Thu, Aug. 20, 9:42 AM
- Upgraded to Outperform from Neutral are AvalonBay (AVB -0.4%), DiamondRock Hospitality (DRH -0.6%), Federal Realty Investment (FRT -0.3%), and General Growth (GGP -0.6%).
- Upgraded to Neutral from Underperform are Vornado (VNO -0.8%), Regency Centers (REG -0.4%), and Corporate Office Properties (OFC -0.3%).
- Downgraded to Neutral from Outperform are Camden Property Trust (CPT -1.5%), and Eastgroup Properties (EGP -1.2%).
- Cut to Underperform from Neutral is UDR (UDR -1.2%).
Mon, Jul. 20, 7:27 AM
Thu, Jul. 16, 4:07 PM
Wed, Jul. 15, 5:35 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)
Thu, Jul. 2, 8:25 AM
Fri, May 29, 10:22 AM
- Cousins Properties (CUZ -0.2%) - with 39% Houston exposure - had minor water damage in loading areas, but no damage to the properties themselves, says analyst Ki Bin Kim. Parkway Properties (NYSE:PKY) - 26% exposure - had no material damage; Eastgroup Properties (NYSE:EGP) - 19% exposure - no impact; Camden Property Trust (NYSE:CPT) - 13% exposure - routine impact common with any big storm; Weingarten Realty (NYSE:WRI) - 13% exposure - water in one store; Sovran Self Storage (NYSE:SSS) - 5% exposure - leaks and some power outages.
Thu, May 28, 2:02 PM
Tue, May 5, 10:31 AM
- A big move higher in interest rates continues, with the 10-year Treasury yield up another six basis points to 2.20% - roughly the level at which it started the year (it fell as low as 1.65% in early February).
- The move here is small-time compared to what's going on across the pond, as the absurd levels of two weeks ago become somewhat less absurd. Ten-year Bund yields are up to 0.51% from 0.05%. Italian 10-years are up 30 bps today to 1.78%, with a similar move in Spain.
- The IYR is down 1.1%.
- Individual names: Realty Income (O -1.3%), Senior Housing Properties (SNH -1.5%), Medical Properties Trust (MPW -2.4%), Gramercy Property Trust (GPT -1.8%), Equity Residential (EQR -1.4%), AvalonBay (AVB -1.5%), Government Properties (GOV -2.3%), Pebblebrook Hotel (PEB -2%), Eastgroup Properties (EGP -1.6%), American Campus (ACC -1.4%).
- Mortgage REITS (REM -0.6%) are outperforming the equity names: Annaly (NLY -0.7%), American Capital Agency (AGNC -0.6%), Two Harbors (TWO -0.7%), CYS Investments (CYS -0.3%), Invesco (IVR -0.2%).
Mon, Apr. 20, 10:29 AM
- Commercial real estate may be getting perky and the industrial names are outliers to the upside in the REIT sector today after Prologis' $5.9B purchase of KTR Capital Partners, announced over the weekend.
- First Industrial Realty (FR +1.5%), DCT Industrial Trust (DCT +1.6%), Eastgroup Properties (EGP +1.2%), Chambers Street (CSG +1.4%).
- ETFs: IYR, VNQ, DRN, URE, SCHH, ICF, SRS, RWR, KBWY, DRV, REK, FRI, FTY, PSR, FREL, WREI
- Previously: Prologis inks $5.9B portfolio purchase deal (April 19)
Thu, Apr. 16, 4:18 PM
- Q1 FFO of $28.1M or $0.87 per share vs. $25.4M and $0.82 one year ago.
- Same-property NOI growth of 2.9%; up 4.4% without straight-line rent adjustments. Dividend is $0.57 per share.
- Properties 97% leased, 96.2% occupied as of March 31, up from 96% at the end of Q3; renewed or re-leased 95% of expiring square feet during quarter.
- 2015 outlook is boosted to FFO of $3.60-$3.70 per share, putting the midpoint $0.03 higher than previously.
- Conference call tomorrow at 11 ET
- Previously: Eastgroup Properties FFO in-line, misses on revenue (April 16)
- EGP flat after hours.
Thu, Apr. 16, 4:03 PM
Wed, Apr. 15, 5:35 PM
Fri, Apr. 10, 9:52 AM
- Chambers Street Properties (CSG +1.3%) and Rexford Industrial Realty (REXR +1.5%) are both started with Buys. Also rated Buy is Terreno Realty (TRNO +0.6%).
- Initiated at Neutral are Duke Realty (DRE +0.4%), Eastgroup Properties (EGP +1.8%), Monmouth Real Estate (MNR), and Stag Industrial (STAG +0.3%).
Fri, Mar. 6, 10:59 AM
Mon, Feb. 2, 4:28 PM
- Q4 FFO of $29.2M or $0.91 per share vs. $25.7M and $0.84 one year ago. Dividend is $0.57.
- Same property NOI growth of 3.1%; up 5.8% without straight-line rent adjustments.
- Portfolio 96.7% leased, 96.3% occupied as of Dec. 31.
- Rental rates on new and renewal leases up an average of 7.6% during quarter.
- 2015 outlook: FFO per share of $3.57-$3.67 (was $3.47 in 2014).
- Previously: Eastgroup Properties FFO in-line, beats on revenue (Feb. 2)
- EGP flat after hours
EGP vs. ETF Alternatives
EastGroup Properties, Inc. is engaged in the development, acquisition and operation of industrial properties in Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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