Cohen&Steers Total Return Realty Fund
 (RFI)

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  • Tue, Jan. 12, 12:42 PM
    | Tue, Jan. 12, 12:42 PM | 2 Comments
  • Dec. 30, 2015, 11:24 AM
    • Zillow estimates the total value of all U.S. homes rose by 4.1% ($1.1T) in 2015 to $28.5T, after having grown 6% in 2014. Home values have now grown by $5.3T since their Dec. 2011 post-housing bust low, but are still $782M below an Oct. 2006 bubble peak of $29.2T.
    • Though growth is slowing, rent payments still grew nearly $19B in 2015 to $535B, and 1.8M new renter households were established. $239B was spent on apartment rents, and $245B on single-family home rents. Zillow estimates average home value rose 3.9% Y/Y in November to $183K, and average rent 3.8% to $1,382.
    • The New York/Northern NJ market accounted for $55.9B in rent payments by itself. Among major markets, only San Francisco and Portland saw rents grow at a double-digit pace.
    • Zillow's numbers come as the NAR reports its pending home sales index fell 0.9% M/M (below expectations for a 0.5% increase) and rose 2.7% Y/Y to 106.9. NAR chief economist Lawrence Yun: "Home prices rising too sharply in several markets, mixed signs of an economy losing momentum and waning supply levels have acted as headwinds in recent months despite low mortgage rates and solid job gains." He nonetheless expects price appreciation to pick up in spring, given low inventory levels.
    • Mortgage/real estate ETFs: MORL, REM, MORT, TSI, DMO, BOI, FMY, JLS, CMBS, JMT, LMBS, MBSD, PGZ
    • Broad U.S. REITs: 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, LRET, XLRE
    | Dec. 30, 2015, 11:24 AM | 23 Comments
  • Dec. 22, 2015, 12:05 PM
    • It's been a rough year for REITs (even with a nice post-Labor Day bounce), but 2016 should be better, says MUFG's Karin Ford, as long as Fed rate hikes are measured. At the moment, the betting looks to be on a 25 basis point move at every other meeting ... Is that measured enough?
    • Turning to property fundamentals, Ford sees sustained organic growth, strong demand, and "judicious" levels of new supply.
    • MUFG is overweight on HTA, LTC, and TRNO, neutral on ARE, ESS, and HCN, and underweight CPT.
    • 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, LRET, XLRE
    | Dec. 22, 2015, 12:05 PM | 6 Comments
  • Dec. 11, 2015, 3:45 PM
    • A plunge in the major averages and Treasury yields often sends money into equity REITs, and that's the case on just a limited basis today.
    • The IYR is lower by 0.8% vs. the S&P 500's 2% decline.
    • Retail REITs like Realty Income (O -0.7%) and National Retail Properties (NNN -0.6%) aren't in the green, but are outperforming the averages.
    • Pushing into positive territory: Ventas (VTR +1%), Welltower (HCN +0.4%), HCP (HCP +0.7%), Public Storgage (PSA +0.1%), Extra Space Storage (EXR +0.1%), Hospitality Properties (HPT +0.6%), Education Realty Trust (EDR +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, LRET, XLRE
    | Dec. 11, 2015, 3:45 PM | 10 Comments
  • Nov. 17, 2015, 9:38 AM
    | Nov. 17, 2015, 9:38 AM | 18 Comments
  • Nov. 6, 2015, 10:14 AM
    | Nov. 6, 2015, 10:14 AM | 142 Comments
  • 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
    | Oct. 8, 2015, 10:58 AM | 18 Comments
  • Oct. 5, 2015, 2:29 PM
    • The NAREIT All Equity REIT Index retuned 0.99% in Q3, besting the S&P 500 by roughly 750 basis points. For the month of September, the REITs returned 2.13% vs. the S&P's 2.5% loss.
    • Year-to-date, REIT returns are still negative - minus 4.5% vs. minus 5.3% for the S&P.
    • Top-performing REIT sub-sectors in September were self-storage (up 6.2%), apartments (up 5.5%), manufactured homes (up 5.2%), and shopping centers (up 4.6%). The only sub-sectors in the red last month were lodging (down 6%), infrastructure (down 4.5%), and timber (down 0.75%).
    • 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
    | Oct. 5, 2015, 2:29 PM | 2 Comments
  • Oct. 1, 2015, 3:17 PM
    | Oct. 1, 2015, 3:17 PM
  • Sep. 24, 2015, 3:09 PM
    • REITs are capital-intensive businesses, and - needing constant access to equity and debt markets to raise capital - it's usually silly to buy back stock only to have to turn around and issue it ... That's in normal times though. With the median discount to NAV for the overall equity REIT market at 17.37% as of Sept. 15, repurchase plans are flying out of boardrooms.
    • Four of the recent announcements - from Starwood Waypoint (NYSE:SWAY), Altisource Residential (NYSE:RESI), CBL & Associates (NYSE:CBL), and Investors Real Estate Trust (NYSE:IRET) - are from companies trading at a 30% or more discount to NAV.
    • "A management team once told me that when your shares are cheap and your real estate is expensive, you sell your real estate and you buy back shares," says Stifel's Simon Yarmak.
    • Brandywine Realty Trust (NYSE:BDN) - its stock selling at a 24.55% discount to NAV - can buy back shares at an implied cap rate of 8.8%, figures Mizuho's Rich Anderson ... Try buying any decent property at anywhere near that cap rate today.
    • Source: SNL Financial
    • 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
    | Sep. 24, 2015, 3:09 PM | 4 Comments
  • Sep. 17, 2015, 2:31 PM
    | Sep. 17, 2015, 2:31 PM | 50 Comments
  • Sep. 9, 2015, 5:16 PM
    • Cohen&Steers Total Return Realty Fund (NYSE:RFI) declares $0.24/share quarterly dividend, in line with previous.
    • Forward yield 8.13%
    • Payable Sept. 30; for shareholders of record Sept. 22; ex-div Sept. 18.
    | Sep. 9, 2015, 5:16 PM
  • Sep. 9, 2015, 7:47 AM
    | Sep. 9, 2015, 7:47 AM
  • Sep. 8, 2015, 3:28 PM
    • The MSCI U.S. REIT Index is lower by 9.4% this year, threatening a run of gains logged every year since 2008. The S&P 500 is off 5.4% this year.
    • Fear of higher interest rates makes for a convenient reason, but the index is also higher by 348% from the 2008 low - everyone needs a rest once in a while.
    • Maybe trying to ring a bell for the bottom this year, investors pulled about $1.4B out of the iShares U.S. Real Estate ETF (NYSEARCA:IYR) in August.
    • CFO at Ashford Hospitality Trust (NYSE:AHP), Deric Eubanks laments the disconnect between what the stock market is willing to pay for a company owning hotels, and what private buyers are paying, and his company in fact has rallied sharply since announcing its plans to pursue strategic alternatives, including a sale.
    • 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
    • Previously: Strategic Hotels sold to Blackstone in $6B deal (Sept. 8)
    | Sep. 8, 2015, 3:28 PM
  • Sep. 4, 2015, 12:58 PM
    • Posting a total return of 2.38% as of August 18, the FTSE NAREIT All Equity REIT index ended up the month with a loss of 5.82%, a slim 18 basis points better than the S&P 500.
    • The least-bad sectors were infrastructure REITs - American Tower (NYSE:AMT) and Crown Castle (NYSE:CCI) come to mind - down 1.4% in August and 1.5% YTD, and self-storage REITs - PSA, SSS, CUBE, EXRdown 1.9% in August, but up a big 13.4% YTD (best in sector).
    • Hardest hit last month were office REITs - GOV, EQC, BXP, WRE are examples - falling 8.65%.
    • Source: REIT Cafe
    • 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
    | Sep. 4, 2015, 12:58 PM | 4 Comments
  • Sep. 1, 2015, 2:54 PM
    • The financial sector is leading the market lower today, but these sessions often see money flow into REITs. There's no green to be found, but mortgage REITs like Annaly Capital (NLY -0.3%), American Capital Agency (AGNC -0.2%), Anworth Mortgage (ANH -0.2%), Chimera (CIM -0.1%), CYS Investments (CYS -0.1%), Invesco (IVR -0.3%), and Dynex (DX -0.7%) are outperforming by a wide margin.
    • Equity REITs are doing better than the XLF and S&P 500, but still sharply lower: Realty Income (O -1.5%), Omega Healthcare (OHI -2.2%), HCP (HCP -1.2%), Gramercy Property (GPT -1.9%), Equity Residential (EQR -2.4%), Kimco (KIM -2.1%), Simon Property (SPG -2.2%), Public Storage (PSA -1.1%), Hospitality Properties (HPT -2.1%), Stag Industrial (STAG -1.2%)
    • ETFs: IYR, VNQ, MORL, REM, MORT, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, LMBS, IARAX
    | Sep. 1, 2015, 2:54 PM | 33 Comments
Company Description
The funds investment objective is to achieve a high total return through investment in Real Estate Securities. Approximately equal emphasis will be put on both current income and capital appreciation. Approximately 75% of the Funds assets will be invested