Dane Bowler • 24 Comments
Dane Bowler • 33 Comments
Brad Thomas • 60 Comments
Fri, Mar. 11, 5:38 PM
Dec. 15, 2015, 9:39 AM
- Making moves in the triple-net lease REIT area, Wells Fargo upgrades Realty Income (O +1.3%) and National Retail Properties (NNN +1.8%) to Outperform, while throwing in the towel on Lexington Realty Trust (LXP -0.3%) with a downgrade from Outperform to Market Perform.
- A check of the scorecard finds Realty Income up 4.75% YTD and National Retail Properties down 2.7%. Lexington, though, is down a whopping 26.4% in 2015.
Oct. 8, 2015, 10:58 AM
- This just in: REITs are in a sustained rally. The iShares DJ U.S. Real Estate ETF (NYSEARCA:IYR) is up 0.6% today (with the major averages lower), and is now ahead about 7.5% since hitting its low for the year around Labor Day.
- A more dovish outlook on interest rates is no doubt helping - the 10-year Treasury yield is 2.07% vs. 2.20 in early Sept., and the Fed looks to be on hold until Dec. at a minimum - but low prices also cure low prices.
- With so many names trading below conservative estimates of net asset values, buyers are stepping in - and not just for the stocks, but for the whole companies. In just the last month, Blackstone has agreed to buy Strategic Hotels and (this morning) BioMed Realty. The P-E giant's real estate chief Jon Gray says look for more to come.
- Spirit Realty (SRC +0.8%), Ventas (VTR +0.4%), Medical Properties Trust (MPW +2%), Gramercy Property (GPT +0.3%), Lexington Realty (LXP +1.1%), AvalonBay (AVB +0.9%), General Growth (GGP +1.1%), Inland Real Estate (IRC +0.7%), CubeSmart (CUBE +0.5%), Washington Real Estate (WRE +0.9%), Sunstone Hotel (SHO +1.3%), Liberty Property (LPT +1.1%)
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
Aug. 4, 2015, 11:01 AM
- Q2 FFO of $67M or $0.27 per share vs. $67.6M and $0.28 one year ago.
- $77.1M of properties sold during quarter, bringing sales YTD to $112.3M, with proceeds hopefully deployed into better-returning deals. Management expects a fast pace of sales to continue this year thanks to the strong market.
- 150K shares bought back at an average price of $8.58 each following July 1's 10M share authorization. The float is about 235M shares.
- Full-year FFO per share guidance is boosted by $0.01 to $1.02-$1.06.
- Conference call is just getting underway.
- Previously: Lexington Realty Trust beats by $0.01, beats on revenue (Aug. 4)
- LXP +2%
Feb. 19, 2015, 2:57 PM
- Q4 FFO of $66.3M or $0.27 per share vs. $65.7M and $0.28 one year ago. Completed 1.9M square feet of new leases and lease extensions, with both cash and GAAP renewal rents up 4.6%.
- Quarterly dividend is $0.17 per share.
- 2015 outlook: FFO per share of $1.00-$1.05 vs. $1.05 in 2014.
- Previously: Lexington Realty Trust EPS in-line, beats on revenue (Feb. 19)
- LXP -1.9%
Oct. 25, 2013, 5:38 PM
May 20, 2013, 5:46 PM
May 7, 2013, 3:25 PM
Gramercy Property Trust (GPT +1%) moves about 3% off the session low as the earnings call/business plan update reveals a management focused and executing on its plan to turn the company into a pure play equity REIT. The implied cap rate (pg. 27-31) of net lease companies (O, WPC, NNN, LXP, EPR, SRC, ARCP,GTY) of 5%-6.5% is far below the 7.5%-8.5% Gramercy is closing deals at - "(the) widest arbitrage in our experience."| May 7, 2013, 3:25 PM | 1 Comment
Oct. 10, 2012, 9:54 AM
Lexington Realty Trust (LXP -2.3%) announces a public offering of 15M common shares at $9.45/share. The REIT expects to use net proceeds to repay debt and for general corporate purposes.| Oct. 10, 2012, 9:54 AM
May 13, 2011, 9:00 AM