Monday, May 13, 1:56 PM
The NAREIT U.S. REIT Index (IYR, VNQ) had a pretty good year just in April, rising 5.8% vs. the S&P up 1.9%. YTD through April, the index was up 15.44% vs. 12.74% for the S&P. Y/Y, REITs are up 22.2% vs. the S&P at 16.89% The best performers in April were the retail REITs (SPG, TCO, GGP, O, ARCP, PEI), gaining 9.9%. Taking a break were the timber REITs (PCH, PCL), down 1.6% in April after rising 7.3% the previous month. YTD, the leading REIT performer is Health Care (VTR, HCP, HCNHTA), +23.7%.
Comment![Financials]
Tuesday, May 7, 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."
1 Comment[Financials, On the Move]
Monday, May 6, 1:17 PM
More on American Realty Capital (ARCP +1.2%) Q1 earnings: Core FFO of $0.20/share level with a year ago. Change in portfolio from ARCT III acquisition - total square feet of 16.7M vs. 2.4M at year's end. 79% of tenants investment grade vs. 97% previous. Average remaining lease term of 11.1 years vs. 6.7. Number of tenants of 52 vs. 17. (PR)
Comment![Financials, Earnings]
Friday, April 26, 3:54 PMAmerican Realty Capital Properties (ARCP) declares $0.075/share monthly dividend, in line with previous. Forward yield 5.48%. For shareholders of record May 08. Payable May 15. Ex-div date May 06. (PR)
Comment![Dividends]
Sunday, April 14, 8:25 AM
The reconstitution of the Russell indexes coming up in June, Credit Suisse aims to anticipate who's in and who's out. The rules-based approach of the Russell 2000 has allowed arbitragers to profit each summer by front-running the moves, making the Russell 2000 ETF (IWM) a poorer play for small cap fans than IJR . Expected among the top 25 adds are ARCP, SRPT, PBYI, ACAD, and WSTC. Among the top 25 deletes: CPST, FCEL, CHKE, OMER, and EML.
Comment![Quick Ideas]
Thursday, April 11, 9:49 AM
American Realty (ARCP +0.4%) withdraws its $9.7B proposal to buy Cole Credit Property Trust III after the latter twice rebuffed ARCP's approaches. That was despite the company raising its bid to $12.50/share in cash or $13.59 in stock from $12 in cash or stock. ARCP is also backing out after Cole Credit completed a merger with its external adviser, Cole Holdings. (PR)
4 Comments[M&A, Financials]
Friday, March 29, 5:31 AM
ARCP (ARCP) gets a boost in its $9.7B attempt to acquire Cole Credit Property Trust after Cole shareholders sue to block the firm's purchase of its external adviser, Cole Holdings. The investors argue that CCPT Chairman Christopher Cole is trying to force the deal through without a shareholder vote.
Comment![M&A, Financials]
Wednesday, March 27, 10:03 AMAmerican Realty Capital Properties (ARCP) declares $0.075/share monthly dividend, in line with previous. Forward yield 6.39%. For shareholders of record Apr. 08. Payable Apr. 15. Ex-div date Apr. 04. (PR)
Comment![Dividends]
Tuesday, March 26, 4:40 PMAmerican Realty Capital Properties (ARCP) declares $0.075/share monthly dividend, in line with previous. Forward yield 6.29%. For shareholders of record Apr. 08. Payable Apr. 15. Ex-div date Apr. 04. (PR)
1 Comment[Dividends]
Friday, March 22, 9:10 AMARCP responds in great detail after CCPT III rejects its $5.7B buyout offer, calling Cole's letter "a distraction filled with many inaccuracies and omissions ... rather than engaging ARCP's board in a constructive manner, Cole has instead chosen to disseminate false or misleading information." ARCP is up 5.8% since the Tuesday offer.
8 Comments[Financials, M&A]
Friday, March 22, 3:10 AM
Cole Credit Property Trust has turned down a $5.7B acquisition offer from American Realty Capital Properties (ARCP), slating the proposal for being misleading and "deliberately designed to disrupt" Cole's business. The deal would create the biggest publicly traded REIT in the net lease sector, but Cole prefers to buy its external adviser, Cole Holdings, after which the plan is to go public.
Comment![Financials, M&A, Top Stories]
Wednesday, March 20, 7:34 AM
More on American Realty Capital Properties (ARCP): Shares gain 2.1% premarket following the Cole Credit purchase offer announcement. A tip of the hat goes to SA Pro author Dane Bowler who 2 weeks ago suggested investors step in and buy when shares dipped for reasons having little to do with fundamentals amid the closing of the ARCT III merger. Including this morning, the stock is up 25% since.
1 Comment[Financials, On the Move]
Wednesday, March 20, 6:53 AM
American Realty Capital Properties (ARCP) has offered to acquire Cole Credit Property Trust for $5.7B in cash and stock, or over $9B including debt, in a deal that would create the biggest publicly traded REIT in the net lease sector. American Realty also asked Cole to end its purchase of its external adviser, Cole Holdings. (PR)
Comment![M&A, Top Stories]
Monday, March 18, 7:33 AMAmerican Realty Capital Properties (ARCP)declares an 1.1% increase in annual dividend to $0.91/share, representing an annual yield of 6.45%. Shares -1.3% premarket.
1 Comment[Dividends, On the Move]
Thursday, February 28, 6:34 AMAmerican Realty Capital Properties (ARCP): Q4 EPS of $0.31 beats by $0.08. Revenue of $5.6M beats by $0.4M. (PR)
Comment![Earnings, Breaking News]