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%).
Thu, Apr. 30, 12:05 PM
- Q1 normalized FFO of $40.8M or $0.58 per share vs. $28.8M and $0.53 one year ago. Float rose to 70.3M from 54.7M.
- Leasing rate of 94.8% of rentable square feet vs. 95.1% a year ago. Occupancy for those properties owned since Jan. 2014 of 94.5% vs. 94.9%.
- Same property NOI down 0.1% Y/Y.
- 83K square feet of space for either new or renewal leases entered into during quarter, with average rental rates 6.2% lower than prior rents.
- Company now owns about 28.2% of Select Income REIT (SIR).
- Conference call at 1 ET
- Previously: Government Properties beats by $0.01, misses on revenue (April 30)
- GOV -2.6%
Thu, Apr. 30, 8:02 AM| Comment!
Wed, Apr. 29, 5:30 PM
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Mon, Apr. 13, 8:46 AM| Comment!
Wed, Mar. 18, 3:28 PM
- The Fed earlier cuts its forecasts for GDP growth, inflation, and the pace of rate hikes. Alongside, it also lowered NAIRU - the level at which unemployment threatens accelerating inflation.
- The 10-year Treasury yield is lower by 13 basis points to 1.92% following the news, sending the board averages to near-1.5% gains, but the strongest names are the equity REITs.
- IYR +2.3%
- National Retail Properties (NNN +3%), Spirit Realty (SRC +3.1%), Senior Housing Properties (SNH +2.1%), Healthcare Trust of America (HTA +2.9%), Equity Commonwealth (EQC +2.7%), Gramercy Property (GPT +3.2%), Post Properties (PPS +3.9%), Aimco (AIV +2.6%), Kimco (KIM +2.8%), DDR Corp (DDR +2.4%), Public Storage (PSA +2%), Government Properties (GOV +1.9%), First Potomac Realty (FPO +3%), Digital Realty Trust (DLR +1.5%), Sunstone Hotel (SHO +2%), Liberty Property (LPT +2.4%), American Campus (ACC +2.5%)
- Previously: Day's biggest news: Fed sharply cuts "normal" unemployment rate (March 18)
- Previously: FOMC drops "patient," but sends dovish signal (March 18)
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
Mon, Mar. 2, 8:42 AM
- Government Properties Income Trust (NYSE:GOV) agrees to buy 3.4M shares of Select Income REIT (NYSE:SIR) from Lakewood Capital Management for $27.85 per share (vs. Friday's closing price of $24.69).
- The move will boost GOV's stake in SIR to about 28.8% of the company from 24.3%.
- Both GOV and SIR, of course, are run by the Portnoy's Reit Management & Research (RMR), and Lakewood had built a stake in Select income maybe with the intention of removing the Portnoys from power there as they had been removed from Commonwealth REIT (now renamed Equity Commonwealth).
- Source: Press Release
- Previously: Activist targets Select Income REIT (Jan. 14)
Fri, Feb. 20, 8:04 AM| Comment!
Thu, Feb. 19, 5:30 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. 12, 9:46 AM
- Two apartment players get upgrades to Buy from Neutral: AvalonBay (AVB +0.9%) and Mid-America Apartment Communities (MAA +1%). Also getting an upgrade to Buy thanks to its NYC exposure is SL Green Realty (SLG +1%).
- Downgraded to Underperform from Hold are Government Properties Trust (GOV -0.9%) and Digital Realty Trust (DLR -0.1%).
Mon, Jan. 12, 9:02 AM
Nov. 24, 2014, 8:11 AM
- GOV's new $1.3B credit facility includes a $750M revolver at Libor +125 basis points vs. $550M and Libor +150 basis points previously.
- The $350M unsecured term loan facility at Libor +175 bps is replaced with a $300M term loan at Libor +140 bps, and a $250M term loan at Libor +180 bps.
- Source: Press Release
Oct. 30, 2014, 8:12 AM
- Q3 normalized FFO of $39.8M or $0.61 per share vs. $27.5M and $0.50 one year ago thanks to property acquisitions and this summer's investment (21.5M shares) in Select Income REIT.
- New leases entered into of 140.275K square feet with average rental rates 7.8% higher than previously. At quarter's end, 95.4% of rentable square footage from continuing operations was leased, up 80 bps from a year ago.
- Conference call at 1 ET
- GOV flat premarket
- Previously: Government Properties misses by $0.01, misses on revenue
Oct. 30, 2014, 8:02 AM| Comment!
Oct. 29, 2014, 5:30 PM
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GOV vs. ETF Alternatives
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