Wed, Mar. 18, 3:28 PM
- The Fed earlier cuts its forecasts for GDP growth, inflation, and the pace of rate hikes. Alongside, it also lowered NAIRU - the level at which unemployment threatens accelerating inflation.
- The 10-year Treasury yield is lower by 13 basis points to 1.92% following the news, sending the board averages to near-1.5% gains, but the strongest names are the equity REITs.
- IYR +2.3%
- National Retail Properties (NNN +3%), Spirit Realty (SRC +3.1%), Senior Housing Properties (SNH +2.1%), Healthcare Trust of America (HTA +2.9%), Equity Commonwealth (EQC +2.7%), Gramercy Property (GPT +3.2%), Post Properties (PPS +3.9%), Aimco (AIV +2.6%), Kimco (KIM +2.8%), DDR Corp (DDR +2.4%), Public Storage (PSA +2%), Government Properties (GOV +1.9%), First Potomac Realty (FPO +3%), Digital Realty Trust (DLR +1.5%), Sunstone Hotel (SHO +2%), Liberty Property (LPT +2.4%), American Campus (ACC +2.5%)
- Previously: Day's biggest news: Fed sharply cuts "normal" unemployment rate (March 18)
- Previously: FOMC drops "patient," but sends dovish signal (March 18)
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
Mon, Jan. 12, 4:25 PM
Mon, Jan. 12, 9:39 AM
Dec. 11, 2014, 8:02 AM| Comment!
Jul. 24, 2014, 10:40 AM
- The apartment building owner last night beat estimates on the top and bottom lines and raised full-year guidance.
- This morning, ISI Group chimes in with an upgrade to Buy and $156 price target, citing expected contribution from AvalonBay's (AVB +2.2%) $3.2B development pipeline.
- AVB results aren't necessarily filtering through to the rest of the apartment sector, which is mixed. Equity Residential (EQR +0.3%), Essex Property (ESS), Aimco (AIV -0.2%), Camden Properties (CPT -0.1%).
Jul. 8, 2014, 2:53 PM
- Despite a big run this year, Apartment Investment Management's (AIV +1%) valuation "still does not reflect the attractive portfolio upgrades that AIV has completed since 2009," says analyst Nick Yulico, boosting to a Buy with $36 price target (from $32).
- By his team's figures, AIV is trading at a 15% discount to its 1-year forward NAV as the market is pricing the company as if it still owned its lesser-quality 2008-era portfolio.
- Yulico also suggests the possibility of a guidance hike this quarter thanks to industry data showing improving rent growth in the company's markets.
- Previously: Apartment Investment Management boosted by upgrade
Jul. 8, 2014, 9:40 AM| Comment!
Jan. 10, 2014, 2:44 PM
- The broad averages are struggling following the jobs number, but the big decline in interest rates (the 10-year Treasury is now off 10 bps to 2.87%) has the equity REIT sector lit up bright green.
- Ventas (VTR +4.4%) is having the biggest day, continuing to cruise through a couple of early-year downgrades (latest was Barclays on Wednesday). Among those also higher: National Retail Properties (NNN +3.1%), Realty Income (O +1.6%), Health Care REIT (HCN +2.5%), HCP (HCP +3.8%), RAIT Finanical (RAS +1.4%), Apartment Investment (AIV +2.9%), General Growth (GGP +1.6%), Inland Real Estate (IRC +1.5%), Government Properties (GOV +1.6%), American Campus (ACC +1.7%).
- Relevant ETFs: IYR, VNQ, REM, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, PSR, FNIO, WREI
Dec. 4, 2013, 10:17 AM
- A check of other multi-family REITs amid news of a $5B bid for BRE Properties (BRE +12.8%) by Essex (ESS -1.8%).
- Equity Residential (EQR +2.2%), AvalonBay (AVB +2.5%), UDR (UDR +2.5%), Apartment Investment and Management (AIV +4%), Camden (CPT +3.2%), Home Properties (HME +3.3%), Mid-America (MAA +1.7%), Post (PPS +4.7%).
AIV vs. ETF Alternatives
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