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What I See With This High-Paying REIT That Mr. Market Doesn't
- Chambers Street has not moved and shares are down over 19% from the original listing price of $10.00.
- Mr. Market has his reasons for the sleepy share price appreciation but owning shares in a REIT when I’m losing capital doesn't necessarily mean I’m sleeping well at night.
- I see the overhang in the shares primarily as a “tug of war” of sorts.
- I see something different that Mr. Market doesn’t see and that is that I view Chambers Street as highly attractive REIT that has been overlooked, at least for now.
An Office And Industrial REIT Positioned To Deliver Alpha - Chambers Street Properties
- Chambers Street Properties trades at a substantial discount to its intrinsic value.
- It provides exposure to the fundamentally desirable office and industrial REIT sectors at a cheaper price than is otherwise available.
- Strong properties and tenants along with an oversized dividend should result in extra returns for CSG investors as its multiple expands.
- Small/Mid sized triple net REIT with an industrial/office focus helps diversify a REIT portfolio.
- Diversified tenant/industry/geography as well as a moderate investment grade financial profile, helps create a stable, consistent and safe investment.
- Dividend payout is over 100% over the past year, but heading for a more sustainable level.
Will Chambers Street Benefit From This Historic BMW Announcement?
- The Spartanburg-based plant expansion is set to overtake BMW's largest plant, which is currently outside of Munich and builds about 340,000 cars a year.
- As BMW expands its operations in the area, Chambers is likely to benefit from the expansion needs of many of the company's current tenants.
- Chambers Street's current dividend yield is 6.49%. That's an attractive yield, and based upon the peer group, I believe that this REIT is one of the best Net Lease opportunities.
Wed, Dec. 17, 2:32 PM| 1 Comment
Tue, Dec. 2, 8:19 AM| Comment!
Tue, Nov. 25, 7:39 AM
Wed, Nov. 19, 7:22 AM
- The four properties total 1.64M square feet and are located in Northeast Pennsylvania. They're 100% net leased with annual rental increases in the range of 2-2.5% and an average-weighted remaining lease term of 3.6 years.
- Chambers Street Properties (NYSE:CSG) has now made more than $200M of purchases in 2014.
- Source: Press Release
Mon, Nov. 10, 4:24 PM
- Jack Cuneo founded Chambers Street Properties (NYSE:CSG) in 2004 and has been its leader ever since. He will continue in his role until a successor is named. At the time of his actual retirement, he will also resign from his position as trustee.
- Full-year core FFO guidance of $0.66-$0.69 per share is confirmed.
- Source: Press Release
Thu, Oct. 30, 12:25 PM
- Q3 Core FFO of $41.9M vs. $40.2 in 3Q13. Recently monthly dividend hiked to $0.0425.
- 97.3% of portfolio leased up 140bps from Q2.
- Executed 18 leases for more than 1.5M sq. feet Portfolio:
- 129 properties approx. 36.3M sq. feet
- FY FFO guidance tightened to $0.66-$0.69
- CSG +2.4%
- Previous: Chambers Street Properties beats by $0.01, beats on revenue
Thu, Oct. 30, 6:02 AM| Comment!
Mon, Oct. 27, 8:28 AM
- The 502K square foot Class A distribution center in Sauget, IL (St. Louis Metro East submarket) is 100% net leased to two tenants through 2019/2020, with both leases including annual rent increases of about 2%.
- Chambers Street Properties (NYSE:CSG) also holds options to purchase two adjacent land parcels which would allow the building to be expanded by up to 450K square feet.
- Source: Press Release
Wed, Aug. 6, 12:03 PM
- Q2 core FFO per share of $40.5M or $0.17 up from $39.4M and $0.16 one year ago. Quarterly dividend is just under $0.13.
- Total percentage of portfolio leased of 95.9%. Executed 10 leases for more than 677K square feet during quarter.
- Full-year core FFO per share guidance of $0.65-$0.69 is affirmed.
- Previously: Chambers Street Properties FFO in-line, misses on revenue
- CSG +0.1%
Wed, Aug. 6, 6:54 AM| Comment!
Tue, Aug. 5, 7:29 AM
Wed, Jul. 23, 7:34 AM
- "The thin and pricey industrial transaction market is offering few acquisition opportunities that meet our investment criteria, therefore it has taken longer than expected to deploy the capital on our balance sheet in a manner that creates value," said Liberty Property Trust (NYSE:LPT) CEO Bill Hankowsky after the company reported an earnings miss and cut its FY14 FFO per share guidance to $2.42-$2.48 from $2.45-$2.55 (and consensus $2.50).
- "We believe that the delays in leasing and development starts that have contributed to our revised projections are somewhat situational and that they are not indicative of negative market trends," he added, perhaps sparing the rest of the industrial sector from losses. While LPT declined 3.8% yesterday, STAG, CSG, FR, DCT. EGP, and PLD were all in the green.
- UBS downgrades LPT to Neutral and Wells Fargo to Market Perform following the results.
- Previously: Liberty Property Trust misses by $0.02, misses on revenue
Fri, May. 2, 6:16 AM| Comment!
Fri, Feb. 28, 6:10 AM| Comment!
Wed, Jan. 22, 3:21 PM
- Some may be bearish on the future of retail-based REITs, but those focused on industrial warehouse space are becoming the darlings of the sector. "Amazon is at the forefront of a larger trend that has seen demand for well-located logistics centers, very close to major urban centers increase sharply," says Sam Chandan of Chandan Economics.
- "The online retailers have struggled to figure out how to get the goods closer and closer and closer to where the people live," says PWC partner Mitch Roschelle. A survey by his firm finds warehouses the strongest prospect for both investment and development in 2014, with two-thirds of respondents calling them a "buy."
- Chambers Street (CSG +0.1%) - which came public last spring - owns six Amazon fulfillment centers. They're larger properties, but Amazon has its eye on smaller spaces closer to customers. It's a trend that's catching on as "mom and pops" in the e-commerce game are also looking for well-located, appropriately-sized properties.
- Industrial space REITs also include STAG and LRY.
Dec. 19, 2013, 11:19 AM
- The broad market is quiet today following yesterday's big session, but the equity REIT sector has its eyes focused on rising Treasury yields, particularly in the belly of the curve where the 5-year yield is higher by 10 basis points on the session and all the way up to 1.64% (it was 1.3% at Thanksgiving).
- Realty Income (O -3.6%), National Retail (NNN -2.4%), Health Care REIT (HCN -3.1%), LTC Properties (LTC -3.6%), Medical Properties (MPW -2.5%), Federal Realty (FRT -1.9%), Retail Opportunity (ROIC -1.1%), Chambers Street (CSG -1.8%).
- Related ETFs: IYR, VNQ, DRN, URE, SRS, RWR, ICF, SCHH, DRV, KBWY, REK, FRI, FTY, PSR, WREI
CSG vs. ETF Alternatives
Chambers Street Properties acquires, owns and operates primarily office and industrial properties. The Company operates in warehouse/ distribution/ logistics properties and office buildings in exchange for rental income.
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