Wed, Nov. 25, 11:12 AM
Tue, Nov. 17, 11:41 AM
- The projects represent more than 2.1M square feet, and development began in the July-December time frame. Prologis (PLD +0.3%) also completed another 3.4M square feet of build-to-suit space during this period.
- Year-to-date, the company has begun development on 20 build-to-suit projects totaling 7.4M square feet. It's completed another 21 build-to-suits also totaling 7.4M square feet.
- Source: Press Release
Tue, Oct. 27, 9:44 AM
Tue, Oct. 20, 8:13 AM
- Q3 core FFO of $307.268M or $0.58 per share vs. $244.896M and $0.48 one year ago. Dividend of $0.40 vs. $0.33.
- Occupancy of 96% up 100 basis points Y/Y. Leases signed for 42.2M square feet vs. 40.8M; customer retention of 87% up 310 basis points.
- Cash rent change of 3.6% up from 1.6% a year ago. Same store NOI up 4.5% vs. 4.7% last year.
- $240.3M of acquisitions at 5.8% cap rate vs. $3.5B and 5.5% cap a year ago. $733M of sales at 4.9% cap rate vs. $1.7B at 4.8% cap a year ago.
- Full-year core FFO per share guidance is narrowed to $2.19-$2.21 from $2.18-$2.22 last quarter.
- Conference call at 12 ET
- Previously: Prologis reports Q3 results (Oct. 20)
- PLD flat premarket
Tue, Oct. 20, 8:02 AM
Mon, Oct. 19, 5:30 PM
Tue, Oct. 13, 4:33 PM
- The portfolio includes 3.2M square feet of Class A industrial operating and development properties located mostly in north Jersey and 2.2M square feet of retail property.
- The retail assets are under agreement to be sold to Blackstone funds for $374M plus the assumption of debt. This should close in Q4.
- Prologis (NYSE:PLD) paid for the purchase with the issuance of $385M of partnership units priced at $43.11 each.
- Source: Press Release
Tue, Oct. 6, 9:17 AM
Wed, Sep. 9, 7:47 AM
- The roughed-up sector has been a popular spot for upgrades over the past couple of weeks, and there's a new handful of names getting rating boosts today.
- Aimco (NYSE:AIV) gets two upgrades, with Barclays lifting to Overweight with $43 price target, and Janney to Buy with $41 price target.
- Stifel Nicolaus upgrades Boston Properties (NYSE:BXP), Prologis (NYSE:PLD), and SL Green (NYSE:SLG) to Buy.
- See also: Another batch of REIT upgrades (Sept. 9)
- Previously: REITs headed for worst year since 2008 (Sept. 8)
- 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
Tue, Jul. 21, 8:11 AM
- Q2 core FFO per share of $0.52 vs. $0.48 one year ago.
- Annualized dividend is boosted 11% to $1.60 per share.
- Quarter-ending occupancy of 95.4%, up 80 bps Y/Y.
- Full-year core FFO guidance is lifted to $2.18-$2.22 per share from $2.16-$2.22.
- Conference call at 11 ET
- Previously: Prologis FFO in-line (July 21)
- PLD flat premarket
Tue, Jul. 21, 8:05 AM
Tue, Jul. 21, 8:04 AM
Mon, Jul. 20, 5:30 PM
Thu, Jul. 2, 3:01 PM
- Even as public market valuations have pulled back, says Citi's Michael Bilerman, private market pricing has remained strong, widening the gap between price and value.
- While fund flows are a negative, Bilerman notes an uptick in interest from market generalists, suggesting they're beginning to spot value in the sector.
- Healthcare: The REITs here are particularly sensitive to rising rates given high external growth expectations and accretive "spread" investing. Bilerman has Overweights in large-cap Ventas (NYSE:VTR) and small-cap Sabra Health Care (NASDAQ:SBRA).
- Lodging: Supply is largely intact and demand continues to improve, hopefully setting up a strong H2. He continues to favor C-corps like Hilton Worldwide (NYSE:HLT), but also has Overweight positions on Host Hotels (NYSE:HST) and LaSalle Hotel (NYSE:LHO).
- Office/Industrial: This sector offers particular opportunity for outperformance, and he prefers urban names, Boston Property (NYSE:BXP), SL Green (NYSE:SLG), and Vornado (NYSE:VNO), and only select suburban names Parkway (NYSE:PKY) and Mack Cali (NYSE:CLI). In industrial, he's Overweight EastGroup (NYSE:EGP), Prologis (NYSE:PLD), and DCT Industrial (NYSE:DCT).
- Apartments: Growth remains strong and valuations attractive. He's Overweight large caps AvalonBay (NYSE:AVB), Equity Residential (NYSE:EQR), and UDR, as well as value name Camden Property Trust (NYSE:CPT).
- Retail: He's still Overweight Class A mall REITs, but is getting more bullish on strip mall names, with Kimco (NYSE:KIM), Acadia (NYSE:AKR), and Weingarten (NYSE:WRI) upgraded to Buy. Other top picks are General Growth (NYSE:GGP), Simon Property (NYSE:SPG), Kite Realty (NYSE:KRG), and Forest City (NYSE:FCE.A).
- Previously: Citi spots value in beaten-up REIT sector (July 2)
Mon, Jun. 29, 5:01 PM
- Manulife (NYSE:MFC) has the greatest sensitivity to rising rates of all the picks on the list, says Barclays, which also sees upside potential even before rate liftoff, particularly as the insurer deploys excess capital.
- The Street is underestimating MGIC Investment's (NYSE:MTG) earnings growth trajectory in a subnormalized loss environment.
- Nasdaq OMX (NASDAQ:NDAQ) remains a top pick thanks to: 1) attractive valuation; 2) recurring and diversified revenue base; 3) strong free cash flow supporting capital returns.
- Prologis (NYSE:PLD) has strong earnings growth and compelling valuation compared to net asset value.
- Citigroup (NYSE:C) should outperform its big-cap peers thanks to: 1) Finally meaningful capital deployment after this year's CCAR; 2) increased focus on execution in core markets; 3) big footprint in faster-growing emerging markets; 4) utilization of the $48B DTA; 5) continued reduction in Citi Holdings.
- Also making the list: Prudential Financial (NYSE:PRU) and SVB Financial (NASDAQ:SIVB).
- Source: StreetInsider
Fri, May 29, 11:55 AM
- Recapturing what was lost during the West Coast port strike, U.S. container traffic jumped 19.2% Y/Y in March and 6.6% Y/Y in April, notes SunTrust's Ki Bin Kim, still bullish on industrial fundaments, though seeing a potential slowdown in China as a risk.
- He sees Prologis (NYSE:PLD) as one of the cheapest blue-chip REITs and rates it a Buy with $50 price target. Also rated Buy is First Industrial Realty Trust (NYSE:FR). Rated at Neutral is DCT Industrial Trust (NYSE:DCT).
- Previously: SunTrust checks flood impact to Houston-exposed REITs (May 29)
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