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Tue, Jan. 19, 9:57 AM
- One lodging REIT finds a sell-side friend as Sunstone Hotel (SHO -0.6%) is upgraded to Buy from Hold at Evercore ISI.
- Sunstone is lower by about 40% Y/Y, including a 16% tumble to start 2016.
Wed, Jan. 13, 3:30 PM
- LaSalle Hotel Properties (LHO -7.3%) earlier cut its Q4 guidance, saying the weak RevPAR trends for it and the industry continued into the end of the year. At the moment, 2016 isn't looking so promising either, says the company.
- The broad markets are selling off sharply today, but the REITs not so much, and there are even a couple of pockets of green. Not in the lodging sector though:
- Hospitality Properties (HPT -3.1%), Ashford Hospitality (AHT -6.1%), Sunstone Hotel (SHO -6.3%), Pebblebrook Hotel (PEB -4%), Chesapeake Lodging (CHSP -4.9%), Summit Hotel (INN -5.6%), RLJ Lodging (RLJ -6.3%), Chatham Lodging (CLDT -3.2%), FelCor Lodging (FCH -10.2%), Host Hotels (HST -5.5%), Hersha Hospitality (HT -5.1%), DiamondRock (DRH -7.4%), Apple (APLE -1.6%)
Fri, Jan. 8, 10:19 AM
Thu, Jan. 7, 10:17 AM
- Sunstone Hotel (SHO -1.7%), SL Green (SLG -1.6%), Public Storage (PSA -0.4%), Kilroy Realty (KRC -1.9%), Host Hotels (HST -1.1%), and Cousins Properties (CUZ -1.4%) are all upgraded to Outperform from Neutral at Baird.
- WIth the exception of Public Storage, all of the names are sharply lower over the past year, particularly hotel operators Sunstone and Host with 30%+ declines.
- Public Storage was one of last year's best REIT performers, up nearly 25%.
- See also: Baird downgrades handful of REITs (Jan. 7)
Dec. 18, 2015, 12:11 PM
- That both LaSalle Hotel (LHO -3.3%) and RLJ Lodging (RLJ -5.2%) been pounded sharply this year isn't news, but Barclays' Felicia Hendrix - who downgraded both today - takes note of RLJ's significant exposure to Houston, and not just the oil crash but high supply growth. RLJ also has notable exposure to other high supply growth markets like NYC, Denver, and Austin.
- As for LaSalle Hotel, its gateway market and CBD-focused portfolio could be adversely impacted by the strong dollar, Airbnb, and supply growth.
- Heading into the new year, Barclays recommends rotating out of those two, and into Sunstone Hotel Investors (SHO -2.8%).
- Previously: More downgrades for lodging REITs (Dec. 18)
Oct. 29, 2015, 4:50 PM
- Sunstone Hotel (NYSE:SHO): Q3 FFO of $0.36 beats by $0.01.
- Revenue of $324.59M (+5.5% Y/Y) beats by $6.16M.
Oct. 29, 2015, 4:43 PM
- Q3 adjusted FFO of $74.8M or $0.36 per share vs. $69.5M and $0.34 one year ago. Expectations were for $0.35.
- Company expects to pay a "catch-up" dividend in Q4 of about $0.48-$0.52 per share in either cash or common stock, or a combination.
- Comp hotel RevPAR of $177.49 up 3.5% Y/Y. Comp hotel ADR of $206.38 up 4%. Comp hotel occupancy of 86% down 40 basis points. Comp hotel adjusted EBTIDA margin of 31.4% down 80 bps.
- Management takes note of meeting high end of guidance despite unfavorable calendar shirts and a material unanticipated increase in real estate taxes. "We continue to see strength with the group consumer."
- Q4 adjusted FFO per share is seen at $0.27-$0.30, and full-year at $1.28-$1.32.
- Earnings call tomorrow at 12 ET
- SHO flat after hours
Oct. 28, 2015, 5:35 PM
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Oct. 23, 2015, 11:46 AM
- Pebblebrook Hotel (after warning last month of a soft Q3), cut its outlook for Q4, noting a softening global economy and weaker job growth in the U.S. It's down 8%.
- LaSalle Hotel is in the "penalty box" after waiting until its earnings report to disclose the near-total shutdown of two NYC hotels in response to union issues in San Francisco. That stock is down 8.3%.
- Hospitality Properties (HPT -3.8%), Sunstone Hotels (SHO -3.2%), Chesapeake Lodging (CHSP -3.4%), Summit Hotels (INN -2.8%), RLJ Lodging (RLJ -1.9%), Chatham Lodging (CLDT -2.3%), FelCor Lodging (FCH -6%), Host Hotels (HST -5.5%), Hersha (HT -4.3%), DiamondRock (DRH -3.2%).
- Previously: LaSalle Hotel tumbles as room closures hit results (Oct. 23)
- Previously: Pebblebrook Hotel sinks after cutting Q4 outlook (Oct. 23)
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
Sep. 25, 2015, 12:54 PM
- Despite apparently tight supply and demand conditions, writes REITcafe's Susan Persin, REITs reported mostly flat to negative performance for their NYC-area properties in H1.
- New York is the biggest piece of Host Hotels (HST +1%) portfolio - with eight properties and 6,951 rooms - and total revenue in H1 was down 2.4% from a year earlier, with EBITDA lower by 16.6%.
- RLJ Lodging Trust (RLJ +0.4%) owns five NYC properties and average occupancy at those in H1 of 94.2% fell 110 basis points from a year earlier, with RevPAR down 5.7%.
- Sunstone Hotel's (SHO +1%) two Manhattan hotels saw RevPAR decreases of 5.4% and 4.2%, respectively.
Sep. 18, 2015, 11:08 AM
- The broad market is lower, but the REIT sector (IYR +0.5%) is tacking on to yesterday's post-FOMC gains.
- The lodging names, however, remain under pressure, with Pebblebrook Hotel Trust's (PEB -5%) Monday warning of weak business in August and September apparently still driving the action.
- Hospitality Properties (HPT -1.3%), Sunstone Hotel (SHO -3.9%), LaSalle Hotel (LHO -4%), Chesapeake Lodging (CHSP -2.9%), RLJ Lodging (RLJ -4.7%), FelCor Lodging (FCH -5.5%), Host Hotels (HST -3%), Hersha Hospitality (HT -2.7%), DiamondRock (DRH -3.9%), Apple Hospitality (APLE -2.5%).
Sep. 15, 2015, 12:21 PM
- Pebblebrook Hotel Trust last night said RevPAR this quarter could miss guidance thanks to weaker-than-expected demand in August and September. The stock is lower by 7.2%, and taking most of the rest of the sector along with it.
- Ashford Hospitality (AHT -2.7%), Ashford Hospitality Prime (AHP -1.8%), Sunstone Hotel (SHO -3.3%), LaSalle Hotel (LHO -4%), Chesapeake Lodging (CHSP -3.4%), Summit Hotel (INN -2%), RLJ Lodging (RLJ -3.6%), Chatham Lodging (CLDT -2.2%), FelCor Lodging (FCH -4.1%), Host Hotels (HST -3.7%), DiamondRock (DRH -3.3%), Hersha Hospitality (HT -3.5%).
- Notable outperformers: Hospitality Properties (HPT -0.8%), Strategic Hotels (BEE flat).
Aug. 6, 2015, 4:43 PM
- Sunstone Hotel (NYSE:SHO): Q2 FFO of $0.43 beats by $0.01.
- Revenue of $339.26M (+12.8% Y/Y) beats by $7.8M.
Jul. 21, 2015, 7:39 AM
- Sunstone Hotel (NYSE:SHO), Summit Hotel Properties (NYSE:INN), and Extended Stay America (NYSE:STAY) all get two-notch downgrades from BAML - to Underperform from Buy. Tough comps and decelerating industry RevPAR are noted by the team.
- It's been a rough run for lodging names this year, but Summit Hotel has notably outperformed, up about 16% YTD.
Jul. 14, 2015, 7:50 AM
- Much of the beaten-up lodging REIT sector looks like a buy to Canaccord, which initiates RLJ Lodging (NYSE:RLJ), Summit Hotel (NYSE:INN), Hersha Hospitality (NYSE:HT), DiamondRock (NYSE:DRH), Strategic Hotels (NYSE:BEE), and Ashford Hospitality (NYSE:AHT) with Buy ratings.
- Rating only a Hold are Host Hotels (NYSE:HST), LaSalle Hotel (NYSE:LHO), Sunstone Hotel (NYSE:SHO), and Hospitality Properties (NYSE:HPT).
- Non-REIT lodging players, Starwood (NYSE:HOT) rates a Buy and Marriott (NASDAQ:MAR) a Hold.
Sunstone Hotel Investors Inc is a real estate investment trust. The Company along with its subsidiaries is engaged in acquiring, owning, asset managing and renovating full-service hotel and focus-service hotel properties in the United States.
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