May. 8, 8:40 AM
Wed, May. 7, 5:30 PM
- AEE, AES, AGO, AMCX, AMED, AMRC, APA, APO, BBEP, BCRX, BDBD, BITA, BPI, CAJ, CBB, CCC, CCOI, CDW, CECE, CECO, CRIS, CRNT, CSTE, CVC, DF, DISH, DNDN, FLY, FSYS, FUN, FXCM, GBDC, GLP, GOLD, GTN, GTXI, HCN, HII, HIMX, HSC, ICE, IRC, JASO, KEM, KERX, LIOX, LNCE, LPI, LPX, LQDT, LXP, LXRX, MGA, MMS, MNK, MPEL, NICE, NPSP, NXST, NXTM, ONE, PCLN, PCP, PKD, POZN, PRFT, REGN, RGEN, RSTI, SKYW, SNI, SPH, SRPT, STE, SUNE, TDC, THS, VC, VITC, VNDA, VRX, WAC, WD, WEN, WIN, WMC, WWAV.
Thu, Mar. 6, 10:27 AM
- Notably lower today with the major averages in the green are retail REITs Realty Income (O -1.5%) and National Retail Properties (NNN -1.7%), and shopping-center REITs like Kimco (KIM -1.1%), Inland Real Estate (IRC -0.6%), Federal Realty (FRT -1%), and Brixmor (BRX -1.2%).
- Investors may be mulling over a continuing string of disappointing retail earnings reports and plans for mass store closings from the likes of RadioShack and Staples.
- Brixmor is also the subject of a downgrade from Buy to Neutral from UBS.
Thu, Feb. 20, 8:36 AM| Comment!
Thu, Feb. 20, 12:05 AM| Comment!
Wed, Feb. 19, 5:30 PM| 3 Comments
Wed, Jan. 22, 3:12 PM
- Tuesday's news of Sears closing its flagship downtown Chicago store comes on the heels of closings announced by Macy's and J.C. Penney, and is followed by today's word of job cuts at Target HQ.
- These are just the beginning (continuation really) of a wave of similar actions likely to cause an average shrinkage in overall retail square footage of between one-third and one-half over the next 5-10 years, says Excess Space Retail Services' Michael Burden.
- "Stores are making a long-term bet on technology," says Belus Capital Advisors analyst Brian Sozzi. "It simply doesn't make strategic sense to enter a new 15-year lease as consumers are likely to continue curtailing physical visits to the mall."
- Keep an aye on the shopping center vacancy rate. It rose 550 basis points to 11% in the Great Recession, but has since recovered to just 8.9%. Will it make a higher high in the next downturn?
- Within the closings is another trend - indoor malls are faring worse than outlet centers, outdoor malls, or stand-alone stores. Without a major reinvention, says Rick Caruso of Caruso Affiliated, traditional malls will go extinct. He's unaware of an indoor mall being build since 2006. "Any time you stop building a product, that's usually the best indication that the customer doesn't want it anymore."
- Retail space REITs: O, NNN
- Mall REITs: SPG, GGP, BRX
- Shopping center/outlet REITs: ROIC, RPAI, IRC, KIM, FRT, DDR, SKT, WHLR
Fri, Jan. 10, 2:44 PM
- The broad averages are struggling following the jobs number, but the big decline in interest rates (the 10-year Treasury is now off 10 bps to 2.87%) has the equity REIT sector lit up bright green.
- Ventas (VTR +4.4%) is having the biggest day, continuing to cruise through a couple of early-year downgrades (latest was Barclays on Wednesday). Among those also higher: National Retail Properties (NNN +3.1%), Realty Income (O +1.6%), Health Care REIT (HCN +2.5%), HCP (HCP +3.8%), RAIT Finanical (RAS +1.4%), Apartment Investment (AIV +2.9%), General Growth (GGP +1.6%), Inland Real Estate (IRC +1.5%), Government Properties (GOV +1.6%), American Campus (ACC +1.7%).
- Relevant ETFs: IYR, VNQ, REM, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, PSR, FNIO, WREI
Nov. 7, 2013, 8:36 AM| Comment!
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