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).
Fri, May 8, 4:28 PM
Wed, Apr. 29, 4:10 PM
Tue, Apr. 28, 5:35 PM
- AEL, AFFX, AR, ARII, ARRS, ASGN, ASH, ATRC, ATW, AVG, AXS, BIDU, BLKB, BVN, CACI, CAVM, CBT, CHMT, CMO, CMPR, CNO, CNW, COHR, CRL, CSGP, CSII, CW, CWT, DOX, DRE, DXCM, DYAX, ECOL, ELGX, EQIX, EQY, ES, ESV, EXL, EXR, FLEX, FOE, FORM, FORR, GLUU, HOLX, HOS, HY, IPCM, ISIL, KAMN, KEG, KEX, KRA, LNC, LOCK, LOPE, LXRX, MAA, MAC, MANT, MAR, MDAS, MEOH, MEP, MMLP, MTGE, MTW, MUR, NE, NSR, NXPI, O, OGS, OIS, PDM, PPC, PRXL, PTC, QEP, QUIK, RKT, ROG, RRTS, SAM, SCI, SFLY, SGI, SPOK, SPRT, SSS, STAA, STR, SU, TAL, TCO, TEX, TILE, TTEK, TTMI, TX, UNM, VAR, VRTX, WLL, WMB, WMGI, WTS, XL, YELP
Thu, Mar. 19, 8:57 AM
- Equity One's (NYSE:EQY) 3.9M share offering prices at $27.05 each. The underwriter greenshoe is for another 585K shares at that price.
- Net proceeds will be used to fund the redemption of the company's 5.375% notes due in October.
- In addition, the company's largest stockholder - Gazit-Globe - has agreed to purchase 600K shares in a private placement.
- Source: Press Release
- Shares -2.4% premarket to $26.70.
Fri, Mar. 6, 4:15 PM
Wed, Feb. 18, 10:14 AM
- Q4 recurring FFO of $40.2M or $0.30 per share vs. $38.4M and $0.30 one year ago.
- Same-property NOI growth of 4.3% Y/Y. Shopping center occupancy of 95%, up 260 basis points from a year ago.
- Average base rents of $17.34 per square foot up 7.3% Y/Y.
- 2015 guidance: Recurring FFO per share of $1.28-$1.31 vs. $1.28 for 2014.
- Previously: Equity One FFO in-line, misses on revenue (Feb. 17)
- EQY -0.9%
- Evercore ISI takes the occasion of earnings to ring the register on its buy call.
Tue, Feb. 17, 4:01 PM
Mon, Feb. 16, 5:35 PM
Fri, Feb. 6, 10:19 AM
- Equity REITs have had as a big of a move as any sector over the past year as interest rates confounded the experts and continued to fall. WIth today's jobs report and a summer rate hike looking far more likely, fans of the income favorites are reassessing.
- Realty Income (O -4.3%), National Retail Properties (NNN -3.9%), Omega Healthcare (OHI -3.5%), Ventas (VTR -4%), HCP (HCP -2.3%), Equity Residential (EQY -2%), Essex Property (ESS -2.1%), Simon Property (SPG -2.1%), General Growth (GGP -1.5%), Inland Real Estate (IRC -2.3%), Federal Realty (FRT -2.6%), Extra Space Storage (EXR -2.1%), Government Properties (GOV -1.8%), Washington Real Estate (WRE -2.1%), Hospitality Properties (HPT -1.8%), Chambers Street (CSG -1.5%), American Campus Communities (ACC -1.5%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
Fri, Feb. 6, 8:22 AM
- Matthew Ostrower is expected to join EQY on March 3, and will become CFO upon the previously announced exit of Mark Langer later in the Spring.
- Ostrower most recently was a managing director and associate director of research in Morgan Stanley's European research department. He was previously portfolio manager of the Pioneer Real Estate Shares mutual fund.
- Source: Press Release
Wed, Jan. 21, 10:08 AM
- Upgraded to Outperform from Neutral: Ashford Trust (AHT +1.1%), Camden Property Trust (CPT +0.1%), DDR (DDR +0.4%), Eastgroup Properties (EGP +0.3%), Host Hotels (HST -0.1%), Strategic Hotels (BEE +0.3%).
- Upgraded to Neutral from Underperform: Kilroy Realty (KRC +0.4%).
- Downgraded to Underperform from Neutral: Equity One (EQY -0.4%), Macerich (MAC -0.3%), Vornado Realty (VNO -0.7%).
- Downgraded to Neutral from Outperform: Kimco Realty (KIM -0.5%).
Wed, Jan. 14, 7:39 AM
- Amid a big reshuffling of REIT ratings at Wells Fargo, the bank upgrades the mall REITs to Overweight.
- Names of interest: SPG, GGP, EQY, REG, FRT, BRX, EXL, WRI, MAC, PEI.
- Previously: Take profits in apartment REITs says Wells Fargo (Jan. 14)
- Previously: Sell the net lease REIT sector says Wells Fargo (Jan. 14)
- Previously: Wells Fargo pulls the plug on mortgage REITs (Jan. 12)
Mon, Jan. 12, 10:41 AM
- "We certainly expect more malls to close than open over the next several years," says D.J. Busch, a mall-REIT analyst at Green Street Advisors. Those regional malls with low per-square-foot tenant sales that have lost relevance probably will be closed or reused for something other than retail over the next few years.
- Morgan Stanley real estate debt analyst Richard Hill: “There’s a level of complacency among investors ... Competitive pressures that haven’t been seen in decades are making some retailers and some properties obsolete.”
- RPAI, IRC, KIM, FRT, DDR, WHLR, WSR, EQY, CBL, TCO, SPG, GGP, WRI, MAC, PEI
Wed, Jan. 7, 8:55 AM
- Cashing in its chips on Apartment Investment Management (NYSE:AIV) after a near-50% move higher over the past year, Raymond James downgrades the stock to Outperform from Strong Buy.
- Equity One (NYSE:EQY) and Essex Property Trust (NYSE:ESS) are both downgraded to Underperform from Market Perform. Essex is higher by about 40% over the past year, while Equity One's gains haven't been nearly as impressive as the other three.
Nov. 18, 2014, 4:18 PM
EQY vs. ETF Alternatives
Other News & PR