Tue, Apr. 21, 3:54 PM
- The REITs are down about 8% from their January highs while the homebuilders have posted gains, bringing the ratio of homebuilders to REITs to long-term resistance, says MKM Partners' Jonathan Krinsky, who suggests fading the move.
- Most vulnerable to tactical pullbacks are those homebuilders/suppliers showing the weakest relative strength: Beazer Homes (NYSE:BZH), Lennar (NYSE:LEN), Louisiana-Pacific (NYSE:LPX), Taylor Morrisn (NYSE:TMHC), Toll Brothers (NYSE:TOL), and TRI Pointe Homes (NYSE:TPH).
- The best long REIT ideas are those showing the best relative strength: AvalonBay (NYSE:AVB), Crown Castle (NYSE:CCI), Essex Property (NYSE:ESS), Extra Space Storage (NYSE:EXR), Federal Realty (NYSE:FRT), General Growth (NYSE:GGP), SL Green (NYSE:SLG), and UDR.
- Those REITs showing poor relative strength or to be avoided or sold: American Tower (NYSE:AMT), American Realty Capital (NASDAQ:ARCP), Brixmor (NYSE:BRX), Host Hotels (NYSE:HST), and Omega Healthcare (NYSE:OHI).
- Source: Barron's
Tue, Apr. 7, 12:08 PM
- The FTSE NAREIT All REITs Index had a total return of 4.05% in Q1, more than quadruple the S&P 500's 0.95% total return. The dividend yields of REITs remain nicely higher at quarter's end than the broader market, averaging 3.80% vs. the S&P 500's 2.02%.
- Further, the compounded annual return of the All REITs Index has outperformed the S&P 500 over the past 1-, 5-, 10-, 20-, and 40-year periods.
- Leading the way in Q1 were the self-storage REITs (PSA, SSS, CUBE, EXR) with a total return of 9.16%. Lagging the most after strong outperformance over the past two years were the lodging REITs, falling 4.42% on a total return basis.
- The FTSE NAREIT Mortgage REITs Index delivered a total return of 2.35%, with a dividend yield of 10.56% on March 31.
- The FTSE EPRA/NAREIT Global Real Estate Index had a total return of 4.04% in Q1, with a dividend yield of 3.21% on March 31.
- Source: Press release
- ETFs: IYR, VNQ, WPS, VNQI, DRN, RWX, URE, SRS, ICF, SCHH, RWR, RWO, IFGL, KBWY, DRV, DRW, REK, FRI, GRI, FTY, FFR, RWXL, PSR, WREI, REET, FREL, SRET
Sat, Feb. 21, 12:29 AM
Fri, Feb. 20, 8:03 AM
- Q4 adjusted FFO of $84.2M or $0.68 per share vs. $68.2M and $0.57 one year ago.
- Same-store revenues of $121.8M up 7.3% Y/Y. Same-store operating expenses of $34.7M up 2.1%. Same-store NOI of $87.15M up 9.5%. Same-store square foot occupancy of 91.4% up from 89.5% a year ago.
- 2015 outlook: Adjusted FFO per share of $2.89-$2.98 vs. $2.61 in 2014.
- Conference call at 1 ET
- Previously: Extra Space Storage beats by $0.01, beats on revenue (Feb. 19)
- EXR flat premarket
Thu, Feb. 19, 5:48 PM| Comment!
Wed, Feb. 18, 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
Mon, Jan. 26, 8:06 AM| 2 Comments
Fri, Jan. 23, 12:14 PM
- Self-storage REITs are ahead by 9.6% in the first three weeks of January, according to TreppWire, adding to returns of 31.44% in 2014 and 9.49% the year before that.
- Fundamentals are strong, but 2015 could be a year of M&A in an industry which remains highly fragmented, with thousands of small and mid-sized owners ready to be scooped up by the larger REIT players and their lower cost of capital.
- Expect cap rates to be low - in the 5% range for the best properties - meaning perhaps instead of M&A, new construction could end up being a better idea.
- Players: Public Storage (PSA -0.6%), Sovran Self Storage (SSS -0.6%), CubeSmart (CUBE +0.4%), Extra Space Storage (EXR +0.2%).
Dec. 31, 2014, 2:25 AM
- Real-estate investment trusts were among the hottest stocks of the year, producing a total return of 32.3%, including dividends, according to the FTSE Nareit Equity REITs Index.
- Boosted by low interest rates and an improving economy, the sector has climbed this year to its biggest gains in nearly a decade.
- Analysts are predicting REIT shares to continue to perform well in 2015, as a stronger economy and increased M&A activity drown out the risk of possible rate rises.
- With its shares rising 68.3% this year, the top-performing REIT in 2014 was Winthrop Realty Trust (NYSE:FUR).
- Related tickers: ARCP, DEI, DCT, PEB, SHO, EXR, FRT, EPR, MPW, NYRT, MAC, AVIV, CPT, EQR , PKY, MAC, SKT, WRI
- ETFs: IYR, VNQ, DRN, URE, SRS, RWR, SCHH, ICF, DRV, KBWY, REK, FRI, FTY, PSR, WREI
Dec. 22, 2014, 11:08 AM
- All four names have had impressive moves higher this year, so the actions aren't necessarily valuation-related, but Evercore ISI downgrades Pebblebrook Hotel Trust (PEB +0.2%) and Sunstone Hotel Investors (SHO +1.2%) to Hold from Buy, and upgrades Extra Storage Space (EXR +0.6%) and Federal Realty Trust (FRT +0.7%) to Buy from Hold.
Nov. 24, 2014, 4:12 PM
Nov. 3, 2014, 12:20 PM
Oct. 29, 2014, 4:27 PM| Comment!
Oct. 28, 2014, 5:35 PM
- ABX, ACGL, ACHC, ACMP, AEGN, AEM, AFOP, AHL, AIZ, AKAM, ALDW, ALL, ANIK, ARAY, ARII, ARRS, ASGN, ATML, AUY, AXS, BGC, BIDU, BLKB, BMR, CACI, CALX, CAR, CATM, CAVM, CBG, CBL, CEMP, CENX, CHDN, CJES, CLD, CLUB, CMO, CNW, CRL, CRUS, CSGP, CSII, CUZ, CW, CWT, DAC, DRE, DRIV, DWA, EQIX, EQY, ESRT, ESV, EXL, EXR, FBHS, FFIV, FISH, FLEX, FLTX, FMC, FNF, FORM, FORR, FR, GLUU, HBI, HOS, HT, IPI, IRG, ISIL, JDSU, KEX, KRFT, KS, LGCY, LNC, LOCK, LOPE, MAA, MANT, MASI, MDAS, MEOH, MET, MOBL, MTGE, MUR, NCLH, NE, NEU, NEWP, NSIT, OII, PDM, PEIX, PGTI, PPC, PRXL, PSMI, PVA, QGEN, QTM, QUIK, RFMD, RGR, RJF, RNG, RRC, RRTS, RST, SCI, SFLY, SGI, SIMO, SLCA, SPN, SPRT, SSNC, SSS, STR, SU, TEX, TFSL, TGB, TGI, THG, TRLA, TTMI, TTWO, UNM, V, VECO, VGR, VPRT, VR, WLL, WMB, WPZ, WSTL, WTW
Oct. 14, 2014, 7:19 AM
- "CubeSmart (NYSE:CUBE) and Sovran Self Storage (NYSE:SSS) are benefiting from robust self-storage fundamentals and should deliver FFO growth at the higher end of the sector in 2015 due to 1) a larger impact from acquisitions given their smaller portfolio size; 2) potential for higher occupancy gains vs peers; and 3) SSS’ focus on smaller markets with less competition."
- Also noted by analyst George Hoglund is a discounted valuation compared to the two's larger industry peers Public Storage (NYSE:PSA) and Extra Space Storage (NYSE:EXR).
EXR vs. ETF Alternatives
Extra Space Storage Inc is a fully integrated, self-administered and self-managed real estate investment trust. It owns, operates, manages, acquires, develops and redevelops professionally managed self-storage facilities.
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