More on Janney Capital's initiation of coverage on the equity REIT sector:
Started at Buy are Agree Realty (ADC +0.6%), DDR Corp. (DDR -0.7%), Physicians Realty Trust (DOC +0.3%), Glimcher Realty Trust (GRT +0.3%), Healthcare Trust of America (HTA -0.4%), Simon Property (SPG +0.4%), Trade Street Residential (TSRE +0.5%), and Weingarten Realty (WRI). Earlier: Realty Income (O) is also started at Buy.
Started at Neutral are Armada Hoff Properties (AHH -4.6%), American Realty Capital (ARCP -0.9%), CB&L Associates (CBL -1.1%), General Growth (GGP -0.7%), Inland Real Estate (IRC -1.2%), Investors Real Estate Trust (IRET -2.8%), Kimco (KIM -0.3%), Kite Realty (KRG -1.2%), National Retail Properties (NNN -0.9%), Regency Centers (REG +0.1%). Earlier: Omega Healthcare (OHI), Medical Properties Trust (MPW), and Senior Housing (SNH) are also started at Neutral.
More on the National Retail Properties (NNN +2.5%) upgrade: Landenburg Thalman sees 1) a 6.3% dividend increase in Q3 2) Conservatively estimated 2014 AFFO/share of $2.12 is $0.07 above consensus 3) $475M of dry powder from capital raises 4) Valuation - stock trades at a 20% discount to shopping center sector (CBL, DDR, FRT, GRT, KIM, MAC, REG, SPG, SKT, WRI). Single-tenant leasing isn't "sexy," but can provide better returns than the average shopping center, says LT.
Tesla Motors (TSLA -0.7%) and CBL & Associates (CBL -3.4%) launch a partnership that will see Tesla supercharging stations set up at select malls across the country owned by CBL. Though it's a small step with only five CBL locations included in the initial phase, the automaker reiterates it expects to have a network set up by the end of the year that will allow drivers to travel from coast to coast powered by free charging stations.