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Tue, Oct. 14, 3:10 PM
- The vacancy rate ticked higher to 4.2% in Q3 from 4.1 a quarter earlier - not much of a move, but the first increase in almost five years, according to REIS. Another survey - this one from MPF Research - says vacancy fell to 4.3% from 4.4% across the country's top 100 markets.
- Where the two reports both agree, however, is that there were significant construction deliveries during Q3 and a full pipeline of new construction going forward, suggesting neither vacancies nor rents have a lot of room improvement.
- The potential weakening fundamentals come as apartment REITs have been this year's top-performing REIT sectors (make that any sector) with a total return of 23.65% YTD. Can the outperformance continue?
- Names of interest are almost all having a big day today as interest rates continue to fall. One suspects that as long as rates stay low and first-time homebuyers or those with less-than-perfect credit have trouble getting mortgages, the apartment REITs might still get a bid: EQR, AVB, ESS, PPS, UDR, AIV, CPT, HME, MAA, AEC, IRET, TSRE
Fri, Sep. 12, 11:30 AM
- Adjusted FFO of $0.12 per share was shy of the dividend by $0.01 and - on the earnings call (transcript) - RBC's Michael Salinksy pressed management on whether it's rolling back its goal of dividend coverage to 2016 from 2015. Management's response is they are still shooting or 2015, but it's looking like 2016 is the more likely scenario at this point.
- RBC today downgrades Investors Real Estate Trust (IRET -4%) to Underperform, with price target cut to $8 from $9.
- Previously: Investors Real Estate Trust misses by $0.02, beats on revenue
Tue, Sep. 9, 5:07 PM| Comment!
Mon, Sep. 8, 5:35 PM
Wed, Aug. 20, 9:29 AM
- “We will take what economic activity we can get, but our housing market model was designed in the U.S. to build a lot of single-family homes for owners, not multifamily homes for renters," says Diane Swonk commenting on yesterday's big jump in housing starts.
- A big share of the gain came from multifamily starts - typically a volatile number - but a rolling 12-month total shows apartment construction at its highest level in 25 years. Single-family housing has a bigger multiplier effect for both consumer spending and employment, says Swonk.
- As for apartment owners, a separate report showed rents up 3.3% Y/Y, their fastest pace of increase in five years. It's little mystery why the stocks of companies like Equity Residential (NYSE:EQR) and AvalonBay (NYSE:AVB) are at all-time highs, but their owners may want to mull the fast pace of building.
- Others of interest: ESS, PPS, UDR, AIV, CPT, HME, MAA, TSRE, AEC, IRET, APTS
Tue, Jul. 1, 3:20 PM
- FQ4 FFO of $17.6M and $0.14 per share fell from $22.1M and $0.19 per share one year ago. Same-store NOI fell $3.2M, with $1.1M of that from an increase in utility expense due to extreme cold weather across all markets (quarter ended on April 30).
- Multi-family segment same-store occupancy of 94.5% falls from 95.3%; commercial office about flat at 81.4%; commercial healthcare of 96.2% up from 94.9%; commercial industrial of 87.3% down from 95.7% (due to a single lease expiration); commercial retail of 87.3% up from 86.9%.
- IRET -3.3%
- Previously: Investors Real Estate Trust misses by $0.03, misses on revenue
Mon, Jun. 30, 4:50 PM| Comment!
Sun, Jun. 29, 5:35 PM
Wed, Mar. 12, 12:10 AM
Tue, Mar. 11, 5:35 PM
Dec. 10, 2013, 4:45 PM| Comment!
Dec. 10, 2013, 12:10 AM
Dec. 9, 2013, 5:35 PM
Oct. 4, 2013, 7:37 AM
- Wunderlich has a mostly bullish take on the beaten-up sector, starting most of its selections at Buy.
- Initiated at Buy are Armada Hoffler Propreties (AHH), Campus Crest Communities (CCG), Cedar Realty Trust (CDR), Education Realty Trust (EDR), Healthcare Trust of America (HTA), and Investors Real Estate Trust (IRET).
- Started at Hold are Ramco-Gershenson Properties Trust (RPT), and Urstadt Biddle Properties (UBA).
Sep. 10, 2013, 12:24 PM
- More on Janney Capital's initiation of coverage on the equity REIT sector:
- Started at Buy are Agree Realty (ADC +0.6%), DDR Corp. (DDR -0.7%), Physicians Realty Trust (DOC +0.3%), Glimcher Realty Trust (GRT +0.3%), Healthcare Trust of America (HTA -0.4%), Simon Property (SPG +0.4%), Trade Street Residential (TSRE +0.5%), and Weingarten Realty (WRI). Earlier: Realty Income (O) is also started at Buy.
- Started at Neutral are Armada Hoff Properties (AHH -4.6%), American Realty Capital (ARCP -0.9%), CB&L Associates (CBL -1.1%), General Growth (GGP -0.7%), Inland Real Estate (IRC -1.2%), Investors Real Estate Trust (IRET -2.8%), Kimco (KIM -0.3%), Kite Realty (KRG -1.2%), National Retail Properties (NNN -0.9%), Regency Centers (REG +0.1%). Earlier: Omega Healthcare (OHI), Medical Properties Trust (MPW), and Senior Housing (SNH) are also started at Neutral.
Sep. 9, 2013, 5:04 PM| Comment!
IRET vs. ETF Alternatives
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