Tue, Aug. 16, 10:59 AM
- The major averages are off just modestly, but the Vanguard REIT Index Fund (NYSEARCA:VNQ) is lower by 1% as FRBNY boss Bill Dudley hit the tape this morning suggesting the possibility of a September rate hike and telling markets they're not being aggressive enough in pricing in Fed monetary tightening.
- Fed Funds futures are currently pointing to about a 50% chance of one rate hike this year, and barely pricing in any Fed moves next year.
- On tap for REITs this month is their move out of the financial sector and into their own separate sector classification.
- A few names today: Kimco (KIM -1.7%), Realty Income (O -2.1%), Omega Healthcare (OHI -1.2%), Medical Properties Trust (MPW -1.2%), W.P. Carey (WPC -1.7%), Aimco (AIV -1.4%), Simon Property (SPG -1.1%), Public Storage (PSA -0.7%), Government Properties (GOV -1%), Boston Properties (BXP -1.2%), Stag Industrial (STAG -1.2%)
- ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS
Thu, Feb. 25, 11:41 AM
- Q4 adjusted FFO of $135.6M or $1.27 per share vs. $1.19 one year ago. Full-year AFFO per share of $4.99 vs. $4.81 in 2014. Total dividends of $3.83.
- Owned Real Estate: Q4 acquisitions of three properties for $145.4M, bringing 2015 purchases to $688.7M. Two properties sold for $6.7M during quarter, brining 2015 sales to $38.5M. Net lease portfolio occupancy of 98.8%.
- Investment Management: Structured $636.9M of investments for managed REITs during quarter, bringing 2015 total to $2.5B. AUM of $11B.
- The company continues to review a range of strategic alternatives.
- Previously: W. P. Carey reports Q4 results (Feb. 25)
- WPC +3%
Nov. 27, 2015, 2:39 PM
Jun. 22, 2015, 3:31 PM
- The major averages are having a solid day, with nearly all S&P sectors lit up green, but the REITs - eyeing a ten basis point pop higher in the 10-year Treasury yield - are lower across the board. Boosting rates is good news on Greek debt negotiations and a 4% rally in European stocks.
- The IYR is down 0.6%, bringing its loss YTD to 3%, about 600 basis points worse than the S&P 500.
- National Retail Properties (NNN -1.5%), Omega Healthcare (OHI -1.2%), Healthcare Trust of America (HTA -1.6%), Gramercy Property Trust (GPT -1.9%), W.P. Carey (WPC -1.4%), Simon Property (SPG -1%), Retail Properties of America (RPAI -1%), Public Storage (PSA -1%), Equity Commonwealth (EQC -1.6%), Strategic Hotels (BEE -1.4%), STAG Industrial (STAG -1.4%), Education Realty Trust (EDR -1.5%).
- 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
Apr. 9, 2015, 3:24 PM
- A weak 30-year bond auction has long-term Treasury yields on the move higher, with the 10-year up five basis points to 1.96%. One also can't help but notice a recent uptick in capital raising among the equity REITs.
- Realty Income (O -2.2%), Agree Realty (ADC -2.2%), Omega Healthcare (OHI -4%), Medical Properties Trust (MPW -2.5%), W.P. Carey (WPC -2.2%), Duke Realty (DRE -2.5%), Essex Property (ESS -2.9%), Aimco (AIV -3%), Simon Property (SPG -2.4%), Kimco (KIM -2.9%), Inland Real Estate (IRC -3%), DDR Corp (DDR -2.3%), Sovran Self Storage (SSS -2.2%), Washington Real Estate (WRE -4%), Digital Realty Trust (DLR -2%), Hospitality Properties (HPT -2.6%), Ashford Hospitality (AHT -2.4%), Stag Industrial (STAG -4.6%), American Campus (ACC -2.3%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
- Previously: Treasury yields on the rise after weak 30-year auction (April 9)
Dec. 24, 2014, 2:40 PM
Sep. 25, 2014, 9:09 AM
Sep. 22, 2014, 4:06 PM
- W.P. Carey (NYSE:WPC) is selling 4M shares with an underwriter greenshoe of another 600K.
- Shares -1.2% AH
Aug. 5, 2014, 12:10 PM
- Q2 adjusted FFO of $122.2M or $1.21 per share vs. $118.2M and $1.31 in Q1, and $72.6M and $1.05 a year ago. Dividend is $0.90.
- Full-year AFFO guidance is raised to $4.62-$4.82 per share vs. $4.40-$4.65 previously. CEO Trevor Bond: "We have better clarity on our earnings capacity now that we have completed our first full quarter following the merger with CPA®:16 Global."
- WPC +1.1%
- Previously: W. P. Carey EPS in-line, beats on revenue
Oct. 23, 2013, 11:45 AM
- "This is taking the number two and number three net-lease REITs and creating kind of a game-over, category-killer in the sector," says Cole Real Estate (COLE +8.7%) CEO Marc Nemer of the deal to sell itself to American Realty Capital Properties (ARCP -1.5%) for $11.2B in cash and stock. The combined company will push into first place in size in the popular triple-net-lease sector, surpassing Realty Income (O +0.7%).
- ARCP's acquisition-happy chief Nicholas Schorsch in the past has typically raised private money for non-traded REITs and then sold the portfolios to ARCP in order to cash out his investors, but this is a massive public deal. "How many REITs have the ability to raise both public and private capital," he says. "The ability for us to acquire non-traded REITs, either whole or in part, is only increased" by this Cole deal.
- S&P 500 inclusion next? The investor presentation (slide 8) notes the combined company's market cap will be larger than index constituents Kimco Realty and Macerich.
- Under the impression the CEOs of the two companies hated each other, SNL Financial's Jake Mooney wants the backstory. Earlier this year: Still a non-traded REIT, Cole rebuffs ARCP's buyout attempt for $9.7B.
- Earlier today: The deal announcement.
- Other triple-net players: National Retail (NNN +1.2%), W.P. Carey (WPC +1%), Spirit Realty (SRC +3.2%), EPR Properties (EPR +0.8%).
May 7, 2013, 3:25 PM
Gramercy Property Trust (GPT +1%) moves about 3% off the session low as the earnings call/business plan update reveals a management focused and executing on its plan to turn the company into a pure play equity REIT. The implied cap rate (pg. 27-31) of net lease companies (O, WPC, NNN, LXP, EPR, SRC, ARCP,GTY) of 5%-6.5% is far below the 7.5%-8.5% Gramercy is closing deals at - "(the) widest arbitrage in our experience."| May 7, 2013, 3:25 PM | 1 Comment