Tue, Sep. 27, 10:46 AM| Tue, Sep. 27, 10:46 AM
Tue, Sep. 20, 3:06 PM
- The P-E giant has agreed to buy a portfolio of mostly West Coast logistics centers from LBA Realty for $1.5B, reports the WSJ.
- In the age of Amazon.com logistics is the hottest part of the commercial property sector, with prices for distribution centers and such still on the rise even as those for things like office buildings and malls show signs of cooling.
- "Distribution used to be just another part of the supply chain. Now logistics has moved up in its importance in corporate strategy," says Charles Sullivan of Global Logistics Properties.
- Interested parties (other than BX): Stag Industrial (NYSE:STAG), Prologis (NYSE:PLD), Liberty Property (NYSE:LPT), First Industrial (NYSE:FR), DCT Industrial (NYSE:DCT), Eastgroup (NYSE:EGP), Rexford Industrial (NYSE:REXR), Terreno Realty (NYSE:TRNO), Monmouth (NYSE:MNR), Gramercy Property (NYSE:GPT).
Tue, Sep. 6, 9:31 AM
Thu, Aug. 25, 8:12 AM
- Now at BTIG from Cowen & Co., analyst James Sullivan starts coverage of Physicians Realty Trust (NYSE:DOC) with a Buy rating and $42 price target. Growing the portfolio to nearly $3B following the $130M IPO, management has earned a reputation as solid capital allocators in the medical office space. New deals should remain a core driver of the business, resulting in outsized earnings growth next year.
- STORE Capital (NYSE:STOR) is initiated at Buy with a $35 price target, with Sullivan taking note of the company's combination of the smallest portfolio, differentiated acquisition strategy, and management track record.
- A West Coast focus and management's ability to source new investments should deliver excess returns to investors, says Sullivan, starting Retail Opportunity (NASDAQ:ROIC) with a Buy and $25 price target.
- Kilroy Realty (NYSE:KRC) has upside from the below-market rents in its portfolio and an extension into life science real estate. He starts it at Buy with $80 price target.
- Terreno Realty (NYSE:TRNO), Corporate Office Properties (NYSE:OFC), Macerich (NYSE:MAC), Kimco (NYSE:KIM) remain Buys.
- A Buy at Cowen, Duke Realty (NYSE:DRE) is stared with just a Neutral at BTIG.
- Previously: BTIG launches REIT sector coverage (Aug. 25)
Wed, Jul. 27, 9:34 AM
Wed, Jul. 27, 9:25 AM
Wed, Jul. 13, 12:50 PM
Tue, Jul. 12, 2:00 PM
- (NYSE:TRNO) June occupancy of 92.7% vs. 90.7% in March, 2016.
- Cash rents on new and renewed leases totaling approx. 0.4M sq. ft. commenced during 2Q16.
- Five year lease for 221K sq. ft. at New Jersey will commence on September 1, 2016.
- Four industrial properties containing approx. 162K sq. ft. acquired for $20.9M.
- 2.57M common stock issued under ATM for gross proceeds of $62.6M.
- Private placement of $50M 10-year senior unsecured notes at interest rate of 3.99%.
- Press Release
Mon, May 16, 8:44 AM
- Rental rates for prime warehouse space in the U.S. jumped 9.9% last year, according to CBRE, outpacing by a mile global industrial leasing rate growth of 2.8%.
- Six U.S. markets were in the top nine worldwide, led by facilities near import gateways and population centers - Oakland, north Jersey, and California's Inland Empire, to name three.
- CBRE's David Egan says construction of new sites is lagging behind demand, and his firm expects rates in top markets to add another 6% this year. It's all about e-commerce," says Egan. “To get the goods to consumers fast, you have to get close to them."
- Interested parties: STAG, GPT, FR, DCT, EGP, SIR, REXR, TRNO, PLD, MNR
Wed, May 4, 9:29 AM
Wed, May 4, 9:28 AM
Mon, Mar. 7, 9:24 AM
Wed, Feb. 10, 9:50 AM
- Terreno Realty (NYSE:TRNO): Q4 FFO of $0.17 misses by $0.08.
- Revenue of $24.2M (+29.1% Y/Y) beats by $4.52M.
Wed, Feb. 10, 9:28 AM
- Terreno Realty (NYSE:TRNO) declares $0.18/share quarterly dividend, in line with previous.
- Forward yield 3.35%
- Payable April 12; for shareholders of record March 28; ex-div March 23.
Thu, Jan. 7, 10:45 AM
- Alongside the team's upgrade of six REITs, Baird cuts Apple Hospitality REIT (APLE -1.6%), DDR (DDR -1.3%), Highwoods Properties (HIW -2.2%), Kite Realty (KRG -2.3%), Piedmont Office Realty (PDM -1%), Spirit Capital (SRC -2%), and Terreno Realty (TRNO -2.6%) to Neutral from Outperform.
- Ashford Hospitality Prime (AHP -5.1%) is downgraded to Underperform from Neutral.
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