Fri, Mar. 6, 10:31 AM
- Equity REITs are facing some competition as the 10-year Treasury yield has popped all the way to 2.24% (up 11 bps on the session) following the strong jobs report which saw 295K jobs added in February and the unemployment rate dropping to 5.5%.
- Checking short-term interest rate futures, they're falling (meaning higher rates), but still not pricing in a rate hike until late summer.
- The iShares U.S. Real Estate ETF (IYR -2.3%).
- Realty Income (O -3.7%), National Retail Properties (NNN -3.9%), Agree Realty (ADC -3.1%), Omega Heathcare (OHI -4.5%), Health Care REIT (HCN -3.5%), Ventas(VTR -3.7%), HCP (HCP -3.6%), Medical Properties (MPW -4%), Healthcare Trust (HTA -4%), AvalonBay (AVB -2.7%), Essex Property (ESS -2.3%), Simon Property (SPG -2.3%), General Growth (GGP -2.2%), Kimco (KIM -2.9%), Inland Real Estate (IRC -2.9%), DDR (DDR -2.7%), Federal Realty Investment (FRT -2.6%), Public Storage (PSA -2%), Sovran Self Storage (SSS -2.7%), Boston Properties (BXP -2.8%), First Potomac (FPO -3.2%), Digital Realty Trust (DLR -1.9%), Hospitality Properties (HT -2.1%), Ashford (AHT -2.7%), STAG Industrial (STAG -3%), American Campus (ACC -2.9%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
- Previously: Dollar and Treasury yields spike after strong jobs print (March 6)
Thu, Feb. 19, 11:25 AM
- Maybe priced for perfection after big runs over the past couple of years, hotel REITs are pulling back after an earnings miss from Lasalle Hotel Properties (LHO -4.3%) and middling guidance from Host Hotels and Resorts (HST -5.4%).
- Hospitality Properties (HPT -1.5%), Ashford Hospitality (AHT -1.2%), Strategic Hotels (BEE -0.9%), Pebblebrook Hotel Trust (PEB -1.7%), Summit Hotel (INN -2.2%), RLJ Lodging (RLJ -2.3%), Chatham Lodging (CLDT -1.1%).
- Bucking the trend is Hersha Hospitality Trust (HT +1.1%) after beating Q4 consensus.
- Previously: Credit Suisse takes profits on Pebblebrook Hotel (Feb. 18)
Fri, Jan. 30, 9:58 AM
- Ashford Hospitality Trust (AHT -3.7%) sells 9.5M shares at $10.65 each. The underwriters have the option to buy another 1.425M shares at that price.
- Source: Press Release
- Previously: Ashford Hospitality Trust announces 9.5M share secondary (Jan. 29)
Thu, Jan. 29, 4:07 PM| Comment!
Tue, Jan. 6, 2:30 PM
- Equity REIT names are higher nearly across the board as the 10-year Treasury yield tumbles below 2%, but the hotel REITs aren't joining in the fun, suggesting maybe plunging oil prices (now at $47.76 per barrel) are foreshadowing a weak economy?
- Ashford Hospitality (AHT -1.9%), Strategic Hotels (BEE -1.3%), LaSalle Hotel (LHO -0.9%), Chesapeake Lodging (CHSP -1.7%), Summit Hotel (INN -1.2%).
- Previously: Equity REITs add to gains as long-term yields dive (Jan. 6)
Oct. 20, 2014, 10:01 AM
- Stifel steps into the Ebola-related downdraft in the lodging sector, upgrading the largest (by market cap) such REIT, Hospitality Property Trust (HPT +2.1%) to Buy with $30 price target.
- Other names: Ashford (AHT +1.2%), Strategic Hotels (BEE +0.8%), Sunstone Hotel (SHO +1.1%), LaSalle Hotel (LHO +0.6%), Chesapeake Lodging (CHSP +0.6%), Summit Hotel (INN +1.2%), Pebblebrook Hotel (PEB +0.7%).
Oct. 13, 2014, 4:19 PM
- Both equity and mortgage REITs saw plenty of buying as nearly all of the rest of the market was lit up bright red, and Treasury ETFs signaled a sharp drop in yields when government bonds reopen for trade tomorrow (closed this session for Columbus Day).
- A sampling of equity names: Senior Housing Properties (SNH +1.2%), Medical Properties Trust (MPW +1.4%), Gramercy Property Trust (GPT +1.7%), Equity Residential (EQR +0.7%), Inland Real Estate (IRC +0.9%), Sovran Self Storage (SSS +1.1%), Highwoods Properties Trust (HIW +1%).
- One equity REIT sector in the red along with the rest of the market is lodging amid worsening Ebola fears: Ashford Hospitality Trust (AHT -2.9%), Sunshine Hotel Investors (SHO -1.4%), LaSalle Hotel Properties (LHO -1.5%), Summit Hotel Properties (INN -1.5%).
- Mortgage REITs: American Capital Agency (AGNC +1.4%), CYS Investments (CYS +2.2%), Invesco (IVR +1.1%), American Capital Mortgage (MTGE +1.5%), Western Asset (WMC +1.1%).
- ETFs: IYR, VNQ, REM, MORL, MORT, DRN, URE, REZ, SRS, RWR, SCHH, ICF, ROOF, DRV, KBWY, RTL, REK, FRI, FTY, PSR, IFNA, FNIO, WREI
Apr. 9, 2014, 12:45 PM
Apr. 9, 2014, 9:14 AM
Mar. 3, 2014, 3:19 PM
- Bucking today's red tape is Bridge Bancorp (BDGE +1.3%) after RBC Capital initiates coverage with an Outperform rating and $30 price target. The Hamptons-based lender this month completed the acquisition of FNBNY Bancorp, bringing its total assets up to $2.1B and deposits to $1.7B.
- Also notching gains is Brandywine Realty Trust (BDN +1.3%) as BMO Capital upgrades to Outperform with $16.50 price target.
- Suffering more than the averages today is Ashford Hospitality Trust (AHT -3.6%) as Craig-Hallum cashes in its chips on its Buy rating after a big run for the stock (up more than 30% YTD).
Jan. 21, 2014, 4:20 PM
- Ashford Hospitality Prime (AHP) will offer 8M shares with underwriters granted a greenshoe option of 1.2M. The proceeds will be used for the purchase of the Sofitel Chicago Water Tower and the Pier House Resort, along with general corporate purposes.
- AHP was spun out of Ashford Trust (AHT) in November of last year.
- Press release
Jan. 14, 2014, 3:50 PM
- The hotel REIT sector is having a big day, led by Strategic Hotels & Resorts (BEE +1.8%) one day after a 2-notch upgrade by BAML to Buy from Underperform. The price target is $11.50.
- The activist target initially popped yesterday following the upgrade, but gave up those gains as the market tanked in the afternoon.
- Others: Hospitality Properties (HPT +0.8%), Sunstone Hotel (SHO +1.5%), LaSalle Hotel (LHO +1.1%), Pebblebrook (PEB +1.8%), Ashford Hospitality (AHT +1.8%).
Nov. 20, 2013, 12:45 PM
Jun. 21, 2013, 9:10 AM
Jun. 21, 2013, 8:06 AMAshford Hospitality Trust (AHT) prices its 11M share secondary at $12 each, with proceeds set to fund the spinoff of Ashford Hospitality Prime. An ill-timed offering - AHT shares fell 8.5% yesterday and are off another 3.8% premarket to $11.97. (PR) | Comment!
Oct. 6, 2011, 12:39 PMAshford Hospitality Trust (AHT +7.8%) trades higher after raising its Q3 guidance. The company now expects to report a 5.9% increase in RevPAR for all Legacy hotels in continuing operations, plus an increase of approximately 5.5% in RevPAR for all hotels in continuing operations in its Highland Hospitality Portfolio. | Comment!
AHT vs. ETF Alternatives
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