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)
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%).
Jan. 3, 2014, 10:51 AM
- "Our $57 price target is a weighted average of our $60 forward NAV, $57 discounted cash flow, and a 'targeted' 18x multiple on 2015 AFFO," says ISI, initiating Eastgroup Properties (EGP +1.6%) at Hold.
- The team likes Eastgroup and likes the sector in which it invests - industrial properties in the Sun Belt - but doesn't find the valuation compelling, noting the stock's high relative multiple to other REITs.
Apr. 12, 2012, 11:49 AMLiberty Property Trust (LRY +1.8%) is upgraded while EastGroup Properties (EGP +0.5%) is reduced by Cowen & Co. LRY "is executing well on its portfolio repositioning plan that includes reducing its exposure to suburban office and increasing its weighting in industrial and CBD office"; the firm is less impressed with EGP’s prospects. | Comment!
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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