Wed, Jul. 22, 6:36 AM
Tue, Jul. 21, 5:30 PM
Thu, Jul. 2, 3:01 PM
- Even as public market valuations have pulled back, says Citi's Michael Bilerman, private market pricing has remained strong, widening the gap between price and value.
- While fund flows are a negative, Bilerman notes an uptick in interest from market generalists, suggesting they're beginning to spot value in the sector.
- Healthcare: The REITs here are particularly sensitive to rising rates given high external growth expectations and accretive "spread" investing. Bilerman has Overweights in large-cap Ventas (NYSE:VTR) and small-cap Sabra Health Care (NASDAQ:SBRA).
- Lodging: Supply is largely intact and demand continues to improve, hopefully setting up a strong H2. He continues to favor C-corps like Hilton Worldwide (NYSE:HLT), but also has Overweight positions on Host Hotels (NYSE:HST) and LaSalle Hotel (NYSE:LHO).
- Office/Industrial: This sector offers particular opportunity for outperformance, and he prefers urban names, Boston Property (NYSE:BXP), SL Green (NYSE:SLG), and Vornado (NYSE:VNO), and only select suburban names Parkway (NYSE:PKY) and Mack Cali (NYSE:CLI). In industrial, he's Overweight EastGroup (NYSE:EGP), Prologis (NYSE:PLD), and DCT Industrial (NYSE:DCT).
- Apartments: Growth remains strong and valuations attractive. He's Overweight large caps AvalonBay (NYSE:AVB), Equity Residential (NYSE:EQR), and UDR, as well as value name Camden Property Trust (NYSE:CPT).
- Retail: He's still Overweight Class A mall REITs, but is getting more bullish on strip mall names, with Kimco (NYSE:KIM), Acadia (NYSE:AKR), and Weingarten (NYSE:WRI) upgraded to Buy. Other top picks are General Growth (NYSE:GGP), Simon Property (NYSE:SPG), Kite Realty (NYSE:KRG), and Forest City (NYSE:FCE.A).
- Previously: Citi spots value in beaten-up REIT sector (July 2)
Mon, Jun. 22, 10:02 AM
- Mack-Cali (NYSE:CLI) made more than three-times its money in the deal, selling its 25% interest in the 217-unit Morristown Station for about $6.5M after having purchased the stake in October 2012 for roughly $2M.
- The company's Roseland subsidiary will continue to manage the property.
- Source: Press Release
Thu, May 14, 4:49 PM
- The team at Wells Fargo finds seven REITs most at risk of a takeover, writes Jake Mooney at SNL Financial. What they have in common are sustained discounts to NAV, market caps less than $5B, and relatively low debt ratios - important because it allows added leverage without violating debt covenants.
- At risk? The higher debt loads following a privatization could be harmful to existing bondholders. Stockholders, of course, might feel differently.
- The seven: Mack-Cali (NYSE:CLI), Education Realty Trust (NYSE:EDR), Equity One (NYSE:EQY), Healthcare Realty (NYSE:HR), Retail Opportunity Investments (NASDAQ:ROIC), Post Properties (NYSE:PPS), and Washington Real Estate (NYSE:WRE).
- In the right environment, why limit candidates to smaller REITs? Stifel's Daniel Bernstein suggests Ventas (NYSE:VTR) could go for the equivalent of a 5% cap rate or $90 per share, given Blackstone paid a 6.2% cap rate for Excel Trust, and Associated Estates sold with a cap rate below 5%. Similar cap rates would produce tasty premiums for HCP, Health Care REIT (NYSE:HCN), Healthcare Realty Trust (HR), and Healthcare Trust of America (NYSE:HTA).
Mon, May 11, 3:39 PM
Mon, May 11, 7:47 AM
- Rudin had been CEO of Brookfield Office Properties until stepping down last year in the wake of a restructuring. Before that, he led the NYC office of CBRE Group.
- A search committee of Mack-Cali (NYSE:CLI) is expected to recommend Rudin be tapped to replace the outgoing Mitchell Hersh, whose retirement took some by surprise. The suburban office property company, though, has come under some criticism for its recent push into residential real estate.
- Source: WSJ
- Previously: Mack-Cali updates on CEO search (May 7)
Thu, May 7, 1:12 PM
- The board search committee and its executive search firm have met with a number of "highly qualified candidates who have had the skills and experience to lead the company forward," says Chairman William Mack. A transition plan is expected to be announced in the weeks following May 11's annual meeting.
- Outgoing CEO Mitchell Hersh: "I am committed to making this transition seamless and ensuring that Mack-Cali (NYSE:CLI), with its new leadership in place, is positioned for success and long-term value creation."
- Source: Press Release
Thu, Apr. 23, 6:47 AM
Wed, Apr. 22, 5:30 PM
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Tue, Mar. 10, 3:51 PM
Thu, Feb. 19, 7:34 AM
- Q4 FFO of $34.1M or $0.34 per share vs. $52.1M and $0.52 one year ago. Adding back executive severance costs of $0.13 per share brings this year's figure to $0.47, roughly inline with expectations.
- Previously: Mack-Cali Realty misses by $0.12, misses on revenue (Feb. 19)
- CLI flat premarket
Thu, Feb. 19, 6:34 AM
Wed, Feb. 18, 5:30 PM| Wed, Feb. 18, 5:30 PM | 7 Comments
Dec. 9, 2014, 3:46 PM
Oct. 23, 2014, 7:34 AM
- Q3 FFO of $48M or $0.48 per share vs. $57.1M and $0.57 one year ago. Dividend is $0.15 (was $0.30 one year ago).
- Consolidated commercial in-service portfolio 83.7% leased as of September 30, unchanged from the previous quarter.
- Full-year 2014 FFO per share guidance of $1.72-$1.76. Full-year 2015 at $1.62-$1.82.
- Conference call set for 2 ET
- Previously: Mack Cali Realty beats by $0.01, misses on revenue
- CLI flat premarket
CLI vs. ETF Alternatives
Mack-Cali Realty Corp along with its subsidiaries is a self-administered, self-managed real estate investment trust. It provides leasing, management, acquisition, development, construction and tenant-related services.
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