Weingarten Realty InvestorsNYSE
Tue, Dec. 6, 8:36 AM
Thu, Oct. 27, 4:27 PM
Wed, Oct. 26, 5:35 PM
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Tue, Oct. 18, 10:18 AM
- Downgrading DDR (DDR -0.2%) to Underperform from Neutral, analyst Floris van Dijkum says the company could suffer higher than expected dilution from asset sales like the recently closed upstate NY portfolio.
- It's a valuation call for Weingarten Realty (WRI +0.3%), with van Dijkum saying the recent decline (down 13% since Aug. 1) leaves the shares accurately reflecting the company's solid fundamentals. She upgrades to Neutral from Underperform.
- For its part, DDR has suffered a 17% drop over the same time frame.
Wed, Sep. 7, 11:52 AM
- Board member Stephen Lasher late last week raised nearly $500K with the sale of 10.9K shares of company stock. His stake was cut to just under 212K shares.
- CEO Andrew Alexander sold more than 55K shares in late August.
- WRI's share price has been trending lower since the start of August, but is still higher by 20% this year.
Tue, Sep. 6, 7:31 AM
Thu, Aug. 25, 4:54 PM
- Weingarten Realty Investors (NYSE:WRI) CEO Andrew Alexander raised about $2.3M with the sale of more than 55K shares of company stock today at $41.67 each (along with a 200 share sale on Tuesday). He still holds more than 1M shares in the company.
Thu, Aug. 11, 9:45 AM
- Macy's is higher by 16% after reporting its Q2 and announcing the closing of 100 full-line stores (out of 675 total).
- The news is sending a shudder through the owners of malls: Simon Property (SPG -1.6%), General Growth (GGP -2.1%), Brixmor (BRX -2.1%), Weingarten Realty (WRI -0.8%), Macerich (MAC -0.7%), Taubman Centers (TCO -0.8%), PREIT (PEI -1.3%).
Thu, Jul. 28, 5:22 PM
Wed, Jul. 27, 5:35 PM
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Thu, Jun. 9, 11:52 AM
- The team hosted meetings with 29 companies over two days across six subsectors. Some highlights:
- Lodging: Business travel remains soft and most are operating defensively by grouping up and reducing leverage. NYC is flooded with hotels available for sale which should pressure pricing.
- Apartments: The slowdown in NoCal is concentrated in Soma and San Jose, but expected to be temporary. The NYC slowdown is expected to endure through 2017. Merchant builders in Houston with deliveries in 2017 are in trouble - an opportunity for Camden Property Trust (NYSE:CPT) to pick up assets on the cheap.
- Malls: Concerns over department stores are overblown. Simon Property (NYSE:SPG) expects spreads to top mid-teens in the next five years. Omni-channel retail strategy is growing increasingly important as the WSJ reports 80% of online sales touch brick and mortar in some way.
- CS's Ian Weissman is ranked #1,134 out of #3,990 analysts on TipRanks.com.
- Tickers of interest: HPT, SHO, LHO, PEB, CHSP, INN, RLJ, EQR, AVB, ESS, PPS, UDR, AIV, GGP, BRX, KIM, WRI, MAC
Tue, May 17, 11:02 AM
- Following up on yesterday's story about the divergence between the stock prices of major retailers (down) and those of their landlords (up), Bloomberg's Rani Molla and Shelly Banjo break down the numbers further.
- They find those REITs with a large portion of portfolios concentrated in malls are down 10% Y/Y vs. all REITs, which are higher by 6%. Going further, they find those REITs with exposure to higher-end malls and outlet centers - Simon Property Group (NYSE:SPG) and Tanger Factory (NYSEMKT:SKY) come to mind – have been spared, while those owning older malls have taken the hit. CBL & Associates (NYSE:CBL) and WP Glimcher (NYSE:WPG) are down 40% and 30% this year, respectively.
- It's easy to pick on mall owners, but a broad slowdown at brick-and-mortar stores is ultimately a threat to all retail landlords, as traffic across all types of retail real estate in the U.S. and Canada has fallen as much as 18% Y/Y.
- On the good side is low supply as developers have stopped building, but even that's begun to run its course, they write.
- REITs of interest: O, NNN, GGP, KIM, WRI, MAC, TCO, PEI, SKT, TCO, ROIC, RPAI, IRC, FRT, DDR, WHLR, EQY, KRG, REG
Mon, May 16, 9:39 AM
- The retail sector has made a lot of headlines of late with a series of poor earnings and forward guidance reports ... and the stock prices of retailers have subsequently been marked down.
- It's created a sizable divergence with the stock prices of the landlords who depend on a steady stream of rising rents from those retailers, notes Marketfield Asset Management's Michael Shaoul.
- via Bloomberg
- REITs of interest: O, NNN, SPG, GGP, KIM, WRI, MAC, TCO, PEI, SKT, TCO
Tue, May 10, 4:24 PM
- Deerfield Mall (Ft. Lauderdale MSA) is a 394K square-foot, Publix-anchored center, and was purchased by WRI for $92.75M.
- It's the company's largest South Florida asset, and Weingarten notes the in-place rents are below market, allowing redevelopment in coming years.
- YTD acquisitions are up to $136.3M.
Wed, Apr. 27, 1:12 PM
- Wells Fargo downgraded Ally Financial (ALLY -3.1%) to market perform after it reported earnings miss yesterday.
- Banco Bradesco S.A. (BBDO -0.6%) received a downgrade from Barclays to equal weight.
- Equity Residential (EQR -3.1%) is downgraded at hold from Buy after firm released its earnings yesterday and narrowed its Q2 FFO guidance to $3.05-$3.15.
- Raymond James downgraded RLJ Lodging Trust (RLJ -1.1%) to market perform from Out perform.
- Citigroup downgrades Weingarten Realty Investors (WRI -0.7%) to neutral from buy and set PT of $40.00.
Mon, Apr. 25, 9:44 AM
- Being mulled by owners of shopping centers/malls this morning is new research from Green Street Advisors suggesting department stores need to close about 800 locations, or 20% of all anchor space in U.S. malls.
- Sears alone would need to close 43% of its stores to get inflation adjusted sales per square foot back to 2006 levels. Of course, retailers like Sears, Macy's, and J.C. Penney have already closed hundreds of spots over the past few years.
- The Green Street study says sales per square foot of $165 last year were down 24% from 2006, while physical footprints are off just 7%.
- Department stores may not agree. J.C. Penney CFO has said that when the company closes a store - particularly in a small market - dot.com business also goes down.
- Watching with interest: RPAI, IRC, KIM, FRT, DDR, EQY, CBL, SPG, GGP, BRX, WRI, PEI