Yesterday, 5:35 PM
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Fri, Jul. 17, 2:38 PM
- Total returns for retail REITs year-to-date through mid-July of negative 2.61% are about 100 basis points lower than the FTSE NAREIT All-Equity REIT average. Digging further into the retail sector, regional malls - Simon Property (NYSE:SPG), General Growth (NYSE:GGP) and Macerich (NYSE:MAC), for example - have done the best with a negative return of just 1.92%. Shopping centers - Kimco (NYSE:KIM), Retail Opportunity (NASDAQ:ROIC), Federal Realty Investment (NYSE:FRT), for example - have a negative return of 2.94%.
- Free-standing retail REITs - think Realty Income (NYSE:O), National Retail Properties (NYSE:NNN), Spirit Realty (NYSE:SRC) - have fared worst with a negative 4.83% total return. Trepp's Susan Persin notes the returns of these stocks are bond-like thanks to the long-term nature of their leases, and thus most sensitive to higher rates.
- Not helping was a lame retail sales report for June, and on top of that the National Retail Federation's forecast for back-to-school spending to fall 9.3% this year.
Thu, May 7, 4:39 PM
Wed, May 6, 5:35 PM
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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
Mon, Mar. 16, 9:56 AM
- The 10-year Treasury yield is lower by five basis points to 2.07% in early action as crude oil takes out new multi-year lows, industrial production falls for the third straight month, and capacity utilization declines to its lowest level in a year.
- Outperforming the averages is the iShares U.S. Real Estate ETF (IYR +1.2%).
- Among some individual players: Kimco (KIM +1.6%), Federal Realty (FRT +1.5%), Realty Income (O +1.3%), Omega Healthcare (OHI +1.3%), HCP (HCP +1.4%), Equity Residential (EQR +1.6%), General Growth Properties (GGP +1.4%), Public Storage (PSA +1%), Boston Properties (BXP +1.5%), Hospitality Properties (HPT +1.2%), Liberty Property Trust (LPT +0.8%), American Campus Communities (ACC +1.2%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
Fri, Mar. 6, 10:31 AM
- Equity REITs are facing some competition as the 10-year Treasury yield has popped all the way to 2.24% (up 11 bps on the session) following the strong jobs report which saw 295K jobs added in February and the unemployment rate dropping to 5.5%.
- Checking short-term interest rate futures, they're falling (meaning higher rates), but still not pricing in a rate hike until late summer.
- The iShares U.S. Real Estate ETF (IYR -2.3%).
- Realty Income (O -3.7%), National Retail Properties (NNN -3.9%), Agree Realty (ADC -3.1%), Omega Heathcare (OHI -4.5%), Health Care REIT (HCN -3.5%), Ventas(VTR -3.7%), HCP (HCP -3.6%), Medical Properties (MPW -4%), Healthcare Trust (HTA -4%), AvalonBay (AVB -2.7%), Essex Property (ESS -2.3%), Simon Property (SPG -2.3%), General Growth (GGP -2.2%), Kimco (KIM -2.9%), Inland Real Estate (IRC -2.9%), DDR (DDR -2.7%), Federal Realty Investment (FRT -2.6%), Public Storage (PSA -2%), Sovran Self Storage (SSS -2.7%), Boston Properties (BXP -2.8%), First Potomac (FPO -3.2%), Digital Realty Trust (DLR -1.9%), Hospitality Properties (HT -2.1%), Ashford (AHT -2.7%), STAG Industrial (STAG -3%), American Campus (ACC -2.9%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
- Previously: Dollar and Treasury yields spike after strong jobs print (March 6)
Tue, Feb. 10, 4:14 PM
Mon, Feb. 9, 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
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
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.
Oct. 30, 2014, 4:26 PM
Oct. 29, 2014, 5:35 PM
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