Tue, Aug. 2, 8:49 AM
- Q2 core FFO of $84.4M or $0.59 per share vs. $73.5M and $0.55 one year ago. AFFO of $0.60 up from $0.56. DIvidend is $0.46.
- Portfolio occupancy of 99.1% flat from three months earlier and from start of year.
- 165 properties acquired during quarter with a total of 1.095M square feet of gross leasable area, and at an initial cash yield of 6.9%. $343.6M invested.
- Seven properties sold for $19.7M, producing $1.2M of gains on sales.
- Conference call at 10:30 ET
- Previously: National Retail Properties beats by $0.01, beats on revenue (Aug. 2)
- NNN flat premarket
Tue, Aug. 2, 8:34 AM
Mon, Aug. 1, 5:30 PM
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Fri, Jul. 15, 8:34 AM
Mon, Jun. 27, 3:20 PM
- There's plenty of green in the REIT space today, with the IYR off just 0.25% (vs. the S&P 500's 2% decline). Helping is the continuing plunge in interest rates, with the 10-year yield at 1.46% within seven basis points of an all-time low.
- Among the gainers are Realty Income (O +1.7%), National Retail Properties (NNN +1%), Senior Housing (SNH +2.2%), Omega Healthcare (OHI +0.9%), AvalonBay (AVB +1.1%), Kimco (KIM +1.3%), Tanger Factory (SKT +1.9%), and Public Storage (PSA +3.8%).
- Lodging REITs, however, are dependent on a steady stream of overseas tourist money, and the dollar's continued surge vs. everything not named the yen promises to crimp foreign visits. Ashford (AHT -6.6%), Sunstone (SHO -4.8%), LaSalle (LHO -4.1%), Pebblebrook (PEB -4.2%), Chesapeake (CHSP -3.3%), Host (HT -6.7%), DiamondRock (DRH -4.8%), Apple (APLE -2.9%), FelCor (FCH -5.4%).
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
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
Mon, May 16, 10:13 AM
- National Retail Properties (NNN +0.3%) is higher by 17% this year, solid, but not as good as sector stalwart Realty Income's 23.5% advance. Agree Realty is higher by 25.8%, and Spirit Realty by 19%. Store Capital is up 13%.
- Morgan Stanley downgrades to Equal Weight from Overweight. The $49 price target is up from $46 and compares to the current price of $46.94.
Mon, May 16, 9:39 AM
- The retail sector has made a lot of headlines of late with a series of poor earnings and forward guidance reports ... and the stock prices of retailers have subsequently been marked down.
- It's created a sizable divergence with the stock prices of the landlords who depend on a steady stream of rising rents from those retailers, notes Marketfield Asset Management's Michael Shaoul.
- via Bloomberg
- REITs of interest: O, NNN, SPG, GGP, KIM, WRI, MAC, TCO, PEI, SKT, TCO
Mon, May 2, 8:49 AM
- Q1 adjusted FFO of $81.7M or $0.58 per share vs. $72.1M and $0.55 one year ago.
- Full-year FFO guidance is boosted to $2.31-$2.36 per share from $2.29-$2.35. AFFO is guided to $2.36-$2.41.
- Invested $125.2M in Q1, with 46 acquisitions totaling 591K square feet at an initial cash yield of 7%.
- Sold ten properties for $52.8M, producing gain on sales of $16.9M.
- Portfolio now consists of 2,293 properties in 47 states with a gross leasable area of 25.4M square feet, with an average remaining lease term of 11.3 years.
- Conference call at 2 ET
- Previously: National Retail Properties FFO in-line, beats on revenue (May 2)
- NNN flat premarket
Mon, May 2, 8:36 AM
Sun, May 1, 5:30 PM
Fri, Apr. 15, 8:44 AM
Fri, Apr. 8, 11:32 AM
- The total return of the FTSE NAREIT All REITs Index was 9.99% in March and 5.86% in Q1, significantly outpacing that of the S&P 500 at 6.78% and 1.35%, respectively.
- The FTSE NAREIT All Equity REITs Index gained 10.17% in March and 5.84% for the quarter. The mortgage REIT gauge advanced 4.48% and 1.28%.
- Leading the way were free-standing retail REITs - think Realty Income (NYSE:O), National Retail Properties (NYSE:NNN), Spirit Realty (NYSE:SRC), Agree Realty (NYSE:ADC), and Store Capital (NYSE:STOR) - with a total return of 18.69% in Q1.
- At quarter's end, the All REITs Index dividend yield was 4.19% vs. the S&P 500 at 2.15%.
- 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
Thu, Feb. 11, 9:07 AM
- Q4 adjusted FFO of $77.95M or $0.57 per share vs. $71.9M and $0.56 one yer ago. Full-year AFFO of $2.27 per share vs. $2.12 in 2014.
- Portfolio occupancy of 99.1% at year-end, flat from a quarter earlier, and vs. 98.6% a year ago.
- Full-year FFO guidance is boosted by a penny at both ends to $2.29-$2.35 per share. AFFO is expected at $2.34-$2.40.
- Conference call at 10:30 ET
- Previously: National Retail Properties AFFO in-line, beats on revenue (Feb. 11)
- NNN flat premarket
Thu, Feb. 11, 8:33 AM
- National Retail Properties (NYSE:NNN): Q4 AFFO of $0.57 in-line.
- Revenue of $126.38M (+9.6% Y/Y) beats by $2.65M.